以太坊的TVL像Eth Rallies：一个新时代？

以太坊的生态系统TVL赢得了新的历史最高水平，并以Stablecoin的增长和机构兴趣助长。这是ETH的荣耀吗？

Ethereum is making waves, folks! With ETH's price eyeing $4,000 again and the total value locked (TVL) in its ecosystem reaching unprecedented heights, it feels like a whole new ballgame. Let's dive into what's driving this surge and what it means for the future of ETH.

以太坊正在浪潮，伙计们！随着ETH的价格再次注重4,000美元，其生态系统中的总价值锁定（TVL）达到了前所未有的高度，感觉就像是一个全新的球。让我们深入研究驱动这一激增的原因以及对ETH的未来意味着什么。

TVL: To the Moon!

TVL：到月球！

Ethereum's ecosystem TVL just smashed records, hitting a whopping $306 billion! That's a significant jump from its previous peak of $253 billion in December 2024 and $195 billion in 202, according to TokenTerminal. While ETH itself is still shy of its all-time high of $4,700, the stablecoin scene has exploded, propelling the chain's TVL into uncharted territory.

以太坊的生态系统TVL刚刚砸碎了唱片，达到了3006亿美元！根据Tokenterminal的数据，这是从2024年12月的2530亿美元的高峰和202美元的1,950亿美元的峰值上升。尽管ETH本身仍然远远不超过其4,700美元的历史最高点，但Stablecoin场景爆炸了，将连锁店的TVL推向了未知的领域。

Stablecoins like Circle (USDC) and Tether (USDT) now account for a staggering $121 billion of Ethereum's TVL, a 63% increase from the $75 billion they held in December 2021. And let's not forget the DeFi-native stablecoins like Ethena's USDe and Sky's USDS, adding another $15 billion to the mix.

现在，诸如Circle（USDC）和Tether（USDT）之类的Stablecoins现在说明了惊人的1.21亿美元以太坊的TVL，比他们2021年12月的750亿美元增加了63％。我们不要忘记忘记埃特纳（Ethena）的USD和Sky's and Sky's Usds（例如Ethena's Usds）的Defi-native Stablecoins，再加上另一种费用。

A Foundation for Growth

增长基础

The Ethereum Foundation (EF) has been busy laying the groundwork for this resurgence. After some community grumbling in 2024 and early 2025, the EF unveiled a new treasury policy focused on transparency and active engagement with DeFi. They're also working to support Ethereum builders and improve the relationship between Layer 1 and Layer 2 ecosystems.

以太坊基金会（EF）一直在忙于为这种复兴奠定基础。在2024年和2025年初进行了一些社区抱怨之后，EF推出了一项新的国库政策，重点是透明度和与Defi的积极参与。他们还致力于支持以太坊建筑商，并改善第1层和第2层生态系统之间的关系。

But it's not just the EF. The Securities and Exchange Commission (SEC) and BlackRock have been making moves to attract institutional buyers. BlackRock's filing for in-kind redemptions and staking within its iShares ETH ETF signaled serious interest. And the SEC seems to be loosening its grip on DeFi, clarifying that liquid staking activities aren't securities and even launching "Project Crypto," an endorsement of DeFi activities.

但这不仅仅是EF。证券交易委员会（SEC）和贝莱德（SEC）一直在采取行动吸引机构买家。贝莱德（BlackRock）提出了实物赎回，并在其iShares eth eTf中积累的申请表明了严重的兴趣。 SEC似乎正在放松对Defi的控制，澄清液体蒸发活动不是证券，甚至推出“ Project Crypto”，这是对DEFI活动的认可。

ETH/BTC Ratio Rebounds

ETH/BTC比率篮板

The ETH/BTC ratio is bouncing back too! After hitting a low of 0.018 in April, a 78% drop from its 2022 highs, it's now back up to 0.034 – an 89% rally from its Q2 bottom. ETF buyers may be fueling this reversion, with ETH ETFs reaching new highs of $21 billion in assets under management.

ETH/BTC比率也弹回了！在四月份达到0.018的低点之后，从2022年的高点下降了78％，现在又恢复到0.034 - 从其第二季度底部进行了89％的集会。 ETF购买者可能正在推动这种回归，而ETH ETF的资产为210亿美元的新高度。

Rollblock: A New Contender on the Ethereum Scene

Rollblock：以太坊场景上的新竞争者

While Ethereum's big players are making headlines, keep an eye on projects like Rollblock (RBLK). Built on Ethereum, this GameFi platform is gaining traction with its working product, growing user base, and deflationary token model. It's a different flavor of Ethereum-based project, showcasing the diverse innovation happening on the chain.

当以太坊的大玩家成为头条新闻时，请密切关注Rollblock（RBLK）等项目。该GameFi平台建立在以太坊的基础上，它正在吸引其工作产品，不断增长的用户群和放置令牌模型。这是基于以太坊的项目的一种不同的味道，展示了链条上发生的各种创新。

The Road Ahead

前面的道路

Ethereum is showing serious strength. The combination of a soaring TVL, institutional interest, and a rebounding ETH/BTC ratio paints a bullish picture. Of course, the crypto world is never without its twists and turns. Dogecoin may have its moments, and new projects are constantly vying for attention.

以太坊表现出严重的力量。飙升的TVL，机构兴趣和反弹的ETH/BTC比率的组合描绘了看涨的图片。当然，加密世界永远不会没有它的曲折。 Dogecoin可能会有其时刻，而新项目一直在争夺关注。

So, buckle up, crypto enthusiasts! The Ethereum story is far from over. Whether it's the rise of stablecoins, the influence of institutional investors, or the emergence of innovative GameFi platforms, there's plenty to keep an eye on. Who knows? Maybe we'll see ETH hit that $4,700 all-time high sooner than we think. One thing is for sure: It's going to be an interesting ride!

因此，搭扣，加密爱好者！以太坊的故事还远远没有结束。无论是Stablecoins的兴起，机构投资者的影响，还是创新的Gamefi平台的出现，都有很多值得关注的地方。谁知道？也许我们会看到Eth击中了比我们想象的要早的4,700美元。可以肯定的是：这将是一个有趣的旅程！