以太坊的用户活动大幅下降

在过去的几个月中，以太坊在区块链上的用户活动大幅下降。

Over the past few months, Ethereum (ETH) has seen a significant slowdown in user activity on its blockchain. This lull has decreased the network’s burn rate—a mechanism that helps decrease ETH’s supply over time.

在过去的几个月中，以太坊（ETH）在其区块链上的用户活动有了显着放缓。这种停滞降低了网络的燃烧率，这种机制有助于随着时间的流逝而减少ETH的供应。

With fewer tokens being burned, ETH’s circulating supply has risen, putting inflationary pressure on the asset. As a result, the coin has struggled to maintain a stable price above the $2,000 level in recent months.

随着燃烧的代币较少，ETH的循环供应量增加，对资产造成了通货膨胀的压力。结果，硬币一直在努力将稳定的价格保持在最近几个月以上的2,000美元以上。

Low Burn Rate Equals More Coins in Circulation

低燃烧速率等于流通的更多硬币

According to Ultrasoundmoney, 72,927 ETH, valued at $134 million at current market prices, have been added to ETH’s circulating supply in the past month alone.

根据UltrasoundMoney的数据，仅在过去一个月中，ETH的循环供应就被添加到ETH的循环供应中，价值72,927 ETH，价值1.34亿美元。

At press time, this sits at 120,730,199 ETH, significantly above pre-merge levels.

发稿时，这是120,730,199 ETH，显着高于预合并水平。

This increase is being driven by a decline in user activity on the Ethereum network, reducing its burn rate. Ethereum’s burn mechanism, introduced through EIP-1559, destroys a portion of transaction fees to reduce the circulating supply of ETH.

这一增加是由于以太坊网络上用户活动的下降所驱动的，从而降低了其燃烧率。通过EIP-1559引入的以太坊的燃烧机制摧毁了一部分交易费用，以减少ETH的循环供应。

However, this mechanism is directly tied to network usage. So, when fewer transactions occur, less ETH is burned, resulting in ETH’s supply spiking.

但是，这种机制直接与网络使用联系在一起。因此，当发生较少的交易时，燃烧的ETH较少，从而导致ETH的供应峰值。

According to Etherscan, the daily amount of ETH burnt has dropped by 95% year-to-date. In fact, the network recently recorded its lowest amount of coins burnt in a single day on April 20.

据Etherscan称，每天的ETH烧伤量下降了95％。实际上，该网络最近在4月20日的一天中记录了其最低的硬币数量。

Why Are Ethereum Users Leaving the Blockchain?

为什么以太坊用户离开区块链？

Many users and developers are migrating from Ethereum to Layer-2 (L2) solutions like Optimism (OP) and Arbitrum. These networks offer significantly lower transaction fees and faster execution, reducing user activity on Ethereum’s mainnet.

许多用户和开发人员正在从以太坊迁移到第2层（L2）解决方案，例如乐观（OP）和仲裁。这些网络提供的交易费用明显较低，执行速度更快，从而减少了以太坊的主网上的用户活动。

For example, as of April 30, the average transaction fee on Optimism’s mainnet was just $0.024. By contrast, completing a transaction directly on Ethereum cost users an average of $0.18 on the same day, which is over seven times more expensive.

例如，截至4月30日起，乐观主义主网的平均交易费仅为0.024美元。相比之下，直接完成以太坊交易的交易，同一天平均要花0.18美元，这是昂贵的七倍以上。

Moreover, thanks to the recent meme coin mania, so-called “Ethereum killers,” such as Solana (SOL), have gained significant traction over the past few months, drawing users away from the L1.

此外，由于最近的模因硬币躁狂症（如Solana（Sol））所谓的“以太坊杀手”，在过去的几个月中，人们获得了巨大的吸引力，吸引了用户远离L1。

Together, these trends have led to a decline in Ethereum’s transaction count, hence the network’s low burn rate.

这些趋势共同导致以太坊的交易数量下降，因此网络的燃烧率低。

How Do Ethereum’s Fundamentals Stack Up?

以太坊的基本面如何堆积？

The drop in Ethereum’s user demand and the subsequent rise in ETH’s supply have raised important questions about the strength of its fundamentals.

以太坊用户需求的下降以及随后ETH供应的增长提出了有关其基本原理的实力的重要问题。

When asked how Ethereum currently compares to other Layer-1 (L1) networks amid broader market weakness, Vincent Liu, Chief Investment Officer at Kronos Research, shared his perspective.

当被问及以太坊目前与其他层1（L1）网络在更广泛的市场弱点的情况下如何比较时，Kronos Research的首席投资官Vincent Liu分享了他的观点。

“Ethereum’s fundamentals remain strong relative to other Layer 1s, particularly when you consider its total value locked (TVL) of $368.921 billion, which positions it at the top of the leaderboard,” Liu said.

刘说：“以太坊的基本面相对于其他第1层仍然很强，尤其是当您考虑其总价值锁定（TVL）为3689.21亿美元时，它将其定位在排行榜的顶部。”

Although Liu acknowledged that Ethereum ranks fifth in 24-hour fees, to be precise, with Tron (TRX), Solana (SOL), HyperLiquid (HLQ), Bitcoin (BTC), and BNB Chain (BNB) currently placing higher, he emphasized that the network still “demonstrates significant demand and usage.”

尽管刘承认，确切地说，以太坊在24小时的费用中排名第五，但TRON（TRX），Solana（Sol）（Sol），超流动性（HLQ），比特币（BTC）和BNB链（BNB）目前的提高，他强调该网络仍然“表现出显着的需求和用法”。

Temujin Louie, CEO of Wanchain, shares a similar perspective. While speaking with BeInCrypto, Louie noted:

Wanchain首席执行官Temujin Louie具有类似的观点。路易（Louie）在与Beincrypto交谈时指出：

“Compared to other Layer 1s, fundamentals are still Ethereum’s strength. Unlike many Layer 1s with aggressive inflation as part of their design, Ethereum’s post-merge architecture makes it potentially deflationary. But the benefits of EIP-1559 depend on on-chain activity. Nonetheless, this is a structural advantage over most competing Layer 1s.”

“与其他第1层相比，基本原理仍然是以太坊的力量。与许多具有积极通货膨胀的1层作为其设计的一部分不同，以太坊的合并后结构使其具有潜在的缩放。但是EIP-1559的好处取决于链活动。尽管如此，这是相比最竞争的1层的结构优势。”

While increased activity across Layer-2 (L2) solutions and “Ethereum killers” like Solana may have contributed to a decline in user demand on Ethereum itself, Louie believes that the L1 network “remains a leader in decentralization and has a nearly unmatched track record that continues to secure its place in the market.”

尽管索拉纳（Solana）这样的2层（L2）解决方案和“以太坊杀手”的活动增加可能导致用户对以太坊本身的需求下降，但路易（Louie）认为，L1网络“仍然是权力下放的领导者，并且拥有几乎无与伦比的往绩记录，并且继续确保其在市场上的地位。”

What About ETH Price?

那ETH价格呢？

Even with strong fundamentals, declining activity on Ethereum poses challenges for ETH in the short- to mid-term. Commenting on this, Liu explained that lower network activity generally signals weaker demand for ETH.

即使有强大的基本面，对以太坊的活动的下降也会在短期到中期对ETH构成挑战。刘在评论这一点时解释说，较低的网络活动通常表示对ETH的需求较弱。

At the same time, increased coin issuance on the network undermines Ethereum’s deflationary model, which was designed to support price appreciation.

同时，网络上的硬币发行增加了以太坊的通缩模型，该模型旨在支持价格升值。

“This combination could result in bearish price movements,” Liu warned, “especially as investors look to alternative Layer 1s offering better scalability and lower fees.”

刘警告说：“这种组合可能会导致看跌价格变动，尤其是当投资者寻求替代性提供更好的可伸缩性和较低费用时。”

Kadan Stadelmann, CTO of Komodo Platform, also highlighted the role of macroeconomic factors:

Komodo平台首席技术官Kadan Stadelmann也强调了宏观经济因素的作用：

“If Ethereum experiences an extended decrease in usage, the price could fall considerably depending on how much use drops, especially if the Fed continues its policy of quantitative tightening compared to quantitative

“如果以太坊的使用情况延长，则价格可能会大大下降，具体取决于使用多少，尤其是如果美联储继续进行定量拧紧政策，而不是定量