Layer 1 区块链在当前牛市中占据中心地位，但它们能否证明其实用性超越投机？

2.8万亿美元

Layer 1 (L1) blockchains have taken center stage in the ongoing crypto bull market, notching remarkable gains that have propelled them to the forefront of the narrative. But beyond the price action and buzz, are these platforms genuinely showcasing their utility and value proposition? Let's delve into some key metrics to assess their performance and uncover the factors driving their adoption.

第 1 层 (L1) 区块链在持续的加密货币牛市中占据了中心舞台，取得了显着的收益，将它们推到了叙述的最前沿。但除了价格行为和热议之外，这些平台是否真正展示了它们的实用性和价值主张？让我们深入研究一些关键指标来评估其绩效并揭示推动其采用的因素。

Total value locked (TVL) serves as a barometer of trust and activity within a blockchain ecosystem. As of November 29, Ethereum remains the undisputed leader in this space, boasting over $70 billion in TVL — a significant 44% increase from $47.5 billion on November 5.

锁定总价值（TVL）是区块链生态系统中信任和活动的晴雨表。截至 11 月 29 日，以太坊仍然是该领域无可争议的领导者，其 TVL 超过 700 亿美元，较 11 月 5 日的 475 亿美元大幅增长 44%。

A substantial portion of Ethereum's growth stems from Lido (LDO), Ethereum’s premier liquid staking platform, which now accounts for nearly $35 billion of the network's TVL. Liquid staking allows users to stake their ETH while maintaining liquidity via derivative tokens, enabling further participation in DeFi activities.

以太坊增长的很大一部分来自以太坊首屈一指的流动性质押平台 Lido (LDO)，目前该平台的 TVL 占网络总锁定价值 (TVL) 的近 350 亿美元。流动质押允许用户质押 ETH，同时通过衍生代币保持流动性，从而进一步参与 DeFi 活动。

Solana has also shown notable progress, with its TVL climbing over 50% to $9.17 billion, bringing it tantalizingly close to its all-time high of $10 billion, last achieved in November 2021.

Solana 也取得了显着进展，其 TVL 增长了 50% 以上，达到 91.7 亿美元，非常接近 2021 年 11 月创下的历史最高点 100 亿美元。

In contrast, Binance Smart Chain (BSC) has seen more modest growth. Its TVL increased by 17% over the past 30 days to $5.57 billion. However, this figure is still significantly lower than its November 2021 peak of over $22 billion.

相比之下，币安智能链（BSC）的增长较为温和。过去 30 天，其 TVL 增长了 17%，达到 55.7 亿美元。然而，这一数字仍显着低于 2021 年 11 月超过 220 亿美元的峰值。

Meanwhile, Cardano has reached a milestone with its TVL hitting an all-time high of approximately $619 million. This marks a dramatic improvement from its sub-$1 million TVL levels in January 2022.

与此同时，卡尔达诺达到了一个里程碑，其 TVL 达到约 6.19 亿美元的历史新高。这标志着与 2022 年 1 月低于 100 万美元的 TVL 水平相比有了显着改善。

Blockchain fees have long been a vital metric for assessing the activity, utility, and adoption of L1 platforms. They represent not only the cost users are willing to pay to transact but also the demand for block space and the overall health of the ecosystem.

长期以来，区块链费用一直是评估一级平台的活动、效用和采用的重要指标。它们不仅代表了用户愿意支付的交易成本，还代表了对区块空间的需求和生态系统的整体健康状况。

During the bull run of 2020 and 2021, Ethereum dominated this space. Its fee revenue highlighted its position as the premier blockchain for dApps and DeFi.

在 2020 年和 2021 年的牛市期间，以太坊主导了这一领域。其费用收入凸显了其作为 dApp 和 DeFi 首要区块链的地位。

In late 2020, Ethereum consistently generated over $1 million in daily fees, leaving competitors like Tron (TRX), which managed only a few thousand dollars a day, far behind. At that time, Binance Smart Chain and Solana had yet to emerge as key players in this metric.

2020 年底，以太坊每日产生的费用持续超过 100 万美元，将 Tron (TRX) 等每天仅管理数千美元的竞争对手远远抛在后面。当时，币安智能链和 Solana 尚未成为该指标的关键参与者。

By 2021, Ethereum's fee revenue averaged between $20 million and $50 million daily during the second-half of the year. Meanwhile, BSC generated $3 million to $10 million in daily fees, while Tron followed with a more modest $300,000 to $800,000. Solana, still in its infancy as a competitor, collected a relatively minor $100,000 to $200,000 daily in fees.

到 2021 年，以太坊下半年的手续费收入平均每天在 2000 万美元到 5000 万美元之间。与此同时，BSC 的每日费用为 300 万至 1000 万美元，而 Tron 的每日费用为 30 万至 80 万美元。 Solana 作为竞争对手仍处于起步阶段，每天收取的费用相对较少，为 100,000 美元到 200,000 美元。

Fast forward to November 2024, and a striking shift has occurred. Solana outperformed Ethereum in daily fees throughout the month — a gigantic milestone reflecting its growing adoption and increasing network activity.

快进到 2024 年 11 月，发生了惊人的转变。 Solana 整个月的每日费用表现均优于以太坊，这是一个巨大的里程碑，反映出其采用率的不断增长和网络活动的增加。

As of November 28:

截至 11 月 28 日：

Solana’s relative decline in fee dominance is perhaps the most revealing shift. While it remains a powerhouse, several factors have contributed to its reduced share of the fee market.

Solana 在费用主导地位上的相对下降也许是最能说明问题的转变。尽管它仍然是一个强大的公司，但有几个因素导致其在收费市场中的份额下降。

The growing adoption of layer 2 and layer 3 scaling solutions has starkly lowered the fee burden on Ethereum's mainnet. Additionally, waning interest from retail investors in recent months has further dampened activity.

第 2 层和第 3 层扩展解决方案的日益普及大大降低了以太坊主网的费用负担。此外，近几个月散户投资者兴趣减弱进一步抑制了活动。

What was once high fees justified by Ethereum’s unparalleled DeFi ecosystem are now being bypassed as users seek alternatives that offer comparable utility at a fraction of the cost.

以太坊无与伦比的 DeFi 生态系统曾经合理的高额费用现在被绕过，因为用户寻求以较低成本提供类似实用性的替代方案。

The dApp ecosystem serves as the ultimate proving ground for L1 platforms, showcasing their ability to drive activity and engage users. By analyzing transaction volumes and key contributors, we can uncover what fuels these networks and how they stack up. The data is as of November 29.

dApp 生态系统是 L1 平台的终极试验场，展示了它们推动活动和吸引用户的能力。通过分析交易量和关键贡献者，我们可以揭示推动这些网络的因素以及它们如何叠加。数据截至11月29日。

Ethereum: Dominating volume, not value

以太坊：数量占主导，而非价值

Ethereum remains the heavyweight in DeFi, generating $175 billion in transaction volume across 4,844 dApps in the past month. Two standout platforms, Uniswap (UNI) V3 and 1inch, account for the majority of this activity.

以太坊仍然是 DeFi 领域的重量级产品，过去一个月，4,844 个 dApp 产生了 1,750 亿美元的交易量。 Uniswap (UNI) V3 和 1inch 这两个出色的平台占据了此次活动的大部分。

Uniswap V3 alone processed $85 billion, solidifying its position as the cornerstone of liquidity provision and token swaps. Meanwhile, 1inch (1INCH) contributed $11 billion, attracting users with its efficient aggregation across multiple liquidity pools.

仅 Uniswap V3 就处理了 850 亿美元，巩固了其作为流动性提供和代币互换基石的地位。与此同时，1inch（1INCH）贡献了110亿美元，以其跨多个流动性池的高效聚合吸引了用户。

The data suggests that Ethereum continues to appeal to institutional and high-net-worth users who value its reliability and deep liquidity. However, with only 1.76 million unique active wallets, it’s evident that high fees and scalability limitations are driving smaller users toward L2

数据表明，以太坊继续吸引重视其可靠性和深度流动性的机构和高净值用户。然而，由于只有 176 万个独特的活跃钱包，很明显，高额费用和可扩展性限制正在推动较小的用户转向 L2