以太坊的用戶活動大幅下降

在過去的幾個月中，以太坊在區塊鏈上的用戶活動大幅下降。

Over the past few months, Ethereum (ETH) has seen a significant slowdown in user activity on its blockchain. This lull has decreased the network’s burn rate—a mechanism that helps decrease ETH’s supply over time.

在過去的幾個月中，以太坊（ETH）在其區塊鏈上的用戶活動有了顯著放緩。這種停滯降低了網絡的燃燒率，這種機制有助於隨著時間的流逝而減少ETH的供應。

With fewer tokens being burned, ETH’s circulating supply has risen, putting inflationary pressure on the asset. As a result, the coin has struggled to maintain a stable price above the $2,000 level in recent months.

隨著燃燒的代幣較少，ETH的循環供應量增加，對資產造成了通貨膨脹的壓力。結果，硬幣一直在努力將穩定的價格保持在最近幾個月以上的2,000美元以上。

Low Burn Rate Equals More Coins in Circulation

低燃燒速率等於流通的更多硬幣

According to Ultrasoundmoney, 72,927 ETH, valued at $134 million at current market prices, have been added to ETH’s circulating supply in the past month alone.

根據UltrasoundMoney的數據，僅在過去一個月中，ETH的循環供應就被添加到ETH的循環供應中，價值72,927 ETH，價值1.34億美元。

At press time, this sits at 120,730,199 ETH, significantly above pre-merge levels.

發稿時，這是120,730,199 ETH，顯著高於預合併水平。

This increase is being driven by a decline in user activity on the Ethereum network, reducing its burn rate. Ethereum’s burn mechanism, introduced through EIP-1559, destroys a portion of transaction fees to reduce the circulating supply of ETH.

這一增加是由於以太坊網絡上用戶活動的下降所驅動的，從而降低了其燃燒率。通過EIP-1559引入的以太坊的燃燒機制摧毀了一部分交易費用，以減少ETH的循環供應。

However, this mechanism is directly tied to network usage. So, when fewer transactions occur, less ETH is burned, resulting in ETH’s supply spiking.

但是，這種機制直接與網絡使用聯繫在一起。因此，當發生較少的交易時，燃燒的ETH較少，從而導致ETH的供應峰值。

According to Etherscan, the daily amount of ETH burnt has dropped by 95% year-to-date. In fact, the network recently recorded its lowest amount of coins burnt in a single day on April 20.

據Etherscan稱，每天的ETH燒傷量下降了95％。實際上，該網絡最近在4月20日的一天中記錄了其最低的硬幣數量。

Why Are Ethereum Users Leaving the Blockchain?

為什麼以太坊用戶離開區塊鏈？

Many users and developers are migrating from Ethereum to Layer-2 (L2) solutions like Optimism (OP) and Arbitrum. These networks offer significantly lower transaction fees and faster execution, reducing user activity on Ethereum’s mainnet.

許多用戶和開發人員正在從以太坊遷移到第2層（L2）解決方案，例如樂觀（OP）和仲裁。這些網絡提供的交易費用明顯較低，執行速度更快，從而減少了以太坊的主網上的用戶活動。

For example, as of April 30, the average transaction fee on Optimism’s mainnet was just $0.024. By contrast, completing a transaction directly on Ethereum cost users an average of $0.18 on the same day, which is over seven times more expensive.

例如，截至4月30日起，樂觀主義主網的平均交易費僅為0.024美元。相比之下，直接完成以太坊交易的交易，同一天平均要花0.18美元，這是昂貴的七倍以上。

Moreover, thanks to the recent meme coin mania, so-called “Ethereum killers,” such as Solana (SOL), have gained significant traction over the past few months, drawing users away from the L1.

此外，由於最近的模因硬幣躁狂症（如Solana（Sol））所謂的“以太坊殺手”，在過去的幾個月中，人們獲得了巨大的吸引力，吸引了用戶遠離L1。

Together, these trends have led to a decline in Ethereum’s transaction count, hence the network’s low burn rate.

這些趨勢共同導致以太坊的交易數量下降，因此網絡的燃燒率低。

How Do Ethereum’s Fundamentals Stack Up?

以太坊的基本面如何堆積？

The drop in Ethereum’s user demand and the subsequent rise in ETH’s supply have raised important questions about the strength of its fundamentals.

以太坊用戶需求的下降以及隨後ETH供應的增長提出了有關其基本原理的實力的重要問題。

When asked how Ethereum currently compares to other Layer-1 (L1) networks amid broader market weakness, Vincent Liu, Chief Investment Officer at Kronos Research, shared his perspective.

當被問及以太坊目前與其他層1（L1）網絡在更廣泛的市場弱點的情況下如何比較時，Kronos Research的首席投資官Vincent Liu分享了他的觀點。

“Ethereum’s fundamentals remain strong relative to other Layer 1s, particularly when you consider its total value locked (TVL) of $368.921 billion, which positions it at the top of the leaderboard,” Liu said.

劉說：“以太坊的基本面相對於其他第1層仍然很強，尤其是當您考慮其總價值鎖定（TVL）為3689.21億美元時，它將其定位在排行榜的頂部。”

Although Liu acknowledged that Ethereum ranks fifth in 24-hour fees, to be precise, with Tron (TRX), Solana (SOL), HyperLiquid (HLQ), Bitcoin (BTC), and BNB Chain (BNB) currently placing higher, he emphasized that the network still “demonstrates significant demand and usage.”

儘管劉承認，確切地說，以太坊在24小時的費用中排名第五，但TRON（TRX），Solana（Sol）（Sol），超流動性（HLQ），比特幣（BTC）和BNB鏈（BNB）目前的提高，他強調該網絡仍然“表現出顯著的需求和用法”。

Temujin Louie, CEO of Wanchain, shares a similar perspective. While speaking with BeInCrypto, Louie noted:

Wanchain首席執行官Temujin Louie具有類似的觀點。路易（Louie）在與Beincrypto交談時指出：

“Compared to other Layer 1s, fundamentals are still Ethereum’s strength. Unlike many Layer 1s with aggressive inflation as part of their design, Ethereum’s post-merge architecture makes it potentially deflationary. But the benefits of EIP-1559 depend on on-chain activity. Nonetheless, this is a structural advantage over most competing Layer 1s.”

“與其他第1層相比，基本原理仍然是以太坊的力量。與許多具有積極通貨膨脹的1層作為其設計的一部分不同，以太坊的合併後結構使其具有潛在的縮放。但是EIP-1559的好處取決於鏈活動。儘管如此，這是相比最競爭的1層的結構優勢。”

While increased activity across Layer-2 (L2) solutions and “Ethereum killers” like Solana may have contributed to a decline in user demand on Ethereum itself, Louie believes that the L1 network “remains a leader in decentralization and has a nearly unmatched track record that continues to secure its place in the market.”

儘管索拉納（Solana）這樣的2層（L2）解決方案和“以太坊殺手”的活動增加可能導致用戶對以太坊本身的需求下降，但路易（Louie）認為，L1網絡“仍然是權力下放的領導者，並且擁有幾乎無與倫比的往績記錄，並且繼續確保其在市場上的地位。”

What About ETH Price?

那ETH價格呢？

Even with strong fundamentals, declining activity on Ethereum poses challenges for ETH in the short- to mid-term. Commenting on this, Liu explained that lower network activity generally signals weaker demand for ETH.

即使有強大的基本面，對以太坊的活動的下降也會在短期到中期對ETH構成挑戰。劉在評論這一點時解釋說，較低的網絡活動通常表示對ETH的需求較弱。

At the same time, increased coin issuance on the network undermines Ethereum’s deflationary model, which was designed to support price appreciation.

同時，網絡上的硬幣發行增加了以太坊的通縮模型，該模型旨在支持價格升值。

“This combination could result in bearish price movements,” Liu warned, “especially as investors look to alternative Layer 1s offering better scalability and lower fees.”

劉警告說：“這種組合可能會導致看跌價格變動，尤其是當投資者尋求替代性提供更好的可伸縮性和較低費用時。”

Kadan Stadelmann, CTO of Komodo Platform, also highlighted the role of macroeconomic factors:

Komodo平台首席技術官Kadan Stadelmann也強調了宏觀經濟因素的作用：

“If Ethereum experiences an extended decrease in usage, the price could fall considerably depending on how much use drops, especially if the Fed continues its policy of quantitative tightening compared to quantitative

“如果以太坊的使用情況延長，則價格可能會大大下降，具體取決於使用多少，尤其是如果美聯儲繼續進行定量擰緊政策，而不是定量