<p><strong>以太坊</strong>(ETH -2.61%) 最近经历了多年来最好的阶段，在七月和八月实现了两位数的百分比回报。它还在 8 月 24 日达到了近 5000 美元的新历史高点，尽管自那时以来价格有所回落。</p>
<p>当然，许多加密货币在短期内都取得了成功。长期赢家则少之又少。在其前 10 年中，你可以认为以太坊是这一群体的一部分。自 2015 年推出以来，截至 9 月 2 日，其价格上涨超过 140,000%。</p>
<p>对于加密投资者来说，问题在于以太坊是否仍然是一个良好的长期投资。尽管加密货币始终是一项风险投资，但我认为以太坊是更强的投资选择之一。以下是原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzMjgvZ2V0dHlpbWFnZXMtMTM2NjE0NjE5OS0xMjAweDc5OC0zNmI3YTJlLmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzMjgvZ2V0dHlpbWFnZXMtMTM2NjE0NjE5OS0xMjAweDc5OC0zNmI3YTJlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>稳定币和去中心化金融的领先区块链</h2>
<p>加密货币信仰者与怀疑者之间最大的争论点是加密货币和区块链技术的现实世界效用。多年来出现了不少所谓的应用案例，而一些案例的有效性仍在审议中，比如非同质化代币（NFT）。</p>
<p>但现在有一些应用案例正在获得关注，应该会有持久的影响力。第一个是稳定币，这是一种旨在跟随其他资产价值的加密货币。最大的稳定币与美元 1:1 挂钩，整个稳定币市场的总值超过 2800 亿美元，预计到 2028 年可能达到 2 万亿美元。</p>
<p>去中心化金融（DeFi），指的是建立在区块链上的金融系统，是人们使用加密货币的另一种方式。这里有加密储蓄协议、贷款和代表现实世界资产（RWAs）的加密代币，例如股票。</p>
<p>这对以太坊有利的原因是：它是稳定币和 DeFi 服务的顶级区块链。以太坊上有价值 1500 亿美元的稳定币，意味着它占据了整个市场的一半以上。它在 DeFi 协议中锁定的总价值（TVL）为 900 亿美元，几乎占所有区块链总 TVL 的 60%。</p>
<p>以太坊之所以遥遥领先，是因为它是第一个能够运行智能合约的区块链，而智能合约对于发行加密代币和在区块链上开发协议至关重要。这使得它在大多数竞争对手出现之前就建立了庞大的用户和开发者基础。</p>
<h2>不断增长的机构采用</h2>
<p>以太坊在这个夏天飙升的一个主要原因是机构采用。企业已经开始购买市场领导者 <strong>比特币</strong>，但在 6 月底，著名投资策略师汤姆·李成为 <strong>Bitmine</strong> 的董事长，并宣布计划将以太坊纳入其企业财库。他最终希望 Bitmine 持有 5% 的整个以太坊供应。</p>
<p>这一举动引发了公司购买以太坊作为加密财库的热潮。CoinGecko 目前列出了 11 家上市公司，以 Bitmine 为首，持有约 140 亿美元的以太坊。他们目前拥有不到 3% 的以太坊供应。比特币供应中稍微超过 7% 在企业财库中，因此以太坊可能会继续吸引企业投资。</p>
<p>此外，对以太坊的兴趣增加吸引了更多的交易所交易基金（ETF）投资。证券交易委员会（SEC）在 2024 年 7 月批准了首个现货以太坊 ETF，但早期流入量较小。在过去两个月中，这一情况发生了变化，7 月流入 54 亿美元，8 月流入 39 亿美元。这两个月的流入量占截至 8 月 29 日累计 ETF 流入量 135 亿美元的大部分。</p>
<h2>以太坊的长期前景</h2>
<p>以太坊有很多值得关注的地方，但也存在风险。尽管它目前是主导区块链，但面临激烈的竞争。<strong>Solana</strong> 速度更快，交易费用更低，这帮助它侵蚀了以太坊的市场份额。<strong>Tron</strong> 是稳定币领域的重要参与者，拥有 810 亿美元的稳定币，占总市场的 29%，并且在某些地区是稳定币支付的最受欢迎区块链。</p>
<p>以太坊也高度波动，经历了长期的下跌。如果你在 2021 年 11 月的最后一个高峰时购买了以太坊，直到上个月底你才会在投资上有所回报（而且在今天的价格下你又会亏损）。</p>
<p>风险是投资加密货币的一部分——也是保持小额头寸的原因。以太坊作为稳定币和 DeFi 协议平台的成功，加上它在机构投资者中的日益受欢迎，使其成为一个引人注目的投资。如果你在寻找可以在未来 10 年内购买和持有的加密货币，我认为以太坊和比特币是两个最安全的选择。</p>

ETHE

<p>以太坊最近经历了显著增长，在八月份达到了近 5000 美元的历史最高点。自 2015 年推出以来，它的增长超过了 140,000%。以太坊是稳定币和去中心化金融（DeFi）的领先区块链，拥有超过一半的稳定币市场份额，以及在 DeFi 协议中锁定的可观总价值。机构采用率正在上升，像 Bitmine 这样的公司计划持有大量以太坊。尽管面临竞争和波动，以太坊仍然是加密投资者的强劲长期投资选择</p>

<p><strong>Ethereum</strong>(ETH -2.61%) has had its best stretch in years recently, posting double-digit percentage returns in July and August. It also reached a new all-time high of nearly $5,000 on Aug. 24, although the price has pulled back since then.</p>
<div class="lb-trans"><p><strong>以太坊</strong>(ETH -2.61%) 最近经历了多年来最好的阶段，在七月和八月实现了两位数的百分比回报。它还在 8 月 24 日达到了近 5000 美元的新历史高点，尽管自那时以来价格有所回落。</p>
</div><p>Of course, plenty of cryptocurrencies have been successful for short periods of time. The long-term winners are much fewer and further between. You could already consider Ethereum part of that group during its first 10 years. Since its launch in 2015, it's up more than 140,000% (as of Sept. 2).</p>
<div class="lb-trans"><p>当然，许多加密货币在短期内都取得了成功。长期赢家则少之又少。在其前 10 年中，你可以认为以太坊是这一群体的一部分。自 2015 年推出以来，截至 9 月 2 日，其价格上涨超过 140,000%。</p>
</div><p>The question for crypto investors is whether Ethereum is still a good long-term investment. Although cryptocurrencies are always a risky proposition, I think Ethereum is one of the stronger investment options. Here's why.</p>
<div class="lb-trans"><p>对于加密投资者来说，问题在于以太坊是否仍然是一个良好的长期投资。尽管加密货币始终是一项风险投资，但我认为以太坊是更强的投资选择之一。以下是原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzMjgvZ2V0dHlpbWFnZXMtMTM2NjE0NjE5OS0xMjAweDc5OC0zNmI3YTJlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831328%2Fgettyimages-1366146199-1200x798-36b7a2e.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The leading blockchain for stablecoins and DeFi</h2>
<div class="lb-trans"><h2>稳定币和去中心化金融的领先区块链</h2>
</div><p>The biggest point of contention between crypto believers and skeptics is the real-world utility of cryptocurrencies and blockchain technology. There have been quite a few supposed use cases over the years, and the jury's still out on some of them, like non-fungible tokens (NFTs).</p>
<div class="lb-trans"><p>加密货币信仰者与怀疑者之间最大的争论点是加密货币和区块链技术的现实世界效用。多年来出现了不少所谓的应用案例，而一些案例的有效性仍在审议中，比如非同质化代币（NFT）。</p>
</div><p>But there are a few use cases gaining traction right now that should have staying power. The first is stablecoins, which are cryptocurrencies designed to follow the value of another asset. The largest stablecoins are pegged 1-to-1 to the U.S. dollar, and the stablecoin market as a whole is worth more than $280 billion, with projections that it could be worth as much as $2 trillion by 2028.</p>
<div class="lb-trans"><p>但现在有一些应用案例正在获得关注，应该会有持久的影响力。第一个是稳定币，这是一种旨在跟随其他资产价值的加密货币。最大的稳定币与美元 1:1 挂钩，整个稳定币市场的总值超过 2800 亿美元，预计到 2028 年可能达到 2 万亿美元。</p>
</div><p>Decentralized finance (DeFi), referring to financial systems built on a blockchain, is another way people are using cryptocurrencies. There are crypto savings protocols, loans, and crypto tokens that represent real-world assets (RWAs), such as stocks.</p>
<div class="lb-trans"><p>去中心化金融（DeFi），指的是建立在区块链上的金融系统，是人们使用加密货币的另一种方式。这里有加密储蓄协议、贷款和代表现实世界资产（RWAs）的加密代币，例如股票。</p>
</div><p>Here's why this is good for Ethereum: It's the top blockchain for stablecoins and DeFi services. There's $150 billion worth of stablecoins on Ethereum, meaning it accounts for more than half the entire market. It also has $90 billion of total value locked (TVL) into its DeFi protocols, nearly 60% of the TVL across all blockchains combined.</p>
<div class="lb-trans"><p>这对以太坊有利的原因是：它是稳定币和 DeFi 服务的顶级区块链。以太坊上有价值 1500 亿美元的稳定币，意味着它占据了整个市场的一半以上。它在 DeFi 协议中锁定的总价值（TVL）为 900 亿美元，几乎占所有区块链总 TVL 的 60%。</p>
</div><p>The reason Ethereum is so far ahead is because it was the first blockchain capable of running smart contracts, which are essential for issuing crypto tokens and developing protocols on a blockchain. That allowed it to build up a large user and developer base years before most of its competitors emerged.</p>
<div class="lb-trans"><p>以太坊之所以遥遥领先，是因为它是第一个能够运行智能合约的区块链，而智能合约对于发行加密代币和在区块链上开发协议至关重要。这使得它在大多数竞争对手出现之前就建立了庞大的用户和开发者基础。</p>
</div><h2>Growing institutional adoption</h2>
<div class="lb-trans"><h2>不断增长的机构采用</h2>
</div><p>One of the biggest reasons Ethereum has been soaring this summer is institutional adoption. Corporations had already been buying market leader <strong>Bitcoin</strong>, but at the end of June, renowned investment strategist Tom Lee became the chairman of <strong>Bitmine</strong> and announced plans to add Ethereum to its corporate treasury. He eventually wants Bitmine to hold 5% of the entire Ethereum supply.</p>
<div class="lb-trans"><p>以太坊在这个夏天飙升的一个主要原因是机构采用。企业已经开始购买市场领导者 <strong>比特币</strong>，但在 6 月底，著名投资策略师汤姆·李成为 <strong>Bitmine</strong> 的董事长，并宣布计划将以太坊纳入其企业财库。他最终希望 Bitmine 持有 5% 的整个以太坊供应。</p>
</div><p>The move kicked off a rise in companies buying Ethereum for crypto treasuries. CoinGecko currently lists 11 public companies, led by Bitmine, with about $14 billion in Ethereum holdings. They own under 3% of the Ethereum supply so far. A little more than 7% of the Bitcoin supply is in corporate treasuries, so Ethereum could see continued corporate investments.</p>
<div class="lb-trans"><p>这一举动引发了公司购买以太坊作为加密财库的热潮。CoinGecko 目前列出了 11 家上市公司，以 Bitmine 为首，持有约 140 亿美元的以太坊。他们目前拥有不到 3% 的以太坊供应。比特币供应中稍微超过 7% 在企业财库中，因此以太坊可能会继续吸引企业投资。</p>
</div><p>In addition, the increased interest in Ethereum attracted more exchange-traded fund (ETF) investments. The Securities and Exchange Commission (SEC) approved the first spot Ethereum ETFs in July 2024, but early inflows were modest. That changed during the past two months, with inflows of $5.4 billion in July and $3.9 billion in August. Those two months account for most of the cumulative ETF inflows of $13.5 billion (as of Aug. 29).</p>
<div class="lb-trans"><p>此外，对以太坊的兴趣增加吸引了更多的交易所交易基金（ETF）投资。证券交易委员会（SEC）在 2024 年 7 月批准了首个现货以太坊 ETF，但早期流入量较小。在过去两个月中，这一情况发生了变化，7 月流入 54 亿美元，8 月流入 39 亿美元。这两个月的流入量占截至 8 月 29 日累计 ETF 流入量 135 亿美元的大部分。</p>
</div><h2>The long-term outlook for Ethereum</h2>
<div class="lb-trans"><h2>以太坊的长期前景</h2>
</div><p>There's a lot to like about Ethereum, but it also has risks. Although it's the dominant blockchain right now, it faces stiff competition. <strong>Solana</strong> is faster and has much lower transaction fees, which has helped it cut into Ethereum's market share. <strong>Tron</strong> is a major player in the stablecoin niche. It has $81 billion in stablecoins, 29% of the total market, and it's the most popular blockchain for stablecoin payments in some regions of the world.</p>
<div class="lb-trans"><p>以太坊有很多值得关注的地方，但也存在风险。尽管它目前是主导区块链，但面临激烈的竞争。<strong>Solana</strong> 速度更快，交易费用更低，这帮助它侵蚀了以太坊的市场份额。<strong>Tron</strong> 是稳定币领域的重要参与者，拥有 810 亿美元的稳定币，占总市场的 29%，并且在某些地区是稳定币支付的最受欢迎区块链。</p>
</div><p>Ethereum is also highly volatile and has gone through extended downturns. If you had bought Ethereum during its last peak in November 2021, you wouldn't have been up on your investment until the end of last month (and you'd already be down again at today's prices).</p>
<div class="lb-trans"><p>以太坊也高度波动，经历了长期的下跌。如果你在 2021 年 11 月的最后一个高峰时购买了以太坊，直到上个月底你才会在投资上有所回报（而且在今天的价格下你又会亏损）。</p>
</div><p>Risk is part of investing in cryptocurrency, though -- and a reason to keep your positions small. Ethereum's success as a platform for stablecoins and DeFi protocols, along with its increasing popularity among institutional investors, make it a compelling investment. If you're looking for cryptocurrencies to buy and hold during the next 10 years, I think Ethereum and Bitcoin are the two safest options.</p>
<div class="lb-trans"><p>风险是投资加密货币的一部分——也是保持小额头寸的原因。以太坊作为稳定币和 DeFi 协议平台的成功，加上它在机构投资者中的日益受欢迎，使其成为一个引人注目的投资。如果你在寻找可以在未来 10 年内购买和持有的加密货币，我认为以太坊和比特币是两个最安全的选择。</p>
</div>

以太坊能否成为长期的赢家？