以太坊的TVL像Eth Rallies：一個新時代？

以太坊的生態系統TVL贏得了新的歷史最高水平，並以Stablecoin的增長和機構興趣助長。這是ETH的榮耀嗎？

Ethereum is making waves, folks! With ETH's price eyeing $4,000 again and the total value locked (TVL) in its ecosystem reaching unprecedented heights, it feels like a whole new ballgame. Let's dive into what's driving this surge and what it means for the future of ETH.

以太坊正在浪潮，伙計們！隨著ETH的價格再次注重4,000美元，其生態系統中的總價值鎖定（TVL）達到了前所未有的高度，感覺就像是一個全新的球。讓我們深入研究驅動這一激增的原因以及對ETH的未來意味著什麼。

TVL: To the Moon!

TVL：到月球！

Ethereum's ecosystem TVL just smashed records, hitting a whopping $306 billion! That's a significant jump from its previous peak of $253 billion in December 2024 and $195 billion in 202, according to TokenTerminal. While ETH itself is still shy of its all-time high of $4,700, the stablecoin scene has exploded, propelling the chain's TVL into uncharted territory.

以太坊的生態系統TVL剛剛砸碎了唱片，達到了3006億美元！根據Tokenterminal的數據，這是從2024年12月的2530億美元的高峰和202美元的1,950億美元的峰值上升。儘管ETH本身仍然遠遠不超過其4,700美元的歷史最高點，但Stablecoin場景爆炸了，將連鎖店的TVL推向了未知的領域。

Stablecoins like Circle (USDC) and Tether (USDT) now account for a staggering $121 billion of Ethereum's TVL, a 63% increase from the $75 billion they held in December 2021. And let's not forget the DeFi-native stablecoins like Ethena's USDe and Sky's USDS, adding another $15 billion to the mix.

現在，諸如Circle（USDC）和Tether（USDT）之類的Stablecoins現在說明了驚人的1.21億美元以太坊的TVL，比他們2021年12月的750億美元增加了63％。我們不要忘記忘記埃特納（Ethena）的USD和Sky's and Sky's Usds（例如Ethena's Usds）的Defi-native Stablecoins，再加上另一種費用。

A Foundation for Growth

增長基礎

The Ethereum Foundation (EF) has been busy laying the groundwork for this resurgence. After some community grumbling in 2024 and early 2025, the EF unveiled a new treasury policy focused on transparency and active engagement with DeFi. They're also working to support Ethereum builders and improve the relationship between Layer 1 and Layer 2 ecosystems.

以太坊基金會（EF）一直在忙於為這種複興奠定基礎。在2024年和2025年初進行了一些社區抱怨之後，EF推出了一項新的國庫政策，重點是透明度和與Defi的積極參與。他們還致力於支持以太坊建築商，並改善第1層和第2層生態系統之間的關係。

But it's not just the EF. The Securities and Exchange Commission (SEC) and BlackRock have been making moves to attract institutional buyers. BlackRock's filing for in-kind redemptions and staking within its iShares ETH ETF signaled serious interest. And the SEC seems to be loosening its grip on DeFi, clarifying that liquid staking activities aren't securities and even launching "Project Crypto," an endorsement of DeFi activities.

但這不僅僅是EF。證券交易委員會（SEC）和貝萊德（SEC）一直在採取行動吸引機構買家。貝萊德（BlackRock）提出了實物贖回，並在其iShares eth eTf中積累的申請表明了嚴重的興趣。 SEC似乎正在放鬆對Defi的控制，澄清液體蒸發活動不是證券，甚至推出“ Project Crypto”，這是對DEFI活動的認可。

ETH/BTC Ratio Rebounds

ETH/BTC比率籃板

The ETH/BTC ratio is bouncing back too! After hitting a low of 0.018 in April, a 78% drop from its 2022 highs, it's now back up to 0.034 – an 89% rally from its Q2 bottom. ETF buyers may be fueling this reversion, with ETH ETFs reaching new highs of $21 billion in assets under management.

ETH/BTC比率也彈回了！在四月份達到0.018的低點之後，從2022年的高點下降了78％，現在又恢復到0.034 - 從其第二季度底部進行了89％的集會。 ETF購買者可能正在推動這種回歸，而ETH ETF的資產為210億美元的新高度。

Rollblock: A New Contender on the Ethereum Scene

Rollblock：以太坊場景上的新競爭者

While Ethereum's big players are making headlines, keep an eye on projects like Rollblock (RBLK). Built on Ethereum, this GameFi platform is gaining traction with its working product, growing user base, and deflationary token model. It's a different flavor of Ethereum-based project, showcasing the diverse innovation happening on the chain.

當以太坊的大玩家成為頭條新聞時，請密切關注Rollblock（RBLK）等項目。該GameFi平台建立在以太坊的基礎上，它正在吸引其工作產品，不斷增長的用戶群和放置令牌模型。這是基於以太坊的項目的一種不同的味道，展示了鏈條上發生的各種創新。

The Road Ahead

前面的道路

Ethereum is showing serious strength. The combination of a soaring TVL, institutional interest, and a rebounding ETH/BTC ratio paints a bullish picture. Of course, the crypto world is never without its twists and turns. Dogecoin may have its moments, and new projects are constantly vying for attention.

以太坊表現出嚴重的力量。飆升的TVL，機構興趣和反彈的ETH/BTC比率的組合描繪了看漲的圖片。當然，加密世界永遠不會沒有它的曲折。 Dogecoin可能會有其時刻，而新項目一直在爭奪關注。

So, buckle up, crypto enthusiasts! The Ethereum story is far from over. Whether it's the rise of stablecoins, the influence of institutional investors, or the emergence of innovative GameFi platforms, there's plenty to keep an eye on. Who knows? Maybe we'll see ETH hit that $4,700 all-time high sooner than we think. One thing is for sure: It's going to be an interesting ride!

因此，搭扣，加密愛好者！以太坊的故事還遠遠沒有結束。無論是Stablecoins的興起，機構投資者的影響，還是創新的Gamefi平台的出現，都有很多值得關注的地方。誰知道？也許我們會看到Eth擊中了比我們想像的要早的4,700美元。可以肯定的是：這將是一個有趣的旅程！