一个野心的故事，但浪费了承诺：以太坊的岩石路

以太坊的道路并不是为了胆小的人。尽管迎来了大量革命性升级，但其估值仍在沿着比特币的阴影下li行

The tale of ambition met with squandered promise unfolds in the busy backdrop of cryptocurrency markets, where Ethereum, often touted as the ‘world computer’, lags disappointingly behind Bitcoin.

这个野心的故事与加密货币市场繁忙的背景下浪费了诺言，在那里，以太坊经常被吹捧为“世界计算机”，落后于比特币。

Its path has not been for the faint-hearted, ushering in a host of revolutionary upgrades such as Layer 2 solutions and an impending transition to the Shanghai upgrade. However, the narrative of Ethereum’s limping valuation—now 77% lower against Bitcoin since December 2021—is one that has Santiment, a key analytics entity, highlighting in a recent analysis.

它的道路并不是为了胆小的，迎来了许多革命性升级，例如第2层解决方案和即将过渡到上海升级的过渡。但是，以太坊的行为估值的叙述（自2021年12月以来对比特币降低了77％），这是一个具有关键分析实体的令人陶醉的叙述，在最近的分析中强调了。

The analysis takes us back to December 2021, a time when Ethereum was purportedly poised for a stellar performance. But the present tale is starkly different. The narrative shifts to November 2021, where Ethereum attained an all-time high of $4,760.

该分析将我们带回了2021年12月，这是以太坊据称准备出色表现的时期。但是目前的故事截然不同。叙述转移到2021年11月，以太坊的历史最高点为4,760美元。

However, the narrative takes a pessimistic turn as it notes that not only has ETH failed to reclaim that peak throughout 2023, but it’s also seen a setback as Bitcoin showcases a new bull run to new all-time highs. This time, it’s Bitcoin, not Ethereum, that's garnering the primary attention with its renewed market dominance and appeal as digital gold.

但是，叙事发生了一个悲观的转折，因为它指出，ETH不仅没有收回整个2023年的峰值，而且还看到挫折是比特币展示了新的公牛奔跑到新的历史最高高点。这次，是比特币，而不是以太坊，它以其新的市场优势和数字黄金的吸引力而引起了主要的关注。

Highlighting the nature of Ethereum’s struggles, Santiment attributes them to a variety of deep-rooted issues. Ironically, Ethereum’s Layer 2 solutions, designed to bolster scalability, now inadvertently siphon away activity from the mainnet, Diffusing investor focus.

强调以太坊斗争的本质，将它们归因于各种根深蒂固的问题。具有讽刺意味的是，以太坊的第2层解决方案旨在增强可扩展性，现在无意间从主网上掠过活动，扩散了投资者的重点。

This destabilizes core valuations and pivots attention to Layer 2 tokens like Optimism (OP) and Polygon (MATIC), which accrue the benefit of stifling inactivity on the primary ETH chain.

这破坏了核心估值，并关注对第2层的关注，例如乐观（OP）和Polygon（Matic），这会带来扼杀对主要ETH链的不活动的好处。

Investors are also juggling the complexities of Ethereum’s Byzantine upgrade roadmap, where transitions like The Merge and Shanghai are met with more dread than anticipation. This fear is further amplified by high gas fees that propel users towards swifter and cheaper alternatives.

投资者还在兼顾以太坊的拜占庭升级路线图的复杂性，在那里，Merge和Hanghai之类的过渡比预期更令人恐惧。高汽油费用将用户推向Swifter和更便宜的替代方案，进一步扩大了这种恐惧。

On the broader regulatory front, there are outstanding anxieties over the pending status of Ethereum. Unlike Bitcoin, which enjoys a clearer legal status, Ethereum’s future could be heavily skewed by any sweeping changes in crypto regulations.

在更广泛的监管方面，人们对以太坊的未决地位有出色的焦虑。与比特币具有更清晰的法律地位不同，以太坊的未来可能会因加密法规的任何彻底变化而震惊。

This brews a complex cocktail of sentiment and market forces as millennials, who were early adopters of Ethereum, now face bleak price predictions and harsh critiques on the Stellar (XLM) token.

这是千禧一代是以太坊的早期采用者，现在酿造了一个复杂的情感和市场力量鸡尾酒，现在面临着惨淡的价格预测和严厉的批评（XLM）令牌。

Further disrupting the narrative are new contenders like Solana (SOL) and Cardano (ADA), who are now engaging investors with promises of agility and cost efficiency in an interconnected digital ecosystem.

诸如Solana（Sol）和Cardano（ADA）之类的新竞争者进一步破坏了叙述，他们现在正在吸引投资者在相互联系的数字生态系统中具有敏捷性和成本效率的承诺。

Perhaps the most telling statistic is the selling pressure observed post-major upgrades. Instead of invigorating growth, these events have precipitated a tide of stake withdrawals, casting shadows on Ethereum’s path to resurgence.

也许最有说服力的统计数据是观察到的销售压力后会议后升级。这些事件并没有使生长充满活力，而是引起了股份提取的潮流，在以太坊的复兴之路上抛了阴影。

In a series of waves of post-upgrade activity, Ethereum finds its bullish aspirations stymied, its former bravado reduced to an embattled resolve as it faces an uphill battle to recover.

在一系列升级后活动中，以太坊发现了其看涨的愿望，其前勇敢的愿望沦为陷入困境的决心，因为它面临着一场艰苦的战斗以恢复。

Such revelations present the cold, hard truth that faces Ethereum: Innovation alone isn’t an antidote to market lethargy or investor ambiguity. As it navigates these treacherous waters, the community and strategists are left to ponder—does Ethereum possess the requisite allure to not only survive but thrive in Bitcoin’s shadow?

这样的启示呈现出面对以太坊的寒冷，坚硬的真理：仅创新并不是推销嗜睡或投资者歧义的解毒剂。当它在这些危险的水域中航行时，社区和战略家被留下来思考 - 以太坊拥有不仅可以生存而且在比特币的阴影中壮成长的必要魅力吗？

In this relentless digital space, Ethereum’s journey presents a crucial lesson: Innovations must harmonize with clarity, accessibility, and robust narratives to triumph over the titans of the crypto world.

在这个无情的数字空间中，以太坊的旅程提出了一个至关重要的教训：创新必须以清晰，可及性和强大的叙述与加密世界的泰坦队取得胜利。