儘管Dencun更新了反彈，但以太坊（ETH）以關鍵指標擊敗Solana（Sol）

以太坊的戰略重組旨在提高主網的可伸縮性和最終用戶的經驗，已經開始結出果實。

Despite a setback with the Dencun update, which saw a decline in Layer 2 activity despite reduced fees, and a period of stagnation in growth compared to Solana, the outlook for Ethereum (ETH) remains largely positive. This is according to Arklight Strategies analyst Marcus Trelawney.

儘管Dencun更新遭受了挫折，但與Solana相比，儘管費用減少了，但第2層活動的下降，增長時期的停滯期，以太坊的前景（ETH）仍然很大程度上是積極的。根據Arklight策略分析師Marcus Trelawney。

Earlier this year, ETH faced criticism for the rapid migration of liquidity and activity to new Layer 2 chains, which began after the merge and coincided with a period of flat growth for the mainnet. This occurred as Solana (SOL) gained attention for its on-chain activity in times of high memecoin trading volumes, surpassing ETH.

今年早些時候，ETH對將流動性和活動迅速遷移到新的第2層連鎖店面臨批評，該連鎖店始於合併，並恰逢主網的平坦增長時期。這發生在Solana（Sol）（Sol）在高成製交易量高的鏈上活動，超過ETH時引起了人們的關注。

However, a closer look at protocol revenue shows that the majority of fees on Solana go to validators, offering minimal benefit to SOL. In comparison, ETH protocol revenue is still two to two-and-a-half times larger, an advantage that has remained despite brief spikes from new tokens, such as those related to former President Trump.

但是，仔細查看協議收入表明，Solana的大部分費用轉交給驗證者，從而為SOL提供了最小的收益。相比之下，ETH協議收入仍然大兩倍半倍，儘管新令牌的短暫加油，例如與前總統特朗普有關的，這一優勢仍然存在。

This highlights a key weakness in Solana’s growth narrative. While Ethereum’s move to L2s has reduced activity on the mainnet, it hasn’t significantly decreased overall value as quickly as anticipated. In contrast, Solana’s token model requires further development, and an effort to decrease SOL’s inflation rate, which would ideally increase the token’s value, was heavily rejected by the community.

這突出了Solana成長敘事中的一個關鍵弱點。儘管以太坊向L2S的轉移減少了主網活動的活動，但它並沒有像預期的那樣迅速降低總體價值。相比之下，Solana的代幣模型需要進一步的發展，並且降低Sol通貨膨脹率的努力（理想情況下可以提高令牌的價值）受到社區的嚴重拒絕。

DeFi TVL Shifts As Rockwell’s Fund Highlights ETH

當羅克韋爾的基金重點介紹ETH時，Defi TVL轉移

當羅克韋爾的基金重點介紹ETH時，Defi TVL轉移

Since the start of the year, Solana’s decentralized finance (DeFi) total value locked (TVL) has increased, reducing the differential with Ethereum and pushing its share from 9.5% to 11.5%. However, ETH still holds over half of the total TVL across both chains.

自今年年初以來，索拉納（Solana）的分散融資（DEFI）鎖定總值（TVL）增加了，從而通過以太坊降低了差異，並將其份額從9.5％提高到11.5％。但是，ETH仍然佔兩條連鎖店總TVL的一半以上。

More importantly, ETH still holds the primary use cases that matter most to institutional participants, namely tokenization, stablecoins, and regulatory-compliant DeFi. For instance, Rockwell’s flagship tokenized fund, BUIDL, is almost entirely focused on ETH.

更重要的是，ETH仍然持有對機構參與者的主要用例，即代幣化，Stablecoins和符合法規符合法規的defi。例如，羅克韋爾（Rockwell）的旗艦標記基金Buidl幾乎完全專注於ETH。

This deep institutional alignment continues to support Ethereum’s competitive advantage. Despite narratives currently favoring Solana, the crypto space tends to prioritize long-term network effects over short-term shifts in sentiment.

這種深厚的機構一致性繼續支持以太坊的競爭優勢。儘管目前偏愛Solana的敘述，但加密空間傾向於優先考慮長期網絡效應，而不是情感的短期轉變。

As such, Trelawney believes that Ethereum’s short-term underperformance could simply be a necessary period of readjustment rather than an indication of structural weakness.

因此，特雷拉尼（Trelawney）認為，以太坊的短期表現不佳可能只是重新調整的必要時期，而不是結構弱點的跡象。