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ETH 在比特币ETF、Solana生态和各类Meme轮番吸走市场注意力的这一轮周期里，以太坊似乎被集体“冷落”了。Bankless最新观点指出，ETH价格表现和市场讨论度明显落后，但链上数据却讲着另一套故事：以太坊依旧承载着最高的DeFi资金量、稳定币结算规模和开发者活跃度。当资金被短期叙事牵着走时，真正被忽视的，可能正是这个仍在默默支撑加密基础设施的核心网络。
大约两年前，我和Ryan与Chris Burniske通了电话，当时我们刚和他一起录制了一期播客节目。
在加密货币领域，Chris一直是我和Ryan的导师，因为我们俩进入加密货币领域都是为了尝试理解、分类、定义和建模这个本质上未知的行业。
他在电话里说了一些我和Ryan都不想听到的话：“这一轮周期可能直接跳过以太坊。”
最终，事情的确如此发展。抛开关于周期动态和时机的争论不谈，过去几年链上的大部分活动都与以太坊无关，而以太币的价格也反映了这一点。
I believe this is probably how Bitcoin holders felt in 2021. Bitcoin performed well during the NFT boom—it was seen by institutional investors as a tool for hedging against currency devaluation and poor government fiscal management. However, in terms of popularity among retail investors and active trading on the blockchain, Bitcoin was regarded as an outdated cryptocurrency and was neglected.
With Bitcoin, you can’t do anything; all transactions are conducted on Ethereum instead. In the previous cycle, Ethereum was the absolute star.
The recent developments in the cryptocurrency industry follow the same pattern. This time, however, Ethereum is being ignored, and all activities are focused on Solana. It’s worth noting that Bitcoin’s cultural influence and popularity have also increased significantly.
Although Ethereum has undergone some necessary repairs, overall market sentiment still hasn’t truly returned to an optimistic state—perhaps it’s just gotten rid of its despair. DAT brought about a significant victory for Ethereum during this cycle, even though we are now suffering the negative consequences of it.
But overall… the cycle involving Ethereum seems to be over.
Although Ethereum’s market share and growth momentum have declined, it remains the leading smart contract chain. No other chain can pose a threat to it. Moreover, unlike all other smart contract chains, only Ethereum has a similar origin story to Bitcoin—a perfect initial coin offering (ICO), a chaotic start-up phase, and an operating model that lacks any corporate-like structures.
Ethereum has features that no other blockchain can replicate… In the ocean of high-performance smart contract chains, there will always be only one Ethereum.
To prepare for 2026, Larry Fink’s article on tokenization has paved the way for Ethereum, allowing it to experience a cultural revival, just like Bitcoin after a period of inactivity.
I remain cautiously optimistic… And in 2026, there are many favorable factors that could occur for Ethereum. Let’s wait and see.
