以太坊 Layer-2 生态系统飙升 70%，但它能与 Solana 的成功相媲美吗？

以太坊网络长期以来因交易费用过高而受到批评，交易费用常常超过 4 美元。然而，第二层区块链的指数增长为需要更高可扩展性的去中心化应用程序（DApp）创建了可持续的解决方案。

Ethereum ( ETH ) layer-2 volumes surged 70% in 30 days — can it match Solana ( SOL ) success?

以太坊 (ETH) 第 2 层交易量在 30 天内飙升 70% — 它能与 Solana (SOL) 的成功相媲美吗？

The Ethereum network has long faced criticism for its high transaction fees, often exceeding $4. However, the exponential growth of layer-2 blockchains has created a sustainable solution for decentralized applications (DApps) that require higher scalability.

以太坊网络长期以来因其高昂的交易费用（通常超过 4 美元）而受到批评。然而，第二层区块链的指数增长为需要更高可扩展性的去中心化应用程序（DApp）创建了可持续的解决方案。

This ecosystem saw a 70% increase in volumes over the past 30 days, but can it match Solana’s success?

该生态系统的交易量在过去 30 天内增长了 70%，但它能与 Solana 的成功相媲美吗？

While Solana may have surpassed Ethereum's base layer activity, it still falls short when considering Ethereum's layer-2 blockchains. Solana captured 35.4% of the decentralized exchange (DEX) volumes in November, up from 27.2% in October, according to DefiLlama data. In comparison, Ethereum and its layer-2 ecosystem accounted for 45.2% of the market share in November, down from 50.1% in October.

尽管 Solana 可能已经超越了以太坊的基础层活动，但在考虑以太坊的第 2 层区块链时，它仍然存在不足。根据 DefiLlama 的数据，Solana 在 11 月份占据了去中心化交易所 (DEX) 交易量的 35.4%，高于 10 月份的 27.2%。相比之下，以太坊及其 Layer-2 生态系统在 11 月份占据了 45.2% 的市场份额，低于 10 月份的 50.1%。

In terms of deposits, Ethereum's base layer has a clear advantage with $69.7 billion in total value locked (TVL), compared to Solana's $9.2 billion. More notably, some of Ethereum's layer-2 solutions, such as Base and Arbitrum, are already each at $3 billion in TVL. In total, the Ethereum layer-2 ecosystem has reached a TVL of $11.4 billion, according to DefiLlama data.

在存款方面，以太坊基础层具有明显优势，锁定总价值（TVL）为 697 亿美元，而 Solana 为 92 亿美元。更值得注意的是，一些以太坊的第 2 层解决方案（例如 Base 和 Arbitrum）的 TVL 已经达到 30 亿美元。根据 DefiLlama 的数据，以太坊第 2 层生态系统的总锁定价值已达到 114 亿美元。

There is no doubt that Solana has emerged as a major player, securing the second position in terms of deposits. However, Ethereum’s dominance remains unchallenged. Additionally, the impressive growth of Base, an Ethereum layer-2 solution founded and controlled by the Coinbase exchange, offers promising prospects, particularly in the memecoin sector.

毫无疑问，Solana 已成为主要参与者，在存款方面稳居第二。然而，以太坊的主导地位仍然不受挑战。此外，由 Coinbase 交易所创建和控制的以太坊第 2 层解决方案 Base 的令人印象深刻的增长提供了广阔的前景，特别是在 memecoin 领域。

Memecoins have been a key catalyst for Solana’s adoption and growth, with several tokens surpassing $ 1 billion in market capitalization. Pump.fun has significantly altered the creation of liquidity pools for new token launches, leading to a substantial increase in trading activity on platforms like Raydium and Orca, which collectively amassed $24.6 billion in volumes over the past seven days.

Memecoin 一直是 Solana 的采用和增长的关键催化剂，多个代币的市值超过 10 亿美元。 Pump.fun 显着改变了新代币发行的流动性池的创建方式，导致 Raydium 和 Orca 等平台上的交易活动大幅增加，过去 7 天的交易量总计达 246 亿美元。

Solana surpasses Ethereum in fees

Solana 的费用超过以太坊

Some analysts argue that volumes and total value locked (TVL) are merely means to an end. They emphasize that capturing fees is crucial for a network's survival, as stakers must be rewarded for their validation services, thereby creating incentives for long-term holding. The primary value driver for cryptocurrencies on smart contract blockchains is the payment for processing services, which supports their decentralization.

一些分析师认为，锁定数量和总价值（TVL）只是达到目的的手段。他们强调，收取费用对于网络的生存至关重要，因为质押者必须因其验证服务而获得奖励，从而为长期持有创造激励。智能合约区块链上的加密货币的主要价值驱动因素是处理服务的支付，这支持了它们的去中心化。

Solana recently surpassed Ethereum to become the highest-grossing blockchain in terms of fees, prompting investors to question whether ETH $3,592.09   is overvalued at a $436 billion market capitalization, while SOL $241.13 stands at $116 billion—a 73% discount. However, this simplistic analysis overlooks Solana’s higher inflation rate, currently at 5.3%.

Solana 最近超越以太坊，成为按费用计算收入最高的区块链，这促使投资者质疑 ETH 3,592.09 美元的市值是否被高估（4360 亿美元的市值），而 SOL 241.13 美元的市值为 1160 亿美元（折价 73%）。然而，这种简单化的分析忽略了 Solana 较高的通货膨胀率，目前为 5.3%。

Looking ahead to 2025, Ethereum is considering further fee structure adjustments, including dynamic fee changes based on network usage and potential optimizations in how layer-2 solutions like rollups interact with the base layer. These measures aim to improve the efficiency of decentralized applications (DApps), reduce transaction costs, and ultimately drive higher network fees.

展望 2025 年，以太坊正在考虑进一步调整费用结构，包括根据网络使用情况进行动态费用变化，以及 Rollup 等第 2 层解决方案与基础层交互方式的潜在优化。这些措施旨在提高去中心化应用程序（DApp）的效率，降低交易成本，并最终推动更高的网络费用。

Related: Solana price recovers from sharp sell-off, is $300 SOL possible?

相关：Solana 价格从急剧抛售中恢复，SOL 可能达到 300 美元吗？

Currently, Ethereum’s layer-2 solutions struggle to compete with Solana, which offers a more seamless experience for new entrants and token launches. However, Base is gradually gaining traction, benefiting from the Coinbase exchange’s continued influence on newcomers to the space.

目前，以太坊的第 2 层解决方案正在努力与 Solana 竞争，后者为新进入者和代币发行提供了更加无缝的体验。然而，受益于 Coinbase 交易所对该领域新来者的持续影响，Base 正在逐渐获得关注。

For now, it appears Solana’s growth will not be hindered, paving the way for higher total value locked (TVL) and volumes, which in turn should positively impact SOL’s price momentum.

目前看来，Solana 的增长不会受到阻碍，从而为更高的锁定总价值 (TVL) 和交易量铺平道路，这反过来会对 SOL 的价格势头产生积极影响。