著名的利益相关者认为，鉴于其轨迹，以太坊生态系统的表现低于预期。

ETH在加密市场中的价格行动并没有帮助其不断变化的情绪。在过去的一年中，硬币经历了强烈的波动。

Notable stakeholders have argued that the Ethereum ecosystem is performing below expectations, given its trajectory.

著名的利益相关者认为，鉴于其轨迹，以太坊生态系统的表现低于预期。

Most experts believe other newer ecosystems are challenging Ethereum’s dominance.

大多数专家认为，其他较新的生态系统正在挑战以太坊的统治地位。

ETH Price Struggles Amid Development Challenges

在发展挑战中，ETH价格斗争

The price action of ETH in the crypto market has not helped its shifting sentiment. The coin has experienced intense volatility in the past year.

ETH在加密市场中的价格行动并没有帮助其不断变化的情绪。在过去的一年中，硬币经历了强烈的波动。

Despite rising above $4,000 in March and June 2024, ETH price has failed to retest its all-time high (ATH) of $4,891.70 set in mid-November 2021.

尽管在2024年3月和6月上涨了4,000美元以上，但ETH Price未能在2021年11月中旬重新测试其历史最高（ATH）的4,891.70美元。

Within the last 365 days, Ethereum price has suffered a massive value decline of 53.03%. In comparison, Bitcoin has registered a 13.58% growth within the same time frame.

在过去的365天内，以太坊价格的价值下降了53.03％。相比之下，比特币在同一时间范围内的增长率为13.58％。

Ethereum’s bearish trend has been attributed to strategic missteps. According to Cardano YOD₳ (@JaromirTesar) on X, the Ethereum development team’s decision to rely on Layer-2 solutions over sharding is one notable blunder.

以太坊的看跌趋势归因于战略错误。根据X上的Cardano Yod₳（@jaromirtesar）的说法，以太坊开发团队决定依靠第二层解决方案而不是碎片的决定是一个显着的失误。

Ethereum’s priority on L2 scaling over sharding has led to many L2s extracting value from the network while limiting direct activity on the base Layer-1.

以太坊在L2缩放上的优先级在碎片上的优先级导致许多L2从网络中提取值，同时限制了基础层1上的直接活动。

Analysts say Ethereum L2 solutions dealt with scalability issues, but they also introduced fragmentation and centralization risks.

分析人士说，以太坊L2解决方案处理可伸缩性问题，但他们也引入了分裂和集中化风险。

Additionally, many of the L2s are not interoperable, which has resulted in poor user experience.

此外，许多L2不能互操作，这导致用户体验差。

Centralized sequencers and admin keys also undermine Ethereum’s decentralization and security.

集中序列和管理键也破坏以太坊的权力下放和安全性。

Cardano YOD₳ believes the internal conflicts within the Ethereum Foundation also played a critical part in reducing the blockchain’s dominance.

Cardano Yod₳认为以太坊基金会内的内部冲突在降低区块链的主导地位方面也起着关键作用。

He believes that the leadership shakeups and concerns over the abandoned development plans of sharding signaled a loss of direction to the community.

他认为，领导层的改组和对碎片开发计划的关注表明向社区失去了方向。

The analyst suggested that staking complexity, governance struggles, and centralization concerns negatively affected Ethereum’s dominance despite its strong user base.

分析师建议，尽管具有强大的用户基础，但分析的复杂性，治理斗争和集中化对以太坊的主导地位产生了负面影响。

Solana’s Growing Threat to Ethereum

Solana对以太坊的威胁日益严格

Interestingly, other blockchains, such as Solana (SOL), have gained traction in crypto. The leverage of Solana is its user-friendly experience among users.

有趣的是，其他区块链，例如Solana（Sol），在加密货币中也获得了关注。 Solana的杠杆作用是其用户中用户友好的体验。

Solana also offers better alternative data availability solutions than Ethereum.

Solana还提供了比以太坊更好的替代数据可用性解决方案。

Solana’s transaction speed and low cost have also made it very attractive to users who are shifting from Ethereum. The blockchain delivers on these without sacrificing security.

Solana的交易速度和低成本也使其对从以太坊转移的用户非常有吸引力。区块链在不牺牲安全性的情况下提供这些服务。

Meanwhile, developers are also moving to Solana, which offers a seamless, low-cost environment for building and deploying decentralized applications (dApps).

同时，开发人员还搬到了Solana，该索拉纳（Solana）提供了一个无缝，低成本的环境，用于构建和部署分散应用程序（DAPPS）。

While Ethereum dApps struggle with congestion issues and high gas fees, Solana has continued to offer better alternatives.

尽管以太坊Dapps在拥塞问题和高汽油费用上挣扎，但Solana仍在提供更好的替代方案。

Market observers note that Solana’s potential has attracted institutional interest.

市场观察家指出，索拉纳的潜力吸引了机构的兴趣。

The blockchain has received attention from Pantera Capital and Multicoin Capital.

该区块链已受到Pantera Capital和Multicoin Capital的关注。

Card payment giant Visa also integrated Solana for USDC settlement in 2023.

卡支付巨头签证还于2023年集成了USDC和解的Solana。

In the meantime, asset managers actively pursue filing Solana ETF products with the Securities and Exchange Commission (SEC).

同时，资产管理人员积极向美国证券交易委员会（SEC）提交Solana ETF产品。

If the regulatory body green-lights the application, it could boost Solana’s ability to take on Ethereum.

如果监管机构绿灯亮着该应用，则可以提高Solana接受以太坊的能力。

Can Ethereum Overcome Its Leverage Problem?

以太坊可以克服其杠杆问题吗？

Ben Zhou, CEO of Bybit, believes that Ethereum could begin to address some concerns around its leverage to regain its dominance.

拜比特（Bybit）首席执行官本·周（Ben Zhou）认为，以太坊可能会开始解决有关其重新统治力的杠杆作用的一些问题。

For instance, citing Hyperliquid, a decentralized exchange, Zhou noted that a whale recently forced their Ethereum leverage position to liquidate.

例如，Zhou引用了一个分散的交易所夸大的交换，他指出，鲸鱼最近迫使其以太坊杠杆位置清算。

He maintains that whales can exploit and abuse Ethereum’s leverage position, thereby offloading their risks on platforms instead of bearing the losses.

他坚持认为鲸鱼可以利用和滥用以太坊的杠杆位置，从而将其风险卸载在平台上，而不是承受损失。

Zhou advocates higher risk control measures to prevent traders from exploiting the weaknesses in liquidation engines.

周提倡更高的风险控制措施，以防止交易者利用清算发动机中的弱点。

Analysts opine that as newer ecosystems take on Ethereum, its ability to adapt and innovate will determine its future trajectory.

分析师认为，随着新生态系统对以太坊的采用，其适应和创新的能力将决定其未来的轨迹。