尽管Dencun更新了反弹，但以太坊（ETH）以关键指标击败Solana（Sol）

以太坊的战略重组旨在提高主网的可伸缩性和最终用户的经验，已经开始结出果实。

Despite a setback with the Dencun update, which saw a decline in Layer 2 activity despite reduced fees, and a period of stagnation in growth compared to Solana, the outlook for Ethereum (ETH) remains largely positive. This is according to Arklight Strategies analyst Marcus Trelawney.

尽管Dencun更新遭受了挫折，但与Solana相比，尽管费用减少了，但第2层活动的下降，增长时期的停滞期，以太坊的前景（ETH）仍然很大程度上是积极的。根据Arklight策略分析师Marcus Trelawney。

Earlier this year, ETH faced criticism for the rapid migration of liquidity and activity to new Layer 2 chains, which began after the merge and coincided with a period of flat growth for the mainnet. This occurred as Solana (SOL) gained attention for its on-chain activity in times of high memecoin trading volumes, surpassing ETH.

今年早些时候，ETH对将流动性和活动迅速迁移到新的第2层连锁店面临批评，该连锁店始于合并，并恰逢主网的平坦增长时期。这发生在Solana（Sol）（Sol）在高成制交易量高的链上活动，超过ETH时引起了人们的关注。

However, a closer look at protocol revenue shows that the majority of fees on Solana go to validators, offering minimal benefit to SOL. In comparison, ETH protocol revenue is still two to two-and-a-half times larger, an advantage that has remained despite brief spikes from new tokens, such as those related to former President Trump.

但是，仔细查看协议收入表明，Solana的大部分费用转交给验证者，从而为SOL提供了最小的收益。相比之下，ETH协议收入仍然大两倍半倍，尽管新令牌的短暂加油，例如与前总统特朗普有关的，这一优势仍然存在。

This highlights a key weakness in Solana’s growth narrative. While Ethereum’s move to L2s has reduced activity on the mainnet, it hasn’t significantly decreased overall value as quickly as anticipated. In contrast, Solana’s token model requires further development, and an effort to decrease SOL’s inflation rate, which would ideally increase the token’s value, was heavily rejected by the community.

这突出了Solana成长叙事中的一个关键弱点。尽管以太坊向L2S的转移减少了主网活动的活动，但它并没有像预期的那样迅速降低总体价值。相比之下，Solana的代币模型需要进一步的发展，并且降低Sol通货膨胀率的努力（理想情况下可以提高令牌的价值）受到社区的严重拒绝。

DeFi TVL Shifts As Rockwell’s Fund Highlights ETH

当罗克韦尔的基金重点介绍ETH时，Defi TVL转移

当罗克韦尔的基金重点介绍ETH时，Defi TVL转移

Since the start of the year, Solana’s decentralized finance (DeFi) total value locked (TVL) has increased, reducing the differential with Ethereum and pushing its share from 9.5% to 11.5%. However, ETH still holds over half of the total TVL across both chains.

自今年年初以来，索拉纳（Solana）的分散融资（DEFI）锁定总值（TVL）增加了，从而通过以太坊降低了差异，并将其份额从9.5％提高到11.5％。但是，ETH仍然占两条连锁店总TVL的一半以上。

More importantly, ETH still holds the primary use cases that matter most to institutional participants, namely tokenization, stablecoins, and regulatory-compliant DeFi. For instance, Rockwell’s flagship tokenized fund, BUIDL, is almost entirely focused on ETH.

更重要的是，ETH仍然持有对机构参与者的主要用例，即代币化，Stablecoins和符合法规符合法规的defi。例如，罗克韦尔（Rockwell）的旗舰标记基金Buidl几乎完全专注于ETH。

This deep institutional alignment continues to support Ethereum’s competitive advantage. Despite narratives currently favoring Solana, the crypto space tends to prioritize long-term network effects over short-term shifts in sentiment.

这种深厚的机构一致性继续支持以太坊的竞争优势。尽管目前偏爱Solana的叙述，但加密空间倾向于优先考虑长期网络效应，而不是情感的短期转变。

As such, Trelawney believes that Ethereum’s short-term underperformance could simply be a necessary period of readjustment rather than an indication of structural weakness.

因此，特雷拉尼（Trelawney）认为，以太坊的短期表现不佳可能只是重新调整的必要时期，而不是结构弱点的迹象。