比特币（BTC 0.21％）可能是最大的加密货币，但它是该数据点的绝对落后者之一

比特币（BTC 1.49％）可能是市值最大的加密货币，4月24日的重量为1.85万亿美元，但这并不意味着它是每个度量标准的领导者。

Bitcoin (BTC 1.49%) may be the biggest cryptocurrency by market cap, weighing in at $1.85 trillion on April 24, but that doesn't mean it's the leader across every metric. In fact, it's one of the absolute laggards for one data point in particular -- and it happens to be the heartbeat of many of its peers in cryptocurrency, like Ethereum, Solana, and Cardano.

比特币（BTC 1.49％）可能是市值最大的加密货币，4月24日的重量为1.85万亿美元，但这并不意味着它是每个度量标准的领导者。实际上，它尤其是一个数据点的绝对落后者之一 - 它恰好是其加密货币中许多同龄人的心跳，例如以太坊，索拉纳和卡达诺。

Much to the surprise of many investors, that's not a reason to avoid buying or to consider selling it. From one perspective, it's actually another argument for why the largest coin is worth buying and holding forever, so let's take a look at what's going on here.

令许多投资者感到惊讶的是，这不是避免购买或考虑出售它的原因。从一个角度来看，这实际上是关于为什么最大硬币值得购买和持有的另一个论点，所以让我们看看这里发生了什么。

Tech development isn't the real story here

技术发展不是这里的真实故事

Cryptocurrency is an emerging sector. As a result, two of the most important things to consider when investing in a cryptocurrency are whether there's significant development of the underlying technology that's ongoing, and whether there's significant work being done on the projects in the chain's ecosystem. If there is, it's usually a sign that value is being added to the asset in question, and if there isn't, it's typically bad news. There's not much reason to buy a coin if the on-chain projects aren't worth using or investing in. No cryptocurrency can afford to stand alone.

加密货币是一个新兴领域。结果，投资加密货币时要考虑的两项最重要的事情是，是否正在进行的基础技术有重大发展，以及在链生态系统中的项目上是否有重大工作。如果有的话，通常是一个迹象表明价值正在添加到有关资产中，如果没有，则通常是坏消息。如果链上的项目不值得使用或投资，没有太多理由购买硬币。没有加密货币能够独自一人站立。

There are a few proxies that investors can use to determine whether the tech underpinning a chain's projects is advancing, and by how much relative to its competitors. One decent proxy measure is how frequently software developers working on projects that are hosted on the chain update their code repositories or make other major code-related changes to applications. If developers aren't building much to run on a given chain, that chain will probably have a deficit of projects. This will probably mean that capital will have fewer opportunities to flow in and deliver returns to investors.

投资者可以使用一些代理人来确定链项目的基础技术是否正在发展，以及与竞争对手相对的程度。一个不错的代理措施是软件开发人员在链条上托管的项目更新其代码存储库或对应用程序的其他主要更改的项目的频率。如果开发人员在给定的链条上没有太多的构建，那么该连锁店可能会出现项目不足。这可能意味着资本将有更少的机会流入并向投资者提供回报。

On this front, Bitcoin performs abysmally. Check out this table documenting an aggregated measure of developer activity events over the last 12 months for these leading chains:

在这方面，比特币表现糟糕。查看此表，记录了过去12个月中这些领先链的开发人员活动事件的汇总度量：

Data collected from Santiment and CoinMarketCap on April 24, 2025.

从Santiment和CoinMarketCap收集的数据于2025年4月24日收集。

As you can see, Bitcoin massively underperforms other popular cryptos' developer activity in absolute terms, and its underperformance is even worse when considering how much larger it is than the others. Developers are far less active on the chain than they are elsewhere. The simple conclusion to draw here is that the Bitcoin project ecosystem is dramatically less healthy than its competitors, almost to the point of being moribund in comparison.

如您所见，比特币以绝对的方式极大地表现其他流行的加密货币开发人员活动，并且在考虑其比其他更大的情况下，其表现不佳。开发人员在链中的活跃远不如其他地方。在这里得出的简单结论是，比特币项目生态系统比竞争对手更健康，几乎是垂死的。

Yet consider the following chart:

但是考虑以下图表：

Bitcoin Price data by YCharts.

YCHARTS的比特币价格数据。

Bitcoin is the best-performing coin of this group over the last three years, and it isn't a close race. So what's going on here?

比特币是过去三年中该小组表现最好的硬币，这不是一场近距离比赛。那这里怎么了？

The activity level is right for this asset

活动水平适合此资产

There are two dynamics that explain the disconnect between Bitcoin's performance as an investment and the low level of developer activity on its chain.

有两种动态解释了比特币作为投资的性能与开发人员链中的低水平的脱节。

The first dynamic is that Bitcoin is not a blockchain that's intended to support a massive ecosystem of decentralized finance (DeFi) projects, meme coins, and other types of tokens in the way that Ethereum, Solana, and Cardano are. It's far too slow and costly to transact with for that purpose, and it does not natively offer tools for general-purpose computation (the ability to host or run computer programs) like the other chains do, though it does offer a limited scripting language. So its underperformance in terms of ecosystem developer activity is to be expected.

第一个动态是比特币不是一个区块链，旨在支持分散融资（DEFI）项目，模因硬币和其他类型的代币的大规模生态系统，就像以太坊，Solana和Cardano一样。出于此目的进行交易太慢且昂贵，并且本质上并没有像其他连锁店那样提供通用计算（托管或运行计算机程序的能力）的工具，尽管它确实提供了有限的脚本语言。因此，就生态系统开发人员活动而言，其表现不佳。

The second and far more important dynamic is that Bitcoin's value is not derived from the vitality of its ecosystem, but rather from its supply dynamics, like its mining difficulty and its scarcity. There can only ever be 21 million Bitcoin in existence. It gets dramatically harder to mine each block of the coin at regular intervals. Buyers today will be competing over more supply than buyers in the future, which strongly biases the price toward going up over time.

第二个也是更重要的动态是，比特币的价值不是源自其生态系统的活力，而是源自其供应动态，例如其采矿难度和稀缺性。存在只有2100万比特币。定期挖掘硬币的每个块变得更加困难。今天的买家将来将在未来的供应竞争中竞争更多的供应，这会使价格随着时间的推移而倾向于上涨。

Through that lens, having less developer activity in the ecosystem is bullish. Bitcoin has enough driving its value already. It doesn't need developers working on new applications for the coin to find buyers. That's why it'll still be worth buying and holding forever, no matter what fancy new projects get launched on other chains.

通过那个镜头，在生态系统中开发人员的活动较少是看好的。比特币已经有足够的价值。它不需要开发人员从事新应用程序才能找到买家。这就是为什么无论在其他连锁店推出什么花哨的新项目，它仍然值得永远购买和持有。