ETH最终会翻转BTC吗？

2017-2018 年，争论的焦点是 Tron 是否会超越以太坊升至第二位。但是，看看事情是如何演变的，争论已经解决了。

In 2017-2018, the discussion was whether Tron would slide into second place after Ethereum. But, judging by how things have played out, that debate has been put to rest.

2017-2018年，讨论的是Tron是否会跌至以太坊之后的第二位。但是，从事情的进展来看，这场争论已经平息了。

Ethereum is the dominant smart contracts platform. But, this hasn’t stopped analysts from comparing Bitcoin and the world’s no.1 altcoin.

以太坊是占主导地位的智能合约平台。但是，这并没有阻止分析师将比特币和世界第一的山寨币进行比较。

Will ETH Finally Flip BTC?

ETH最终会翻转BTC吗？

On X, one user claims that Ethereum only needs time to flip Bitcoin as the no.1 crypto. Citing several factors, the analyst said Ethereum is better positioned to take over from the first cryptocurrency, highlighting the larger user base and the benefits smart contracts bring to the equation, among others.

在 X 上，一位用户声称以太坊只需要时间就能取代比特币成为第一加密货币。这位分析师援引了几个因素表示，以太坊更有能力取代第一种加密货币，强调了更大的用户群以及智能合约带来的好处等。

Judging by CoinMarketCap data, Bitcoin has a market cap of over $1.3 trillion, with each coin trading for over $68,000 at spot rates as of May 28. Meanwhile, Ethereum is perched at second.

根据 CoinMarketCap 数据判断，比特币的市值超过 1.3 万亿美元，截至 5 月 28 日，按即期汇率计算，每枚比特币的交易价格超过 68,000 美元。与此同时，以太坊位居第二。

Although it has been one of the top performers in the last week, extending gains versus Bitcoin, each coin is changing hands for over $3,800. It has a market cap of over $465 billion at this level.

尽管它是上周表现最好的加密货币之一，相对于比特币扩大了涨幅，但每枚加密货币的转手价格都超过 3,800 美元。目前该公司的市值超过 4,650 亿美元。

Comparing the two, Bitcoin is roughly three times more valuable than Ethereum. But, even with the larger market cap, stemming from its first mover advantage, one analyst believes Ethereum is superior.

两者相比，比特币的价值大约是以太坊的三倍。但是，即使市值较大，但由于其先发优势，一位分析师认为以太坊更胜一筹。

For example, the observer said Ethereum has a substantially larger user base than Bitcoin. The broader user base is because developers can launch protocols on the platform. Some of the most popular ones, like Uniswap and Aave, generate more daily fees than Bitcoin.

例如，观察家表示，以太坊的用户群比比特币大得多。更广泛的用户群是因为开发者可以在平台上启动协议。一些最受欢迎的交易，如 Uniswap 和 Aave，产生的每日费用比比特币还要多。

Besides this, the analyst said Ethereum serves as a store of value and a medium of exchange. These features give it more edge than Bitcoin, which purely exists as a transactional layer for moving value trustlessly and cheaply across borders.

除此之外，分析师表示，以太坊还可以作为价值储存手段和交换媒介。这些功能赋予它比比特币更多的优势，比特币纯粹作为交易层存在，用于以不信任的方式、廉价地跨境转移价值。

From an infrastructure perspective, the analyst argues that being an Ethereum validator is easier than running a Bitcoin mining rig. Over 1.9 million Ethereum validators have staked at least 32 ETH for a chance to validate a block of transactions and earn rewards. On the other hand, Bitcoin mining necessitates specialized hardware. Mining rigs are typically expensive and difficult to come by.

从基础设施的角度来看，分析师认为，成为以太坊验证者比运行比特币挖矿设备更容易。超过 190 万以太坊验证者已质押至少 32 ETH，以获得验证交易区块并赚取奖励的机会。另一方面，比特币挖矿需要专门的硬件。采矿设备通常价格昂贵且难以获得。

Spot Ethereum ETF Listings Approval And The Security Question

现货以太坊 ETF 上市批准和安全问题

While the United States Securities and Exchange Commission’s (SEC) decision to approve spot Ethereum exchange-traded fund (ETF) listing is bullish, whether ETH is a security or a commodity remains to be clarified. Bitcoin, in comparison, enjoys a clearer designation as a commodity.

虽然美国证券交易委员会（SEC）批准以太坊交易所交易基金（ETF）现货上市的决定是看涨的，但 ETH 是证券还是商品仍有待澄清。相比之下，比特币作为一种商品享有更明确的定位。

The United States SEC has not explicitly declared ETH a security. However, ConsenSys recently sued the agency, alleging that they internally considered ETH a security. There is a clash because the Commodity Futures Trading Commission (CFTC), a sister agency to the SEC, categorizes ETH as a commodity.

美国 SEC 尚未明确宣布 ETH 为证券。然而，ConsenSys 最近起诉该机构，声称他们内部认为 ETH 是一种证券。之所以发生冲突，是因为 SEC 的姊妹机构商品期货交易委员会 (CFTC) 将 ETH 归类为商品。

But, as the debate continues, analysts are suggesting that the commission would be endorsing ETH as a commodity if it approves form S-1 for registration.

但是，随着争论的继续，分析师表示，如果委员会批准 S-1 表格注册，那么该委员会将认可 ETH 作为商品。