以太坊（ETH）價格無法對成功的Pectra網絡升級做出反應

以太坊在5月7日成功實施了關鍵網絡升級，但是ETH及其衍生品指標的價格對升級做出了反應。

The price of ETH and its derivatives indicators reacted mutedly to the successful deployment of Pectra on May 7, surprising traders who were wondering if this had implications for a 22% rally to the $2,200 level.

ETH及其衍生品指標的價格對5月7日成功部署Pectra的反應產生了反應，令人驚訝的是，他們想知道這是否對22％的集會有影響至2,200美元。

This premium has been below the neutral threshold of 5% for some time, indicating a lack of interest from leveraged longs. More importantly, after the Pectra upgrade, this indicator remained unchanged at 3%, which traders used to adjust their positions despite the successful deployment of the upgrade.

一段時間以來，這種溢價一直低於5％的中性閾值，這表明槓桿率缺乏興趣。更重要的是，在Pectra升級後，該指標保持不變，為3％，儘管升級成功地部署了該指標，但該指標仍以調整其頭寸來調整其頭寸。

Of course, investors are focused on macroeconomic issues as the risk of a recession is growing amid uncertainty over global trade disputes. But traders' lack of interest in ether predates the recent deterioration in risk aversion. In fact, in the first three months of 2025, ETH underperformed the overall cryptocurrency market cap by 28%.

當然，投資者專注於宏觀經濟問題，因為由於對全球貿易糾紛的不確定性，經濟衰退的風險越來越大。但是交易者對以太的缺乏興趣早於最新風險規避的惡化。實際上，在2025年的前三個月中，ETH的總體加密貨幣市值不足28％。

Pectra’s lackluster price performance following the upgrade reflects a general discontent in the market as other blockchains have shown some momentum.

升級後Pectra的價格表現不足，反映出市場上的普遍不滿，因為其他區塊鏈已經表現出一定的動力。

According to Token Terminal data, Ethereum’s leading L2 solution Base currently has 10.3 million monthly active users, far less than Solana’s 82.2 million and BNB Chain’s 25.9 million.

根據Token終端數據，以太坊領先的L2解決方案基地目前擁有1030萬個月活躍用戶，遠低於Solana的8220萬和BNB連鎖店的2590萬。

Solana has dominated the DEX space by providing an integrated user experience, especially in token issuance. Similarly, Hyperliquid has outperformed expectations in perpetual contract trading, indicating that traders' main concerns are not necessarily on Ethereum's decentralization and security. Meanwhile, Tron has made significant progress in the stablecoin market.

Solana通過提供集成的用戶體驗，尤其是在代幣發行中，在DEX空間中佔據了主導地位。同樣，超級流動性在永久性合同交易中的表現優於期望，這表明交易者的主要擔憂不一定是關於以太坊的權力下放和安全性的。同時，Tron在Stablecoin市場取得了重大進展。

Ethereum still leads in terms of total locked value (TVL) at $53.7 billion. However, this has not brought much benefit to ETH holders. According to DefiLlama data, Ethereum network fees have been relatively low at only $19 million in the past 30 days. In comparison, Tron has accumulated fees of $51.8 million in the same period, and Solana has accumulated fees of $39.4 million.

以太坊仍然以總鎖定價值（TVL）為537億美元。但是，這並沒有給ETH持有人帶來很大的好處。根據Defillama數據，在過去30天內，以太坊網絡費用相對較低，僅為1900萬美元。相比之下，TRON在同一時期累積了5180萬美元的費用，Solana的費用為3,940萬美元。

Noam Hurwitz, Alchemy’s head of engineering, noted that Ethereum’s blob fees have dropped to their lowest levels since the Pectra upgrade. For Hurwitz, ETH’s success depends on the scalability of the base layer, including further improvements to the Rollup mechanism, and ultimately a more seamless user experience.

煉金術工程主管Noam Hurwitz指出，自Pectra升級以來，以太坊的斑點費用已下降到最低水平。對於Hurwitz來說，ETH的成功取決於基礎層的可擴展性，包括對匯總機制的進一步改進，最終是更無縫的用戶體驗。

The interoperability of assets and data in the Ethereum L2 ecosystem has long been a problem, while users on the Solana and BNB chains can easily switch between multiple decentralized applications (DApps). Although the Pectra upgrade is a step in the right direction, it still does not solve this problem, which also explains why ETH has not been able to return to the $2,200 level in early March.

Ethereum L2生態系統中資產和數據的互操作性長期以來一直是一個問題，而Solana和BNB鏈上的用戶可以很容易地在多個分散的應用程序（DAPP）之間切換。儘管Pectra升級是朝著正確方向邁出的一步，但它仍然無法解決此問題，這也解釋了為什麼ETH無法在3月初返回2,200美元的水平。

For the price of ETH to rise 22% from its current $1,810, investors will likely need assurance that progress on the network (whether through deposits or L2 growth) translates into noticeable returns. Ultimately, higher staking yields or stronger incentives will be needed to drive wider adoption of DApps, which in turn will increase demand for ETH within the ecosystem.

為了使ETH的價格從目前的1,810美元上漲22％，投資者可能需要保證網絡上的進展（無論是通過存款還是L2增長）轉化為明顯的回報。最終，將需要更高的積分收益率或更強的激勵措施來推動DAPP的更廣泛採用，進而將增加對生態系統中對ETH的需求。