以太坊的领导危机：去中心化悖论

以太坊当前的危机反映了加密货币领域的一个根本挑战：如何平衡意识形态的纯洁性与市场现实。

Ethereum’s leadership crisis: a deep dive

以太坊的领导危机：深入探讨

After a turbulent 2024, Ethereum is facing a fresh wave of challenges. Here's a closer look at the backstory, the unfolding events, and the critical insights that emerge from this ongoing saga.

在经历了动荡的 2024 年之后，以太坊正面临着新一波的挑战。以下是对背景故事、正在展开的事件以及从这个正在进行的传奇故事中得出的重要见解的更仔细的了解。

Backstory: A Foundation Under Fire

背景故事：饱受蹂躏的基金会

For months, scathing critiques from within the Ethereum community have been brewing on social media, with memes poking fun at ETH's stagnant price while other cryptocurrencies enjoy a bull-run. Others slam the foundation for its centralized governance and handling of the project roadmap.

几个月来，来自以太坊社区内部的严厉批评一直在社交媒体上酝酿，一些表情包嘲笑以太坊价格停滞不前，而其他加密货币却享受牛市。其他人则抨击基金会的集中治理和项目路线图的处理。

This recent outburst follows a string of setbacks for the foundation:

最近的爆发是在基金会遭遇一系列挫折之后​​发生的：

May 2024: Conflict-of-interest scandal over EigenLayer advisory roles

2024 年 5 月：EigenLayer 顾问角色的利益冲突丑闻

Summer 2024: 99% collapse in base layer revenue post-Dencun upgrade

2024 年夏季：Dencun 升级后基础层收入暴跌 99%

Q4 2024: Loss of DeFi market share to Solana

2024 年第四季度：DeFi 市场份额被 Solana 夺走

January 2025: Missed Trump memecoin opportunity to Solana

2025 年 1 月：错过了 Solana 的特朗普 memecoin 机会

The Impact: Ethereum's Plight in Numbers

影响：以太坊的数字困境

A glance at the current numbers paints a stark picture:

纵观当前的数字，我们可以看到一幅鲜明的图景：

38% drop in on-chain activity

链上活动下降 38%

Balancer and Morpho down 65%

Balancer 和 Morpho 下跌 65%

Uniswap volumes declined 40%

Uniswap 交易量下降 40%

Layer-2 solutions struggling with $25.8 billion combined DEX volume

Layer 2 解决方案面临着 258 亿美元的 DEX 总交易量

Average transaction fees stubbornly high at $5.50

平均交易费用顽固地高达 5.50 美元

Fallen out of top 5 in weekly fees

周费用跌出前 5 名

$49 million in weekly fees vs Solana's $85.11 million

每周费用为 4900 万美元，而 Solana 的每周费用为 8511 万美元

ETH stuck below $3,500 since January 7

自 1 月 7 日以来，ETH 一直坚守在 3,500 美元以下

The gap between Solana and Ethereum widened further after Trump's memecoin launch drove Solana platforms like Raydium, Orca, and Meteora to record 200%+ volume gains.

在特朗普推出 memecoin 后，Solana 和以太坊之间的差距进一步扩大，推动 Raydium、Orca 和 Meteora 等 Solana 平台创下了 200% 以上的交易量增长。

The Ethereum community is buzzing with complaints about the network's lack of effort in building a public image and courting political collaborations, while the leadership team is said to be more focused on technical objectives.

以太坊社区充斥着对该网络在建立公众形象和争取政治合作方面缺乏努力的抱怨，而据说领导团队更关注技术目标。

The Bulls' Rebellion: 3 Key Concerns

公牛队的叛逆：3 个关键问题

Ethereum stakeholders are also up in arms about the foundation's handling of its $900 million treasury, highlighting three key concerns:

以太坊利益相关者也对该基金会对其 9 亿美元资金的处理感到不满，强调了三个关键问题：

Resource Management: Bloated budget and headcount, insufficient developer support, underutilized treasury assets, and lack of market responsiveness

资源管理：预算和人员臃肿、开发人员支持不足、财务资产未充分利用以及缺乏市场响应能力

Political Positioning: While XRP's CEO dines at Mar-a-Lago and Solana hosts Trump's memecoin, Ethereum is notably absent from these prized opportunities despite hosting Trump-backed World Liberty Financial

政治定位：虽然 XRP 的首席执行官在 Mar-a-Lago 用餐，并且 Solana 主办了特朗普的 memecoin，但以太坊却明显缺席了这些宝贵的机会，尽管主办了特朗普支持的世界自由金融

Developer Relations: Core developers express growing frustration and a generational divide emerges in Ethereum's leadership approach

开发者关系：核心开发者表达了越来越多的挫败感，以太坊的领导方式中出现了代沟

The Old Guard vs. New Visionaries

老卫士与新梦想家

The old guard of Ethereum's leadership, focused on technical excellence, is resistant to political engagement and prefers gradual, considered changes.

以太坊领导层的守旧派注重技术卓越，抵制政治参与，更喜欢渐进、深思熟虑的变革。

Meanwhile, a new generation of visionaries advocates for aggressive market positioning, support for institutional engagement, demanding treasury activation, and calling for leadership overhaul.

与此同时，新一代的有远见者主张积极的市场定位，支持机构参与，要求激活财政，并呼吁领导层改革。

The foundation's attempt to rebuild its social media presence last week, making it more public-friendly, failed to quell the memes and criticism.

该基金会上周试图重建其社交媒体形象，使其对公众更加友好，但未能平息模因和批评。

But it's not just Crypto Twitter demanding change at the helm.

但这不仅仅是加密推特要求掌舵人做出改变。

Buy Once, Earn Daily Bitcoin Forever

购买一次，永久每日赚取比特币

Infinity Hash brings the best aspects of cloud and colocation mining into a transparent and reliable system that provides long-term cash flow.

Infinity Hash 将云和托管挖矿的最佳方面带入透明可靠的系统中，提供长期现金流。

Block That Quote

阻止该报价

Anthony Donofrio, Ethereum founding member, in an opinion piece on Coindesk:

以太坊创始成员 Anthony Donofrio 在 Coindesk 的一篇评论文章中表示：

"The Ethereum Foundation is a paradox. Despite its commitment to decentralization, it operates as a centralized entity, with a director, a treasury, paid developers, and an inner circle. These structures, while necessary for coordination, create tensions with Ethereum's decentralised ethos."

“以太坊基金会是一个悖论。尽管它致力于去中心化，但它作为一个中心化实体运作，拥有董事、财务人员、付费开发人员和内部圈子。这些结构虽然是协调所必需的，但却与以太坊的去中心化精神产生了紧张关系”。

Donofrio argues that the foundation no longer carries the vision it once had to minimize internal and external threats and blames it for leaving its community feeling disconnected.

多诺弗里奥认为，该基金会不再怀有曾经最大限度地减少内部和外部威胁的愿景，并指责它让社区感到脱节。

Ethereum co-founder and ConsenSys CEO Joseph Lubin proposes replacing Miyaguchi with a dual leadership structure: Danny Ryan, who led the Merge, and Jerome de Tychey, president of Ethereum France.

以太坊联合创始人兼 ConsenSys 首席执行官 Joseph Lubin 提议用双重领导结构取代 Miyaguchi：领导合并的 Danny Ryan 和以太坊法国总裁 Jerome de Tychey。

His message is clear - "We are now in a very different kind of environment in our industry. And it requires a very different kind of Ethereum Foundation."

他的信息很明确——“我们行业现在处于一个非常不同的环境中。它需要一个非常不同的以太坊基金会。”

What started as noise and rumors around Ethereum replacing Executive Director Aya Miyaguchi, soon turned into full-blown social media harassment against the director, including death threats.

一开始是围绕以太坊更换执行董事 Aya Miyaguchi 的噪音和谣言，很快就变成了针对董事的全面社交媒体骚扰，包括死亡威胁。

Buterin condemns it as “pure evil” and gives a statement - a confirmation on the churn at the top level.

Buterin 谴责其为“纯粹的邪恶”，并发表声明——确认了高层的流失。

“We are indeed currently in the process of large changes to EF leadership structure, which has been ongoing for close to a year. Some of this has already been executed on and made public, and some is still in progress,” Buterin said in a post on X.

“我们目前确实正在对 EF 领导结构进行重大调整，这一调整已经持续了近一年。其中一些已经执行并公开，还有一些仍在进行中，”Buterin 在 X 上的一篇帖子中说道。

His post also speaks about what the foundation was trying to achieve with the changes to leadership structure.

他的帖子还谈到了基金会试图通过领导结构的变化来实现什么目标。

That was not all. He also clarified the things Ethereum wouldn’t be doing.

这还不是全部。他还澄清了以太坊不会做的事情。

Defiant leader? Still fell short of appeasing the audience.

挑衅的领导者？仍然未能安抚观众。