<p>以太坊 [ETH] 仍然是支撑 Web3 运行的基础层，但它曾经承载的活动现在发生在其他地方。</p>
<p>新的数据显示，Layer-2 网络正在处理生态系统中大部分的交易，即使以太坊仍在其底层提供支持。这使得 “数字石油” 的概念得以延续，只是燃烧的过程转移到了链外。</p>
<p>与此同时，以太坊自身的数据正在降温。</p>
<h2>L2 现在控制着大部分以太坊的交易流</h2>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/image-6.png?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://ambcrypto.com/wp-content/uploads/2025/12/image-6.png"/></p>
<p>来源：Dune Analytics</p>
<p>饼图显示，Polygon、Arbitrum 和 Optimism 主导了总交易量，仅留下小部分给像 Linea、Scroll 和 zkSync 这样的较小的 rollup。</p>
<p>这并不是一次性的。每日交易数据显示，Polygon 和 Arbitrum 一直在处理每天 200 万到 400 万笔交易，而 Optimism 则增加了更多的活动。</p>
<p>这些 L2 的交易量远超以太坊的主网，因此用户显然已经转向了更便宜、更快速的层。</p>
<h2>这对以太坊的 “数字石油” 叙事意味着什么？</h2>
<p>这个比喻仍然引起共鸣，特别是考虑到 EIP-1559 的费用销毁和长期以来认为以太坊的实用性应该支持其价值的观点。然而，尽管 L2 的使用在增长，以太坊的供应量再次转为通货膨胀。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-01-135242.jpg?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://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-01-135242.jpg"/></p>
<p>来源：Arkham</p>
<p>批评者认为这是收入转移到链外的结果，序列器费用和 MEV 被 rollup 捕获，而不是返回到以太坊本身。</p>
<p>支持者反驳说，以太坊的角色正在演变为核心基础设施，使其不再是商品，而是所有构建内容的数字土地。</p>
<h2>较慢的 L1 并不意味着 ETH 更弱</h2>
<p>DeFiLlama 的数据显示，TVL 下降至约 660 亿美元，持续下滑至 2025 年底。活动显然正在向 L2 迁移。然而，衍生品交易者并没有将 ETH 视为一个衰退的资产。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/image-7.png?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://ambcrypto.com/wp-content/uploads/2025/12/image-7.png"/></p>
<p>来源：DeFiLlama</p>
<p>AMBCrypto 之前报道，CryptoQuant 首席执行官 Ki Young Ju 指出以太坊显著被低估，注意到 12 个估值模型中有 10 个显示 ETH 的交易价格远低于其公允价值。</p>
<p>当时，综合公允价值估计 ETH 接近 4800 美元，这意味着该资产仍然约 59% 被低估，尽管宏观环境疲软。</p>
<p>聚合的未平仓合约仍高于 150 亿美元，资金费率保持持续正值。市场仍将 ETH 定价为核心基础设施，而不是人们正在退出的交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/image-8.png?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://ambcrypto.com/wp-content/uploads/2025/12/image-8.png"/></p>
<p>来源：Coinalyze</p>
<p>即使基础层的使用减少，信仰者们并没有离开。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>以太坊的价值案例在 L2 采用激增的情况下依然保持完整，模型仍然将 ETH 定价远高于当前水平。</em></li>
<li><em>尽管 L1 指标较弱，但仍然存在信心。</em></li>
</ul>

<p>Layer-2 网络如 Polygon、Arbitrum 和 Optimism 现在处理着大部分以太坊的交易活动，提供更便宜和更快速的替代方案。尽管如此，以太坊仍然作为基础设施至关重要，维持其 “数字石油” 的叙述。批评者强调链外收入的影响，但支持者则认为以太坊正在演变为重要的数字土地。估值模型表明 ETH 被低估，市场对其作为核心基础设施的角色充满信心</p>

<p>Ethereum [ETH] is still the base layer that keeps Web3 running, but the activity it once hosted is now happening somewhere else.</p>
<div class="lb-trans"><p>以太坊 [ETH] 仍然是支撑 Web3 运行的基础层，但它曾经承载的活动现在发生在其他地方。</p>
</div><p>New data shows Layer-2 networks are handling most of the ecosystem’s transactions, even as Ethereum continues to power the system underneath. It keeps the “digital oil” idea alive, just with the combustion moving off-chain.</p>
<div class="lb-trans"><p>新的数据显示，Layer-2 网络正在处理生态系统中大部分的交易，即使以太坊仍在其底层提供支持。这使得 “数字石油” 的概念得以延续，只是燃烧的过程转移到了链外。</p>
</div><p>At the same time, Ethereum’s own numbers are cooling.</p>
<div class="lb-trans"><p>与此同时，以太坊自身的数据正在降温。</p>
</div><h2>L2s now control most of Ethereum’s transaction flow</h2>
<div class="lb-trans"><h2>L2 现在控制着大部分以太坊的交易流</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/image-6.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/image-6.png"/></p>
<p>Source: Dune Analytics</p>
<div class="lb-trans"><p>来源：Dune Analytics</p>
</div><p>The pie chart shows how Polygon, Arbitrum, and Optimism dominate total transactions, leaving only a small share for smaller rollups like Linea, Scroll, and zkSync.</p>
<div class="lb-trans"><p>饼图显示，Polygon、Arbitrum 和 Optimism 主导了总交易量，仅留下小部分给像 Linea、Scroll 和 zkSync 这样的较小的 rollup。</p>
</div><p>This isn’t a one-off. Daily transaction data shows Polygon and Arbitrum consistently processing between 2-4 million transactions a day, while Optimism adds more activity.</p>
<div class="lb-trans"><p>这并不是一次性的。每日交易数据显示，Polygon 和 Arbitrum 一直在处理每天 200 万到 400 万笔交易，而 Optimism 则增加了更多的活动。</p>
</div><p>Together, these L2s handle far more traffic than Ethereum’s mainnet, so users have clearly moved to cheaper, faster layers.</p>
<div class="lb-trans"><p>这些 L2 的交易量远超以太坊的主网，因此用户显然已经转向了更便宜、更快速的层。</p>
</div><h2>What does that mean for Ethereum’s “digital oil” narrative?</h2>
<div class="lb-trans"><h2>这对以太坊的 “数字石油” 叙事意味着什么？</h2>
</div><p>The metaphor still resonates, especially with EIP-1559’s fee burn and the long-held idea that Ethereum’s utility should support its value. And yet, ETH supply has turned inflationary again, even as L2 usage grows.</p>
<div class="lb-trans"><p>这个比喻仍然引起共鸣，特别是考虑到 EIP-1559 的费用销毁和长期以来认为以太坊的实用性应该支持其价值的观点。然而，尽管 L2 的使用在增长，以太坊的供应量再次转为通货膨胀。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-01-135242.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-01-135242.jpg"/></p>
<p>Source: Arkham</p>
<div class="lb-trans"><p>来源：Arkham</p>
</div><p>Critics argue this is the result of revenue moving off-chain, with sequencer fees and MEV captured by rollups instead of returning to Ethereum itself.</p>
<div class="lb-trans"><p>批评者认为这是收入转移到链外的结果，序列器费用和 MEV 被 rollup 捕获，而不是返回到以太坊本身。</p>
</div><p>Supporters counter that Ethereum’s role is evolving into core infrastructure, making it less a commodity and more the digital land everything is built on.</p>
<div class="lb-trans"><p>支持者反驳说，以太坊的角色正在演变为核心基础设施，使其不再是商品，而是所有构建内容的数字土地。</p>
</div><h2>A slower L1 doesn’t mean a weaker ETH</h2>
<div class="lb-trans"><h2>较慢的 L1 并不意味着 ETH 更弱</h2>
</div><p>DeFiLlama data shows TVL easing to around $66 billion, continuing the downtrend through late 2025. Activity is clearly migrating to L2s. Yet derivatives traders aren’t treating ETH like a fading asset.</p>
<div class="lb-trans"><p>DeFiLlama 的数据显示，TVL 下降至约 660 亿美元，持续下滑至 2025 年底。活动显然正在向 L2 迁移。然而，衍生品交易者并没有将 ETH 视为一个衰退的资产。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/image-7.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/image-7.png"/></p>
<p>Source: DeFiLlama</p>
<div class="lb-trans"><p>来源：DeFiLlama</p>
</div><p>AMBCrypto previously reported that CryptoQuant CEO Ki Young Ju flagged Ethereum as significantly undervalued, noting that 10 out of 12 valuation models show ETH trading far below its fair worth.</p>
<div class="lb-trans"><p>AMBCrypto 之前报道，CryptoQuant 首席执行官 Ki Young Ju 指出以太坊显著被低估，注意到 12 个估值模型中有 10 个显示 ETH 的交易价格远低于其公允价值。</p>
</div><p>At the time, the Composite Fair Value estimated ETH near $4.8k, implying the asset was still around 59% undervalued despite macro weakness.</p>
<div class="lb-trans"><p>当时，综合公允价值估计 ETH 接近 4800 美元，这意味着该资产仍然约 59% 被低估，尽管宏观环境疲软。</p>
</div><p>Aggregated Open Interest remains elevated above $15 billion, and Funding Rates stay consistently positive. The market still prices ETH as core infrastructure rather than a trade people are exiting.</p>
<div class="lb-trans"><p>聚合的未平仓合约仍高于 150 亿美元，资金费率保持持续正值。市场仍将 ETH 定价为核心基础设施，而不是人们正在退出的交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/image-8.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/image-8.png"/></p>
<p>Source: Coinalyze</p>
<div class="lb-trans"><p>来源：Coinalyze</p>
</div><p>Even as usage thins on the base layer, the believers haven’t gone anywhere.</p>
<div class="lb-trans"><p>即使基础层的使用减少，信仰者们并没有离开。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Ethereum’s value case stays intact as L2 adoption surges and models still price ETH far above current levels.</em></li>
<li><em>Despite weaker L1 metrics, there is confidence.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>以太坊的价值案例在 L2 采用激增的情况下依然保持完整，模型仍然将 ETH 定价远高于当前水平。</em></li>
<li><em>尽管 L1 指标较弱，但仍然存在信心。</em></li>
</ul>
</div>

L2 似乎已经超越了以太坊：那么为什么 ETH 仍然被视为一个价值数十亿美元的投资？