以太坊（ETH）交易费收入从历史最高时期下降了95％

这种下降主要归因于第2层贡献的下降，再加上不可杀死的令牌（NFT）市场中的活动显着下降。

Ethereum (ETH), the world’s second-largest blockchain by market capitalization, has seen its quarterly transaction fee revenue drop dramatically.

以太坊（ETH）是全球第二大区块链按市值来看，其季度交易费收入急剧下降。

According to Token Terminal, Ethereum’s transaction fee revenue for Q1 2025 is expected to reach around $217 million. This represents an approximately 95% decline from the all-time high of $4.3 billion recorded in Q4 2021.

根据Token Terminal的数据，第1季度第1季度以太坊的交易费收入预计将达到2.17亿美元。这比第四季度2021年记录的43亿美元的历史高点下降了约95％。

Back then, Ethereum’s revenue soared by 1,777% year-over-year, as highlighted by Bankless. It rose from $231.4 million in Q4 2020 to $4.3 billion by the last quarter of 2021.

那时，以太坊的收入飙升了1,777％的同比增长，这是无岸的强调。到2021年最后一个季度，它从2020年第4季度的2.314亿美元增加到了43亿美元。

Furthermore, Ethereum’s DeFi ecosystem witnessed significant growth in Total Value Locked (TVL), decentralized exchange (DEX) volumes, NFT sales, and Layer 2 TVL. However, the dynamics have shifted since then.

此外，以太坊的Defi生态系统目睹了总价值锁定（TVL），分散交易（DEX）量，NFT销售和第2层TVL的显着增长。但是，此后动态发生了变化。

This is evident from Ethereum’s recent performance in 2025, where monthly revenues have sharply decreased. January saw $150.8 million, while February recorded only $47.5 million. Assuming the trend of declining transaction fees continues, March could also see similarly low figures.

从以太坊最近在2025年的表现中可以明显看出，每月收入急剧下降。一月份看到1.508亿美元，而二月仅记录了4,750万美元。假设交易费用下降的趋势仍在继续，则三月也可以看到类似的低数字。

Moreover, in the fourth quarter of 2024, Ethereum generated only $551.8 million in transaction fee revenue, emphasizing the continued downward trend.

此外，在2024年第四季度，以太坊仅产生了5.518亿美元的交易费用收入，强调了持续的下降趋势。

One of the major contributors to the decline is the shift to Layer 2 solutions. These have become increasingly popular for their ability to process transactions off-chain while settling on Ethereum’s mainnet.

下降的主要因素之一是转向第2层解决方案。这些因其在以太坊的主网上处理交易的能力而变得越来越受欢迎。

In addition, the activation of EIP-4844 has significantly reduced the data cost of posting to Ethereum’s chain, further lowering L2 fee contributions. According to a CoinShares report, this upgrade has made transactions cheaper but has also diminished the revenue Ethereum’s mainnet collects from L2 activity.

此外，EIP-4844的激活显着降低了将以太坊链发布到以太坊链的数据成本，从而进一步降低了L2费用的贡献。根据Coinshares的一份报告，此升级使交易更便宜，但也减少了以太坊的Mainnet从L2活动中收集的收入。

“Layer 2-related fees, which were high in 2023 and early 2024, have since declined due to cost savings introduced by EIP-4844,” the CoinShares report read.

“由于EIP-4844引入的成本节省，与2023年和2024年初的第2层相关费用较高，” Coinshares报告说。

The decline in NFT activity has also played a significant role. Q4 2021 marked the peak of the NFT craze, with platforms like OpenSea recording billions of dollars in monthly trading volume. Nonetheless, now the interest has waned, leading to a sharp drop in transaction volume and, consequently, fee revenue.

NFT活动的下降也发挥了重要作用。第四季度2021标志着NFT热潮的峰值，Opensea之类的平台记录了数十亿美元的每月交易量。但是，现在的利息已经下降，导致交易量的大幅下降，因此收入收入。

ETH Suffers its Worst Quarterly Decline Since 2018

ETH遭受了自2018年以来最严重的季度下降

This decline extends beyond transaction fee revenue. The price of Ethereum has followed a similar downward trend. After reaching an ATH in November 2021, ETH has dropped substantially, now trading 58.8% below that peak.

这种下降范围超出了交易费收入。以太坊的价格遵循了类似的下降趋势。在2021年11月到达ATH之后，ETH已大幅下降，现在低于该高峰的58.8％。

Even during the election euphoria, when many cryptocurrencies, including Bitcoin (BTC), saw new highs, Ethereum failed to keep pace.

即使在大选欣喜期间，包括比特币（BTC）在内的许多加密货币都看到了新的高点，以太坊也无法保持步伐。

“ETH has experienced the sharpest decline in Q1, dropping by -40%, marking its biggest quarterly loss since 2018,” an analyst wrote on X.

一位分析师在X上写道：“ ETH在第一季度的下降幅度最高，下降了-40％，这是其自2018年以来最大的季度损失。”

Over the past month alone, ETH has fallen by 25.1%. As of press time, the altcoin was trading at $1,997, representing a slight gain of 0.45% over the past day.

仅在过去一个月中，ETH就下降了25.1％。截至发稿时，Altcoin的交易价格为1,997美元，在过去的一天中略有0.45％。