一旦涌向并篡夺了比特币，以太坊现在面临至少一位分析师称为“中年危机”的东西。

现在，可能是比特币篡夺者的风险将基础割让给一个不太可能的竞争者。

Once gushed over and tipped to usurp Bitcoin because of its programmability, Ethereum now faces what at least one analyst has dubbed a “midlife crisis.” Amid a lack of a definitive investment thesis, its native token, ETH, has grossly underperformed the competition.

一旦由于其可编程性而涌入并篡夺了比特币，以太坊现在将面临至少一位分析师称为“中年危机”的东西。由于缺乏确切的投资论文，其本土代币ETH极大地表现了竞争。

Now, the would-be Bitcoin usurper risks ceding ground to an unlikely contender.

现在，可能是比特币篡夺者的风险将基础割让给一个不太可能的竞争者。

Tether (CRYPTO: USDT) is getting closer to flipping Ethereum in market capitalization as the stablecoin continues to grow while several key Ethereum metrics have been trending down.

Tether（Crypto：USDT）在市值中越来越接近以太坊的翻转以太坊，随着稳定的几个关键的以太坊指标一直在下降。

One Redditor pointed out that several key Ethereum metrics have been declining while USDT adoption continues to grow.

一位雷迪特（Redditor）指出，在USDT采用不断增长的同时，几个关键的以太坊指标一直在下降。

“ETH dominance is near multi-year lows. DeFi TVL is stagnating, NFT volumes are down, and gas fees are no longer a meaningful moat. Tether, ironically, has become the most used asset across chains. If ETH can’t reclaim narrative dominance soon, a USDT flippening could signal a deeper shift in crypto capital flows-away from smart contract risk and toward dollar-denominated stability,” the Redditor wrote.

“ETH dominance is near multi-year lows. DeFi TVL is stagnating, NFT volumes are down, and gas fees are no longer a meaningful moat. Tether, ironically, has become the most used asset across chains. If ETH can't reclaim narrative dominance soon, a USDT flippening could signal a deeper shift in crypto capital flows-away from smart contract risk and toward dollar-denominated stability,” the Redditor wrote.

Another Redditor, in a more highly engaged post, highlighted the narrowing gap between Ethereum and Tether, describing it as “The Flippening nobody wanted to see.”

另一个Redditor在一篇更加高度参与的帖子中强调了以太坊和系带之间的狭窄差距，称其为“没有人想看到的幻想。”

But Tether may not be the only asset in the running to flip Ethereum.

但是系绳可能不是跑步以太坊的唯一资产。

Standard Chartered (OTC:SCBPY) Head of Digital Assets Research Geoffrey Kendrick backed XRP (CRYPTO: XRP) to eventually surpass Ethereum in a report on Tuesday.

标准宪章（OTC：SCBPY）数字资产研究负责人Geoffrey Kendrick支持XRP（加密：XRP），最终在周二的一份报告中超过以太坊。

“By the end of 2028 we see XRP’s market cap overtaking Ethereum’s. That will make XRP the second largest (non-stablecoin) Digital Asset at that time,” Kendrick wrote.

肯德里克写道：“到2028年底，我们看到XRP的市值超过以太坊的。

The view comes from the firm expecting XRP to benefit from an anticipated rise in the adoption of cryptocurrencies for cross-border payments and a potential tokenization push from Ripple. On the other hand, the firm has tipped Ethereum to continue to underperform the market amid perceived value extraction by Layer 2 chains.

该观点来自该公司，期望XRP受益于预期的加密货币跨境支付和潜在的令牌化推动力。另一方面，该公司已向以太坊倾斜，以继续在2层链中提取价值提取的市值继续表现不佳。

At the time, Kendrick argued that a reversal in Ethereum’s outlook would require a shift in policy from the Ethereum Foundation.

当时，肯德里克（Kendrick）辩称，以太坊的前景中的逆转将需要从以太坊基金会转移政策。

“Only a proactive change of commercial direction from the Ethereum Foundation – such as taxing layer 2s – could achieve that now, in our view. We see this as unlikely,” he wrote.

他写道：“在我们看来，只有以太坊基金会的商业方向的积极改变，例如第2层税收。我们认为这不太可能。”