<p><strong>關鍵要點：</strong></p>
<ul>
<li>以太坊網絡基本面改善，與其強韌的 ETH 期貨市場相輔相成。</li>
</ul>
<ul>
<li>二層交易的增加突顯了生態系統的增長。</li>
</ul>
<p>自 5 月 13 日以來，以太幣多次未能突破$2,700，但儘管短期內表現疲軟，以太幣的價格在過去 30 天內仍比更廣泛的加密貨幣市場總市值高出 17%，這提高了在宏觀經濟不確定性持續的情況下出現修正的可能性。</p>
<p>投資者擔心，所有區塊鏈上對去中心化應用（DApps）興趣的下降是 ETH 仍然交易在其 2021 年 10 月曆史高點$4,870 下方 48% 的關鍵原因。該行業的總鎖定價值（TVL）目前為$1,220 億，仍比 2021 年 12 月的峯值低 43%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg"/></p>
<p>以太坊繼續在 TVL 市場中佔據主導地位，市場份額為 54.2%，領先的以太坊二層解決方案還獲得了額外的 6.3% TVL 份額，減輕了來自替代區塊鏈的競爭壓力。總體而言，以太坊生態系統內的存款是其兩個最大競爭對手 Solana 和 BNB Chain 總和的四倍多。</p>
<p>批評者認為，以太坊未能為 2025 年第一季度定義的 memecoin 狂潮做好準備，尤其是在官方特朗普（TRUMP）代幣於 1 月推出後，Solana 上的鏈上活動激增。儘管一些 Solana DApps 經歷了強勁的勢頭，但對 SOL 持有者的整體好處仍然不確定。</p>
<p>例如，Solana 上排名前四的 DApps——Meteora、Pump、Jito 和 Axiom——在過去 30 天內產生了$3.563 億的費用。然而，Solana 網絡在同一時期內僅收集了$4850 萬。這種動態對 SOL 的價格施加了下行壓力，因為這些項目中的幾個定期出售國庫儲備。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg"/></p>
<p>相比之下，以太坊上排名前四的 DApps 在同一 30 天內產生了$1.69 億的費用，而用户支付了$3830 萬的網絡處理費用。這表明，以太坊對二層擴展解決方案的依賴可能對 ETH 投資者更為有利，相較於 Solana 的不均勻收入分配。</p>
<p><strong>以太幣投資者感到沮喪，但二層增長突出</strong></p>
<p>為了評估在以太幣在 5 月 29 日至 5 月 30 日之間價格下跌 9% 後交易者是否轉向看空，檢查 ETH 期貨市場是有用的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg"/></p>
<p>儘管在兩天的下跌中有$1.59 億的看漲槓桿頭寸被清算，但 ETH 期貨的年化溢價仍保持在 6% 左右。在中性市場中，5% 到 10% 之間的溢價被視為標準，因為賣方需要補償以延遲結算。</p>
<p>一些以太幣投資者也對以太坊缺乏明顯的競爭優勢感到沮喪。最近的網絡升級並未顯著改變市場情緒。然而，以太坊的二層生態系統現在處理的交易量是基礎層的 15 倍以上。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg"/></p>
<p>最終，投資者情緒仍然與更廣泛的宏觀經濟趨勢緊密相連。ETH 跌破$2,400 水平的可能性與全球經濟衰退風險和貿易緊張關係密切相關。以太坊的 TVL 和交易可擴展性有助於緩解下行風險，並減少 ETH 表現不及更廣泛的山寨幣市場的可能性。</p>
<p>本文僅供一般信息參考，不應被視為法律或投資建議。此處表達的觀點、想法和意見僅代表作者本人，並不一定反映或代表 Cointelegraph 的觀點和意見。</p>

ETHE

<p>以太坊的網絡基礎正在改善，儘管 ETH 的價格在突破 2700 美元方面面臨困難，但二層交易顯著增加。在過去的 30 天裏，ETH 的表現超出了更廣泛的加密貨幣市場 17%。然而，關於去中心化應用（DApps）興趣下降和宏觀經濟不確定性的擔憂依然存在，使得 ETH 的價格比歷史最高點低 48%。以太坊在鎖定總價值（TVL）方面保持着 54.2% 的主導市場份額，遠遠超過 Solana 和 BNB Chain 等競爭對手。投資者情緒仍與宏觀趨勢相關，全球經濟衰退的擔憂帶來了下行風險</p>

<p><strong>Key takeaways:</strong></p>
<div class="lb-trans"><p><strong>關鍵要點：</strong></p>
</div><ul>
<li>Ethereum network fundamentals improve alongside its resilient ETH futures markets.</li>
</ul>
<div class="lb-trans"><ul>
<li>以太坊網絡基本面改善，與其強韌的 ETH 期貨市場相輔相成。</li>
</ul>
</div><ul>
<li>An increase in layer-2 transactions highlights ecosystem growth.</li>
</ul>
<div class="lb-trans"><ul>
<li>二層交易的增加突顯了生態系統的增長。</li>
</ul>
</div><p>Ether  has repeatedly failed to break above $2,700 since May 13, but despite this short-term weakness, Ether’s price has outperformed the broader cryptocurrency market capitalization by 17% over the past 30 days, raising the likelihood of a correction as macroeconomic uncertainty continues.</p>
<div class="lb-trans"><p>自 5 月 13 日以來，以太幣多次未能突破$2,700，但儘管短期內表現疲軟，以太幣的價格在過去 30 天內仍比更廣泛的加密貨幣市場總市值高出 17%，這提高了在宏觀經濟不確定性持續的情況下出現修正的可能性。</p>
</div><p>Investors are concerned that declining interest in decentralized applications (DApps) across all blockchains is a key reason why ETH still trades 48% below its October 2021 all-time high of $4,870. The industry’s total value locked (TVL), currently at $122 billion, is still 43% below its December 2021 peak.</p>
<div class="lb-trans"><p>投資者擔心，所有區塊鏈上對去中心化應用（DApps）興趣的下降是 ETH 仍然交易在其 2021 年 10 月曆史高點$4,870 下方 48% 的關鍵原因。該行業的總鎖定價值（TVL）目前為$1,220 億，仍比 2021 年 12 月的峯值低 43%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-03f079f0c633561240021ac3955f8689-resized.jpeg"/></p>
<p>Ethereum continues to dominate the TVL landscape with a 54.2% market share, and leading Ethereum layer-2 solutions have secured an additional 6.3% share of the TVL, reducing the competitive pressure from alternative blockchains. Altogether, deposits within the Ethereum ecosystem are more than four times greater than the combined totals of its two largest rivals, Solana and BNB Chain.</p>
<div class="lb-trans"><p>以太坊繼續在 TVL 市場中佔據主導地位，市場份額為 54.2%，領先的以太坊二層解決方案還獲得了額外的 6.3% TVL 份額，減輕了來自替代區塊鏈的競爭壓力。總體而言，以太坊生態系統內的存款是其兩個最大競爭對手 Solana 和 BNB Chain 總和的四倍多。</p>
</div><p>Critics argue that Ethereum was unprepared for the memecoin frenzy that defined the first quarter of 2025, especially as onchain activity on Solana spiked after the Official Trump (TRUMP) token launched in January. Still, while a few Solana DApps experienced strong momentum, the overall benefit for SOL holders remains uncertain.</p>
<div class="lb-trans"><p>批評者認為，以太坊未能為 2025 年第一季度定義的 memecoin 狂潮做好準備，尤其是在官方特朗普（TRUMP）代幣於 1 月推出後，Solana 上的鏈上活動激增。儘管一些 Solana DApps 經歷了強勁的勢頭，但對 SOL 持有者的整體好處仍然不確定。</p>
</div><p>For example, the top four Solana DApps—Meteora, Pump, Jito, and Axiom—generated $356.3 million in fees over the past 30 days. However, the Solana network itself collected only $48.5 million during the same period. This dynamic creates downward pressure on SOL’s price, as several of these projects regularly sell off treasury reserves.</p>
<div class="lb-trans"><p>例如，Solana 上排名前四的 DApps——Meteora、Pump、Jito 和 Axiom——在過去 30 天內產生了$3.563 億的費用。然而，Solana 網絡在同一時期內僅收集了$4850 萬。這種動態對 SOL 的價格施加了下行壓力，因為這些項目中的幾個定期出售國庫儲備。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3d8364836db9815bd12226e7d13a1902-resized.jpeg"/></p>
<p>For comparison, the top four DApps on Ethereum generated $169 million in fees over the same 30-day period, while users paid $38.3 million in network processing fees. This suggests that Ethereum’s dependence on layer-2 scaling solutions may be more favorable for ETH investors compared to Solana’s uneven revenue distribution.</p>
<div class="lb-trans"><p>相比之下，以太坊上排名前四的 DApps 在同一 30 天內產生了$1.69 億的費用，而用户支付了$3830 萬的網絡處理費用。這表明，以太坊對二層擴展解決方案的依賴可能對 ETH 投資者更為有利，相較於 Solana 的不均勻收入分配。</p>
</div><p><strong>Ether investors are frustrated, but layer-2 growth stands out</strong></p>
<div class="lb-trans"><p><strong>以太幣投資者感到沮喪，但二層增長突出</strong></p>
</div><p>To gauge whether traders turned bearish after Ether’s 9% price drop between May 29 and May 30, it’s useful to examine ETH futures markets.</p>
<div class="lb-trans"><p>為了評估在以太幣在 5 月 29 日至 5 月 30 日之間價格下跌 9% 後交易者是否轉向看空，檢查 ETH 期貨市場是有用的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-9ae3e119a67393dea27010cee4a6567e-resized.jpeg"/></p>
<p>Despite $159 million in liquidated bullish leveraged positions during the two-day decline, the ETH futures annualized premium remained near 6%. In neutral markets, a premium between 5% and 10% is considered standard, as sellers require compensation for delayed settlement.</p>
<div class="lb-trans"><p>儘管在兩天的下跌中有$1.59 億的看漲槓桿頭寸被清算，但 ETH 期貨的年化溢價仍保持在 6% 左右。在中性市場中，5% 到 10% 之間的溢價被視為標準，因為賣方需要補償以延遲結算。</p>
</div><p>Some Ether investors are also frustrated by Ethereum’s lack of distinct competitive advantages. The most recent network upgrade did not shift sentiment significantly. However, Ethereum’s layer-2 ecosystem is now processing over 15 times more transactions than the base layer.</p>
<div class="lb-trans"><p>一些以太幣投資者也對以太坊缺乏明顯的競爭優勢感到沮喪。最近的網絡升級並未顯著改變市場情緒。然而，以太坊的二層生態系統現在處理的交易量是基礎層的 15 倍以上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/cointelegraph:4a895e81a094b-3e217353895874f785dfcd6315d3e9b9-resized.jpeg"/></p>
<p>Ultimately, investor sentiment remains anchored to broader macroeconomic trends. The likelihood of ETH breaking below the $2,400 level is closely tied to global recession risks and trade tensions. Ethereum’s TVL and transaction scalability help cushion the downside risk and reduce the chance that ETH will underperform the broader altcoin market.</p>
<div class="lb-trans"><p>最終，投資者情緒仍然與更廣泛的宏觀經濟趨勢緊密相連。ETH 跌破$2,400 水平的可能性與全球經濟衰退風險和貿易緊張關係密切相關。以太坊的 TVL 和交易可擴展性有助於緩解下行風險，並減少 ETH 表現不及更廣泛的山寨幣市場的可能性。</p>
</div><p>This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.</p>
<div class="lb-trans"><p>本文僅供一般信息參考，不應被視為法律或投資建議。此處表達的觀點、想法和意見僅代表作者本人，並不一定反映或代表 Cointelegraph 的觀點和意見。</p>
</div>

Ethereum futures data and network activity growth back ETH’s price strength