Layer 1 區塊鏈在當前牛市中佔據中心地位，但它們能否證明其實用性超越投機？

2.8兆美元

Layer 1 (L1) blockchains have taken center stage in the ongoing crypto bull market, notching remarkable gains that have propelled them to the forefront of the narrative. But beyond the price action and buzz, are these platforms genuinely showcasing their utility and value proposition? Let's delve into some key metrics to assess their performance and uncover the factors driving their adoption.

第 1 層 (L1) 區塊鏈在持續的加密貨幣牛市中佔據了中心舞台，取得了顯著的收益，將它們推到了敘述的最前沿。但除了價格行為和熱議之外，這些平台是否真正展現了它們的實用性和價值主張？讓我們深入研究一些關鍵指標來評估其績效並揭示推動其採用的因素。

Total value locked (TVL) serves as a barometer of trust and activity within a blockchain ecosystem. As of November 29, Ethereum remains the undisputed leader in this space, boasting over $70 billion in TVL — a significant 44% increase from $47.5 billion on November 5.

鎖定總價值（TVL）是區塊鏈生態系統中信任和活動的晴雨表。截至 11 月 29 日，以太坊仍然是該領域無可爭議的領導者，其 TVL 超過 700 億美元，較 11 月 5 日的 475 億美元大幅增加 44%。

A substantial portion of Ethereum's growth stems from Lido (LDO), Ethereum’s premier liquid staking platform, which now accounts for nearly $35 billion of the network's TVL. Liquid staking allows users to stake their ETH while maintaining liquidity via derivative tokens, enabling further participation in DeFi activities.

以太坊成長的很大一部分來自以太坊首屈一指的流動性質押平台 Lido (LDO)，目前該平台的 TVL 佔網路總鎖定價值 (TVL) 的近 350 億美元。流動質押允許用戶質押 ETH，同時透過衍生代幣保持流動性，從而進一步參與 DeFi 活動。

Solana has also shown notable progress, with its TVL climbing over 50% to $9.17 billion, bringing it tantalizingly close to its all-time high of $10 billion, last achieved in November 2021.

Solana 也取得了顯著進展，其 TVL 成長了 50% 以上，達到 91.7 億美元，非常接近 2021 年 11 月創下的歷史最高點 100 億美元。

In contrast, Binance Smart Chain (BSC) has seen more modest growth. Its TVL increased by 17% over the past 30 days to $5.57 billion. However, this figure is still significantly lower than its November 2021 peak of over $22 billion.

相比之下，幣安智能鏈（BSC）的成長較為溫和。過去 30 天，其 TVL 成長了 17%，達到 55.7 億美元。然而，這一數字仍顯著低於 2021 年 11 月超過 220 億美元的峰值。

Meanwhile, Cardano has reached a milestone with its TVL hitting an all-time high of approximately $619 million. This marks a dramatic improvement from its sub-$1 million TVL levels in January 2022.

與此同時，卡爾達諾達到了一個里程碑，其 TVL 達到約 6.19 億美元的歷史新高。這標誌著與 2022 年 1 月低於 100 萬美元的 TVL 水平相比有了顯著改善。

Blockchain fees have long been a vital metric for assessing the activity, utility, and adoption of L1 platforms. They represent not only the cost users are willing to pay to transact but also the demand for block space and the overall health of the ecosystem.

長期以來，區塊鏈費用一直是評估一級平台的活動、效用和採用的重要指標。它們不僅代表了用戶願意支付的交易成本，還代表了對區塊空間的需求和生態系統的整體健康狀況。

During the bull run of 2020 and 2021, Ethereum dominated this space. Its fee revenue highlighted its position as the premier blockchain for dApps and DeFi.

在 2020 年和 2021 年的牛市期間，以太坊主導了這一領域。其費用收入凸顯了其作為 dApp 和 DeFi 首要區塊鏈的地位。

In late 2020, Ethereum consistently generated over $1 million in daily fees, leaving competitors like Tron (TRX), which managed only a few thousand dollars a day, far behind. At that time, Binance Smart Chain and Solana had yet to emerge as key players in this metric.

2020 年底，以太坊每日產生的費用持續超過 100 萬美元，將 Tron (TRX) 等每天僅管理數千美元的競爭對手遠遠拋在後面。當時，幣安智能鍊和 Solana 尚未成為該指標的關鍵參與者。

By 2021, Ethereum's fee revenue averaged between $20 million and $50 million daily during the second-half of the year. Meanwhile, BSC generated $3 million to $10 million in daily fees, while Tron followed with a more modest $300,000 to $800,000. Solana, still in its infancy as a competitor, collected a relatively minor $100,000 to $200,000 daily in fees.

到 2021 年，以太坊下半年的手續費收入平均每天在 2,000 萬美元到 5,000 萬美元之間。同時，BSC 的每日費用為 300 萬至 1000 萬美元，而 Tron 的每日費用為 30 萬至 80 萬美元。 Solana 作為競爭對手仍處於起步階段，每天收取的費用相對較少，為 100,000 美元到 200,000 美元。

Fast forward to November 2024, and a striking shift has occurred. Solana outperformed Ethereum in daily fees throughout the month — a gigantic milestone reflecting its growing adoption and increasing network activity.

快轉到 2024 年 11 月，發生了驚人的轉變。 Solana 整個月的每日費用表現均優於以太坊，這是一個巨大的里程碑，反映出其採用率的不斷增長和網路活動的增加。

As of November 28:

截至 11 月 28 日：

Solana’s relative decline in fee dominance is perhaps the most revealing shift. While it remains a powerhouse, several factors have contributed to its reduced share of the fee market.

Solana 在費用主導地位上的相對下降也許是最能說明問題的轉變。儘管它仍然是一個強大的公司，但有幾個因素導致其在收費市場中的份額下降。

The growing adoption of layer 2 and layer 3 scaling solutions has starkly lowered the fee burden on Ethereum's mainnet. Additionally, waning interest from retail investors in recent months has further dampened activity.

第 2 層和第 3 層擴展解決方案的日益普及大大降低了以太坊主網的費用負擔。此外，近幾個月散戶興趣減弱進一步抑制了活動。

What was once high fees justified by Ethereum’s unparalleled DeFi ecosystem are now being bypassed as users seek alternatives that offer comparable utility at a fraction of the cost.

以太坊無與倫比的 DeFi 生態系統曾經合理的高額費用現在被繞過，因為用戶尋求以較低成本提供類似實用性的替代方案。

The dApp ecosystem serves as the ultimate proving ground for L1 platforms, showcasing their ability to drive activity and engage users. By analyzing transaction volumes and key contributors, we can uncover what fuels these networks and how they stack up. The data is as of November 29.

dApp 生態系統是 L1 平台的終極試驗場，展現了它們推動活動和吸引使用者的能力。透過分析交易量和關鍵貢獻者，我們可以揭示推動這些網路的因素以及它們如何疊加。數據截至11月29日。

Ethereum: Dominating volume, not value

以太坊：數量占主導，而非價值

Ethereum remains the heavyweight in DeFi, generating $175 billion in transaction volume across 4,844 dApps in the past month. Two standout platforms, Uniswap (UNI) V3 and 1inch, account for the majority of this activity.

以太坊仍然是 DeFi 領域的重量級產品，過去一個月，4,844 個 dApp 產生了 1,750 億美元的交易量。 Uniswap (UNI) V3 和 1inch 這兩個出色的平台佔據了活動的大部分。

Uniswap V3 alone processed $85 billion, solidifying its position as the cornerstone of liquidity provision and token swaps. Meanwhile, 1inch (1INCH) contributed $11 billion, attracting users with its efficient aggregation across multiple liquidity pools.

僅 Uniswap V3 就處理了 850 億美元，鞏固了其作為流動性提供和代幣互換基石的地位。同時，1inch（1INCH）貢獻了110億美元，以其跨多個流動性池的高效聚合吸引了用戶。

The data suggests that Ethereum continues to appeal to institutional and high-net-worth users who value its reliability and deep liquidity. However, with only 1.76 million unique active wallets, it’s evident that high fees and scalability limitations are driving smaller users toward L2

數據表明，以太坊繼續吸引重視其可靠性和深度流動性的機構和高淨值用戶。然而，由於只有 176 萬個獨特的活躍錢包，很明顯，高額費用和可擴展性限制正在推動較小的用戶轉向 L2