尽管发起了截然相反的轨迹，但以太坊ETH/USD一年中有39％的合同

以太坊ETH/USD是市值第二大加密货币，与较旧的同胞相比，已经绘制了一个截然相反的轨迹

As the second-largest cryptocurrency by market capitalization, Ethereum (CRYPTO: ETH) has charted a diametrically opposite trajectory when compared to its older sibling, Bitcoin (CRYPTO: BTC), over the past year.

作为市值的第二大加密货币，与过去一年相比，以太坊（Crypto：ETH）在其较老的兄弟姐妹比特币（Crypto：BTC）中绘制了截然相反的轨迹。

Consider this. Bitcoin has risen 32% in a year to reach an all-time high of $109,000. Its share in the overall cryptocurrency market has expanded from 52% to 60%.

考虑一下。比特币每年上涨了32％，达到了109,000美元的历史最高点。它在整个加密货币市场中的份额已从52％增加到60％。

Ethereum, on the other hand, contracted 39% during the same time, reducing its market share from 16% to 8%.

另一方面，以太坊同时收缩了39％，将其市场份额从16％降低到8％。

The widening gap has sparked discussions about Ethereum’s role in the cryptocurrency hierarchy and its future course Benzinga spoke to a few analysts to understand the factors contributing to the ecosystem’s ongoing downturn.

扩大的差距引发了讨论以太坊在加密货币层次结构中的作用及其未来的课程Benzinga与少数分析师进行了交谈，以了解导致生态系统持续下滑的因素。

The Inflationary Problem

通货膨胀问题

Jeffrey Hu, Head of Investment Research at digital asset manager HashKey Capital, believed the fault lies in Ethereum’s economic model.

数字资产经理Hashkey Capital的投资研究主管Jeffrey Hu认为，这一问题在于以太坊的经济模型。

“The activation of EIP-1559 allows more Ether to be burned for deflation when Ether activity is high on Ethereum; however, in order to further support on-chain applications, Ethereum must scale,” Hu stated.

Hu说：“ EIP-1559的激活允许在以太坊上以太活性较高时燃烧更多的以太醚；但是，为了进一步支持链上的应用，以太坊必须扩展。”

The Ethereum London Hard fork, dubbed EIP-1559, introduced a token burn mechanism for the network. Under this mechanism, the base fee, i.e., the minimum fee per transaction, is removed to add deflationary pressure on ETH and boost its value.

以太坊伦敦硬叉（EIP-1559）为网络引入了一个令牌燃烧机制。在这种机制下，删除基本费用，即每笔交易的最低费用，以增加ETH的通缩压力并提高其价值。

So, what exactly is the problem?

那么，问题到底是什么？

Hu asserted that the rise of Layer-2 blockchains and the Dencun Upgrade, which slashed fees on L2s by magnitudes, diverted on-chain activity away from the base Ethereum chain, resulting in inflation.

胡断言，第2层区块链和Dencun升级的上升，通过大小削减了L2S的费用，从基本以太坊链中转移了链活动，从而导致通货膨胀。

According to Ultrasound Money, ETH’s deflation rate started slowing down in May 2024, and since early February, the coin’s supply has been net increasing.

根据超声货币的数据，ETH的缩放率从2024年5月开始放缓，自2月初以来，硬币的供应量一直在增加。

Trever Koverko, Web3 investor and co-founder of Sapien, echoed these observations.

Sapien的Web3投资者兼联合创始人Trever Koverko回应了这些观察。

“Ethereum is struggling to establish a narrative around how L2’s are accretive and not extractive to the main chain,” he added.

他补充说：“以太坊正在努力建立围绕L2的积聚而不是对主链的挖掘的叙述。”

However, L2s were not the only competition that Ethereum encountered.

但是，L2并不是以太坊遇到的唯一竞争。

Competition From Solana’s Meme Frenzy

Solana的模因Frenzy的竞争

“Ethereum is also not doing well in terms of community culture. In contrast, Solana (CRYPTO: SOL) clearly places more emphasis on meme coin community culture, which has attracted more application development and on-chain transactions,” Hu said.

Hu说：“以太坊在社区文化方面也表现不佳。相比之下，Solana（Crypto：Sol）显然更着重于模因硬币社区文化，这吸引了更多的应用程序开发和链接交易。”

Over the past year, Solana has become a meme coin hotspot, aided by its user-friendly meme coin generator Pump.fun. In fact, President Donald Trump and First Lady Melania Trump also chose Solana to launch their Official Trump (CRYPTO: TRUMP) and Official Melania (CRYPTO: MELANIA) coins, respectively.

在过去的一年中，Solana已成为Meme Coin Hotspot，其用户友好的Meme Coin Generator Pump.Fun的帮助。实际上，唐纳德·特朗普（Donald Trump）总统和第一夫人梅拉尼亚·特朗普（Melania Trump）还选择了索拉纳（Solana）启动其官方特朗普（Crypto：Trump）和官方Melania（Crypto：Melania）硬币。

The ‘Middle Child’ Sentiment?

“中间的孩子”情绪？

It’s worth remembering that Ethereum remains the only cryptocurrency other than Bitcoin to have its spot exchange-traded fund on Wall Street, however, inflows have been relatively subdued.

值得记住的是，除了比特币以外，以太坊仍然是在华尔街获得现货交换基金以外的唯一加密货币，但是，流入相对柔和。

Himanshu Maradiya, Founder & Chairman, CIFDAQ Global, stated this is due to a lack of a clear consensus on Ethereum’s narrative.

Cifdaq Global的创始人兼董事长Himanshu Maradiya表示，这是由于对以太坊的叙述缺乏明确的共识。

“Lacking a pure store-of-value proposition and often perceived as the “middle child” of the crypto ecosystem, Ethereum struggles to capture the same institutional confidence,” Maradiya argued.

Maradiya认为：“缺乏纯粹的价值储存命题，并且经常被视为加密生态系统的“中间儿童”，以太坊努力努力捕捉相同的机构信心。”

He also noted that the absence of staking rewards has made Ethereum ETFs less appealing, which may be remedied given that fresh applications have been filed to permit them.

他还指出，缺少订婚的奖励使以太坊ETF的吸引力降低了，鉴于已提交了新的申请允许他们，因此可以进行修复。

A spokesperson for the Ethereum Foundation—a non-profit dedicated to promoting and developing Ethereum-related technologies—declined to comment on ETH’s shrinking market share but said that their focus remained on ecosystem development and research.

以太坊基金会的发言人是一家致力于促进和开发与以太坊相关技术的非营利组织，旨在评论ETH的市场份额缩小，但他们表示，他们的重点仍然是生态系统发展和研究。

Price Action: At the time of writing, Ethereum was exchanging hands at $1,978.99, down 2.17% in the last 24 hours, according to Benzinga Pro.

价格动作：根据Benzinga Pro的数据，在撰写本文时，以太坊以1,978.99美元的价格交换了2.978.99美元，下降了2.17％。

Year-to-date, the coin has slipped 41%.

年初至今，硬币已下跌41％。