以太坊怎么了？以太坊还有希望吗？

自从比特币在2024年打破了以前的高价（69,000美元）以来，以太坊一直在远离以前的高点（4,800美元）的越来越远时，对市场中以太坊的怀疑越来越大。

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ABC Alpha Researcher - Twitter ID @Cyrus_G3

ABC Alpha研究人员 - Twitter ID @cyrus_g3

Ever since Bitcoin broke through its previous high (US$69,000) in 2024, while Ethereum has been moving further and further away from its previous high (US$4,800), doubts about Ethereum in the market have become increasingly louder.

自从比特币在2024年打破了以前的高价（69,000美元）以来，以太坊一直在远离以前的高点（4,800美元）的越来越远时，对市场中以太坊的怀疑越来越大。

By 2025, Ethereum fell below $3,000 in February, below $2,000 in March, and even below $1,500 in April. The market sentiment towards Ethereum has gradually shifted from doubt to despair and abandonment. Many ancient addresses from the ICO era have also begun to gradually clear out Ethereum. The leading institutions that once supported Ethereum have also begun to waver.

到2025年，2月以太坊下跌低于3,000美元，3月份低于2,000美元，4月甚至低于1,500美元。对以太坊的市场情绪已逐渐从怀疑转变为绝望和遗弃。 ICO时代的许多古老讲话也开始逐渐清除以太坊。曾经支持以太坊的主要机构也开始动摇。

What happened to Ethereum? Is there still hope for Ethereum?

以太坊怎么了？以太坊还有希望吗？

This article will focus on these two issues and start from the following five aspects to review the rise and fall of Ethereum and look forward to its possible future.

本文将重点关注这两个问题，并从以下五个方面开始，以回顾以太坊的兴衰，并期待其可能的未来。

1. Ethereum’s glorious years (2017-2022)

1。以太坊的光荣时代（2017-2022）

July 2014, Ethereum launched ICO

2014年7月，以太坊推出了ICO

However, from 2014 to 2016, the price of Ethereum has been below $10. At this stage, Ethereum only had the name of Blockchain 2.0, and the smart contract technology was also cool, but Ethereum was of no use at that time.

但是，从2014年到2016年，以太坊的价格一直低于10美元。在此阶段，以太坊只有区块链2.0的名称，智能合同技术也很酷，但是当时以太坊却没有用。

In 2017, the era of ICOs began, and Ethereum became very useful. People bought ETH to participate in ICOs. By January 13, 2018, Ethereum had risen from $10 at the beginning of 2017 to $1,430, reaching its first new high in history.

2017年，ICO时代开始了，以太坊变得非常有用。人们购买了ETH参加ICO。到2018年1月13日，以太坊已从2017年初的10美元上升到1,430美元，达到了其第一史新高。

According to incomplete statistics, more than 2,500 tokens used ETH to launch ICOs from 2017 to early 2018. At this stage, the greatest value of Ethereum is the issuance of coins. ETH is not only the GAS token with the largest consumption on the chain, but also the only bargaining chip to participate in the IOC wealth wave.

根据不完整的统计数据，超过2500个令牌使用ETH从2017年到2018年初推出ICO。在此阶段，以太坊的最大价值是发行硬币。 ETH不仅是链上消耗量最大的气体令牌，而且是唯一参与国际奥委会财富浪潮的议价筹码。

Although many new public chains such as NEO, QUTM, EOS, and TRON were born during this stage, the market share of other public chains combined is almost negligible in the ICO and smart contract market exclusively monopolised by Ethereum.

尽管许多新的公共连锁店，例如NEO，QUTM，EOS和TRON在此阶段出生，但在ICO和智能合同市场中，其他公共连锁店的市场份额几乎可以忽略不计。

At this stage, Ethereum has enjoyed huge dividends from innovators!

在此阶段，以太坊享有创新者的巨大股息！

2018-2019 is the era of hundreds of chains

2018-2019是数百个连锁店的时代

Due to the success of Ethereum, countless new public chains have emerged in the market. In addition to the ones mentioned above, we list a few more public chains that many people may not be familiar with, such as: GXC, NULS, ELF, Algorand, etc.

由于以太坊的成功，市场上出现了无数新的公共连锁店。除了上面提到的内容外，我们还列出了许多人可能不熟悉的几个公共连锁店，例如：GXC，NULS，ELF，Algorand等。

Of course, during this stage, some public chains emerged that are still active today, such as: TON, ADA, Cosmos, Avalanche, and of course, the most famous of them is Solana. Yes, Solana was not outstanding among the new public chains at the time, but a few years later, it became the biggest challenger to Ethereum, which is quite touching.

当然，在此阶段，今天出现了一些仍然活跃的公共连锁店，例如：Ton，Ada，Cosmos，Avalanche，当然还有最著名的是Solana。是的，当时的索拉纳（Solana）在新的公共连锁店中并不出色，但是几年后，它成为以太坊的最大挑战者，这令人感动。

Although, at this stage, there are numerous new public chains that attempt to challenge Ethereum, Ethereum still absolutely monopolises the smart contract market. Smart contracts were first created by Ethereum, and the era of smart contracts was opened by Vitalk. Vitalik has great appeal and influence in the global Crypto field, second only to Satoshi Nakamoto. The Ethereum ecosystem also gathers the largest number of smart contract developers and countless native Crypto technology and thought innovators in the world. All of this will be fully demonstrated in the coming 2020.

尽管在此阶段，有许多新的公共连锁店试图挑战以太坊，但以太坊仍然绝对垄断智能合同市场。智能合约首先是由以太坊创建的，智能合约的时代是由Vitalk开设的。 Vitalik在全球加密货币领域具有极大的吸引力和影响力，仅次于Nakamoto Satoshi。以太坊生态系统还收集了最多的智能合同开发人员和无数的本地加密技术以及世界上思想创新者。所有这些都将在即将到来的2020年充分证明。

Finally, it is 2020, the summer of DEFI that countless people yearn for and the absolute highlight moment of Ethereum, has finally arrived.

最终，是2020年，即迪迪（Defi）的夏天，无数人渴望和以太坊的绝对亮点时刻，终于到了。

After silent fermentation and continuous exploration from 2018 to 2019, DEFI Protocol, one of the earliest Crypto-native applications, finally broke out in the Ethereum ecosystem in the summer of 2020.

在2018年至2019年的无声发酵和连续探索之后，Defi协议是最早的加密本地应用之一，最终于2020年夏季在以太坊生态系统中爆发。

Compound's amazing liquidity mining directly detonated the market. A large amount of ETH was used to mint COMP. The skyrocketing TVL and platform coins started a wave of liquidity mining.

Compound的惊人流动性开采直接引爆了市场。大量ETH用于造成薄荷。飞涨的TVL和平台硬币开始了一波流动性挖掘。

Uniswap, invested by Vitalik himself, opened the era of on-chain DEX with the minimalist formula of X*Y=K

由Vitalik本人投资的Uniswap用X*Y = K的简约公式开设了链DEX时代

Yearn.Finance launches DEFI yield aggregator, #YFI soars 10,000 times in 30 days and is far ahead

FINANCE启动Defi收益汇总器，#YFI在30天内飙升10,000次，并且遥遥领先

DAI launched by MakerDAO is the first decentralized stablecoin on Ethereum.

由Makerdao推出的DAI是以太坊上的第一个分散的Stablecoin。

Curve’s stablecoin DEX allows many stablecoins and DEFI tokens to obtain smooth liquidity on Ethereum

Curve的Stablecoin DEX允许许多稳定的稳定剂和Defi令牌在以太坊上获得流动性

…….

……。

DEFI Summer has pushed everyone's expectations for Ethereum to a peak, because Ethereum can not only

Defi Summer已将每个人对以太坊的期望提高到了顶峰，因为以太坊不仅可以