以太坊（ETH）价格无法对成功的Pectra网络升级做出反应

以太坊在5月7日成功实施了关键网络升级，但是ETH及其衍生品指标的价格对升级做出了反应。

The price of ETH and its derivatives indicators reacted mutedly to the successful deployment of Pectra on May 7, surprising traders who were wondering if this had implications for a 22% rally to the $2,200 level.

ETH及其衍生品指标的价格对5月7日成功部署Pectra的反应产生了反应，令人惊讶的是，他们想知道这是否对22％的集会有影响至2,200美元。

This premium has been below the neutral threshold of 5% for some time, indicating a lack of interest from leveraged longs. More importantly, after the Pectra upgrade, this indicator remained unchanged at 3%, which traders used to adjust their positions despite the successful deployment of the upgrade.

一段时间以来，这种溢价一直低于5％的中性阈值，这表明杠杆率缺乏兴趣。更重要的是，在Pectra升级后，该指标保持不变，为3％，尽管升级成功地部署了该指标，但该指标仍以调整其头寸来调整其头寸。

Of course, investors are focused on macroeconomic issues as the risk of a recession is growing amid uncertainty over global trade disputes. But traders' lack of interest in ether predates the recent deterioration in risk aversion. In fact, in the first three months of 2025, ETH underperformed the overall cryptocurrency market cap by 28%.

当然，投资者专注于宏观经济问题，因为由于对全球贸易纠纷的不确定性，经济衰退的风险越来越大。但是交易者对以太的缺乏兴趣早于最新风险规避的恶化。实际上，在2025年的前三个月中，ETH的总体加密货币市值不足28％。

Pectra’s lackluster price performance following the upgrade reflects a general discontent in the market as other blockchains have shown some momentum.

升级后Pectra的价格表现不足，反映出市场上的普遍不满，因为其他区块链已经表现出一定的动力。

According to Token Terminal data, Ethereum’s leading L2 solution Base currently has 10.3 million monthly active users, far less than Solana’s 82.2 million and BNB Chain’s 25.9 million.

根据Token终端数据，以太坊领先的L2解决方案基地目前拥有1030万个月活跃用户，远低于Solana的8220万和BNB连锁店的2590万。

Solana has dominated the DEX space by providing an integrated user experience, especially in token issuance. Similarly, Hyperliquid has outperformed expectations in perpetual contract trading, indicating that traders' main concerns are not necessarily on Ethereum's decentralization and security. Meanwhile, Tron has made significant progress in the stablecoin market.

Solana通过提供集成的用户体验，尤其是在代币发行中，在DEX空间中占据了主导地位。同样，超级流动性在永久性合同交易中的表现优于期望，这表明交易者的主要担忧不一定是关于以太坊的权力下放和安全性的。同时，Tron在Stablecoin市场取得了重大进展。

Ethereum still leads in terms of total locked value (TVL) at $53.7 billion. However, this has not brought much benefit to ETH holders. According to DefiLlama data, Ethereum network fees have been relatively low at only $19 million in the past 30 days. In comparison, Tron has accumulated fees of $51.8 million in the same period, and Solana has accumulated fees of $39.4 million.

以太坊仍然以总锁定价值（TVL）为537亿美元。但是，这并没有给ETH持有人带来很大的好处。根据Defillama数据，在过去30天内，以太坊网络费用相对较低，仅为1900万美元。相比之下，TRON在同一时期累积了5180万美元的费用，Solana的费用为3,940万美元。

Noam Hurwitz, Alchemy’s head of engineering, noted that Ethereum’s blob fees have dropped to their lowest levels since the Pectra upgrade. For Hurwitz, ETH’s success depends on the scalability of the base layer, including further improvements to the Rollup mechanism, and ultimately a more seamless user experience.

Alchemy的工程主管Noam Hurwitz指出，自Pectra升级以来，以太坊的斑点费用已下降到最低水平。对于Hurwitz来说，ETH的成功取决于基础层的可扩展性，包括对汇总机制的进一步改进，最终是更无缝的用户体验。

The interoperability of assets and data in the Ethereum L2 ecosystem has long been a problem, while users on the Solana and BNB chains can easily switch between multiple decentralized applications (DApps). Although the Pectra upgrade is a step in the right direction, it still does not solve this problem, which also explains why ETH has not been able to return to the $2,200 level in early March.

Ethereum L2生态系统中资产和数据的互操作性长期以来一直是一个问题，而Solana和BNB链上的用户可以很容易地在多个分散的应用程序（DAPP）之间切换。尽管Pectra升级是朝着正确方向迈出的一步，但它仍然无法解决此问题，这也解释了为什么ETH无法在3月初返回2,200美元的水平。

For the price of ETH to rise 22% from its current $1,810, investors will likely need assurance that progress on the network (whether through deposits or L2 growth) translates into noticeable returns. Ultimately, higher staking yields or stronger incentives will be needed to drive wider adoption of DApps, which in turn will increase demand for ETH within the ecosystem.

为了使ETH的价格从目前的1,810美元上涨22％，投资者可能需要保证网络上的进展（无论是通过存款还是L2增长）转化为明显的回报。最终，将需要更高的积分收益率或更强的激励措施来推动DAPP的更广泛采用，进而将增加对生态系统中对ETH的需求。