數據顯示，以太坊 (ETH) 費用為 2020 年 8 月以來最低

就產生的網路費用而言，2024 年 8 月是以太坊 (ETH) 自 2020 年 DeFi 夏季以來最糟糕的一個月。

Ethereum (ETH) fees have hit their lowest point since August 2020, according to data shared by an experienced cryptocurrency trader and analyst. This development comes as the narrative surrounding "Ultra Sound Money" appears to be fading away.

根據一位經驗豐富的加密貨幣交易員和分析師分享的數據，以太坊（ETH）費用已降至 2020 年 8 月以來的最低點。這項發展正值圍繞著「超健全貨幣」的敘事似乎正在消失之際。

Ethereum (ETH) fees at lowest since August 2020

以太坊 (ETH) 費用為 2020 年 8 月以來最低

In a recent analysis, Hartvigsen highlighted that August 2024 is shaping up to be the worst month for Ethereum (ETH) in terms of network fees generated since the 2020 DeFi Summer.

Hartvigsen 在最近的分析中強調，就 2020 年 DeFi 夏季以來產生的網路費用而言，2024 年 8 月將成為以太坊 (ETH) 最糟糕的一個月。

As noted by the researcher, these historically low fees — down by over 20x from the peak — can be largely attributed to the migration of network activity to L2s and the introduction of blobs thanks to the ERC 4337 implementation.

正如研究人員所指出的，這些歷史性的低費用（比峰值下降了 20 倍以上）很大程度上歸因於網路活動向 L2 的遷移以及由於 ERC 4337 的實施而引入的 blob。

He further analyzed the flow of ETH fees from various perspectives (staker, non-staker, etc.) and observed that the exact fee flow to stakers is down by over 90% in 2024 alone.

他從不同角度（質押者、非質押者等）進一步分析了 ETH 費用流向，並觀察到僅 2024 年，流向質押者的確切費用就下降了 90% 以上。

Consequently, the inflation rate for ETH now stands at 0.7% per year. This, coupled with the long-term stagnation of the Ethereum (ETH) price, may be concerning for the community and traders alike.

因此，ETH 目前的通貨膨脹率為每年 0.7%。再加上以太坊（ETH）價格的長期停滯，可能會讓社區和交易者感到擔憂。

At the same time, these drastic changes come with their own benefits, as pointed out by the analyst. To some extent, they were inevitable for Ethereum's L1:

同時，正如分析師指出的那樣，這些巨大的變化也帶來了自己的好處。在某種程度上，它們對於以太坊的 L1 來說是不可避免的：

The high $100 tx fees on mainnet were never sustainable and the network is now more usable (when perhaps disregarding the fragmentation of L2s)

主網上 100 美元的高額交易費用是不可持續的，而且網絡現在更可用（也許忽略 L2 的碎片）

Even these inflation rates are way better than those of competitors. For instance, as reported by U.Today earlier, the Cardano (ADA) community welcomes 2.5% inflation in August 2024.

即使這些通膨率也比競爭對手好得多。例如，根據《今日美國》早些時候報道，卡爾達諾 (ADA) 社區歡迎 2024 年 8 月實現 2.5% 的通貨膨脹。

Solana (SOL) and Avalanche (AVAX), two other major proof-of-stake (PoS) networks, operate with 14-15% inflation, while for Polkadot (DOT) this metric is around 10%.

另外兩個主要的權益證明 (PoS) 網路 Solana (SOL) 和 Avalanche (AVAX) 的通膨率為 14-15%，而 Polkadot (DOT) 的這項指標約為 10%。

Ultra-sound money thesis is gone: ETH in search of new narratives?

超音速貨幣論已經消失：ETH 正在尋找新的敘事？

Overall, the analyst acknowledges that Ethereum is no longer an exception with a net deflationary supply and, like other infrastructure layers, needs another way to be valued.

總體而言，分析師承認，以太坊不再是淨通貨緊縮供應的例外，並且與其他基礎設施層一樣，需要另一種方式進行估值。

Meanwhile, the Ethereum (ETH) community outlines four bullish monetary narratives for ETH even in the current situation.

同時，即使在目前的情況下，以太坊（ETH）社群也概述了 ETH 的四種看漲貨幣觀點。