TradingKey-作为世界上最大的智能合同平台，以太坊吸引了大量开发商，并且在所有公共区块链中始终在总价值锁定（TVL）中排名第一。

这种统治地位曾经使许多人相信以太坊的市值最终将最终进入比特币。但是，近年来，这种观点已经消失，并且关于该主题的讨论在很大程度上消失了。

As the world’s largest smart contract platform, Ethereum has attracted a vast number of developers and consistently ranks first in total value locked (TVL) among all public blockchains. This dominance once led many to believe that Ethereum’s market cap would eventually Bitcoins in.

作为世界上最大的智能合同平台，以太坊吸引了大量开发商，并且在所有公共区块链中始终在总价值锁定（TVL）中排名第一。这种统治地位曾经使许多人相信以太坊的市值最终会比特币。

However, in recent years, this perspective has faded, and discussions on the topic have largely disappeared. Why has this shift occurred? What has happened to Ethereum? What does its future hold? Is ETH still a worthwhile investment?

但是，近年来，这种观点已经消失，关于该主题的讨论在很大程度上消失了。为什么发生这种转变？以太坊怎么了？它的未来有什么影响？ ETH仍然是值得投资的吗？

What Is Ethereum (ETH)?

什么是以太坊（ETH）？

Launched in 2015 by Vitalik Buterin and his team, Ethereum is an open-source blockchain platform designed to support smart contracts and decentralized applications (DApps), aiming for automation and transparency without third-party intervention.

Ethereum于2015年由Vitalik Buterin及其团队推出，是一个开源区块链平台，旨在支持智能合同和分散应用程序（DAPPS），旨在在没有第三方干预的情况下进行自动化和透明度。

Similar to the relationship between BTC and Bitcoin, Ether (ETH), Ethereum’s native token, acts as the “fuel” for the entire ecosystem, used mainly for transaction fees and computational services on the network. In essence, if Ethereum is likened to a country, then ETH would be its legal currency, facilitating various transactional activities.

类似于以太坊的本地令牌Ether（ETH）BTC和比特币之间的关系，它是整个生态系统的“燃料”，主要用于网络上的交易费用和计算服务。从本质上讲，如果以太坊比作一个国家，那么ETH将是其法定货币，从而促进各种交易活动。

Ethereum

以太坊

Bitcoin

比特币

Blockchain

区块链

Ethereum

以太坊

Bitcoin

比特币

Token

令牌

ETH

eth

BTC

Token Supply

令牌供应

121 million

1.21亿

21 million

2100万

Launch Year

发射年

2015

2009

Founder

创始人

Vitalik Buterin

Satoshi Nakamoto

萨托·纳卡本（Satoshi Nakamoto）

Differences Between Ethereum and Bitcoin, Source: TradingKey.

以太坊和比特币之间的差异，来源：TradingKey。

What Are Ethereum’s Core Technologies?

以太坊的核心技术是什么？

If Bitcoin is credited with pioneering blockchain technology, then Ethereum can be said to have brought it out of the ivory tower and drove its adoption across different industries. At the heart of Ethereum are several core technologies that support its operations, enable smart contract execution, and DApp development.

如果比特币以开创性的区块链技术的形式称赞，那么可以说以太坊将其带出了象牙塔，并推动了在不同行业的采用。以太坊的核心是几种支持其运营，实现智能合同执行和DAPP开发的核心技术。

Technology Component

技术组成部分

Description

描述

Features/Functionality

功能/功能

Blockchain Technology

区块链技术

Ethereum’s foundational architecture for storing all transaction information

以太坊的基础架构，用于存储所有交易信息

Transparency, decentralization, and security

透明度，权力下放和安全性

Smart Contracts

智能合约

Self-executing code that automatically executes transactions based on conditions

自我执行的代码自动根据条件执行交易

Automation without intermediaries, enhancing efficiency

没有中介的自动化，提高效率

Ethereum Virtual Machine (EVM)

以太坊虚拟机（EVM）

Environment for executing smart contracts

执行智能合约的环境

Ensures consistent code execution across all nodes

确保在所有节点上执行一致的代码执行

Consensus Mechanism

共识机制

Proof of Stake (PoS)

股份证明（POS）

Improves block generation efficiency and reduces energy consumption

提高块发电效率并降低能耗

DApps

Dapps

Applications running on Ethereum

在以太坊上运行的应用

Provides services such as finance, gaming, and social platforms

提供金融，游戏和社交平台等服务

Layer 2 Solutions

第2层解决方案

Second-layer architecture to enhance Ethereum’s scalability

第二层架构以增强以太坊的可扩展性

Increases processing speed, reduces transaction fees, and improves user experience

提高处理速度，降低交易费用并改善用户体验

What Are Ethereum’s Use Cases?

以太坊的用例是什么？

The possibilities for smart contract applications are vast, and Ethereum’s strong developer community has made it the leading platform for blockchain technology, encompassing use cases in finance, art, gaming, and more.

智能合同应用程序的可能性很大，以太坊的强大开发人员社区使其成为区块链技术的领先平台，涵盖了金融，艺术，游戏等中的用例。

Application Area

应用区

Specific Scenarios

特定方案

Representative Projects

代表项目

Decentralized Finance (DeFi)

分散财务（DEFI）

Lending platforms

贷款平台

Aave、Compound

Aave，化合物

Decentralized exchanges

分散交流

Uniswap、SushiSwap

uniswap，sukwap

Stablecoins

稳定的

DAI

戴

Derivatives

衍生物

Synthetix

Non-Fungible Tokens (NFTs)

无杀菌令牌（NFTS）

Collectibles

收藏品

CryptoPunks、Bored Ape Yacht Club

Cryptopunks，无聊的猿游艇俱乐部

Gaming

赌博

Axie Infinity、Decentraland、The Sandbox

Axie Infinity，分散，沙箱

Supply Chain Management

供应链管理

Product tracking

产品跟踪

Vechain

Food safety

食品安全

IBM Food Trust

IBM食品信托

Social

社会的

Decentralized social networks

分散的社交网络

Minds

头脑

Decentralized identity

分散的身份

uPort

抵抗

Content distribution

内容分布

Livepeer

Charity & Public Welfare

慈善与公共福利

donations

捐赠

Giveth

给予

Disaster relief

救济

AidCoin

艾滋病

How Has Ethereum Performed in the Market?

以太坊在市场上的表现如何？

Unlike Bitcoin, which is known as a store of value, Ethereum's primary focus is on smart contracts and decentralized applications, which has attracted a large number of developers and made it the no.1 public chain in terms of TVL.

与比特币（被称为价值存储）不同，以太坊的主要重点是智能合约和分散应用程序，该应用吸引了大量开发人员，并将其作为TVL的第一公共连锁店。

According to data, there are currently 1,306 DApps on Ethereum, while the Bitcoin network only has 58. In terms of TVL, Ethereum's TVL is $44 billion, accounting for over 50%, far surpassing Bitcoin's 6% (approximately $5 billion).

根据数据，目前在以太坊上有1,306个DAPP，而比特币网络只有58个。就TVL而言，以太坊的TVL为440亿美元，占50％以上，超过比特币的6％（约50亿美元）。

TVL Share Across All Public Blockchains (as of March 11, 2025), Source: DefiLlama.

TVL在所有公共区块链上共享（截至2025年3月11日），资料来源：Defillama。

From an application perspective, it's clear that Ethereum ranks first among all public blockchains, far surpassing Bitcoin. However, in terms of market cap, Ethereum is still smaller than Bitcoin. As of now, Ethereum's market cap is $230 billion, compared to Bitcoin's $1.6 trillion. Moreover, since 2021, Ethereum's market share has been steadily decreasing, dropping from a peak of 20% to 8%, while Bitcoin's has increased from 40% to 60%.

从应用程序的角度来看，很明显，以太坊在所有公共区块链中排名第一，超过比特币。但是，就市值而言，以太坊仍然比比特币小。截至目前，以太坊的市值为2,300亿美元，而比特币的1.6万亿美元。此外，自2021年以来，以太坊的市场份额一直在稳步下降，从20％的峰值下降到8％，而比特币的市场份额已从40％增加到60％。

ETH and BTC Market Cap Share, Source: CoinMarketCap.

ETH和BTC市值份额，来源：CoinMarketCap。

In 2017 and 2020, the ICO and DeFi booms significantly boosted Ethereum's market cap, leading its community

在2017年和2020年，ICO和DEFI蓬勃发展大大提高了以太坊的市值，领导了社区