<p>以太坊的基础层交易费用已降至今年最低水平，尽管整个生态系统中的锁定资本仍相对稳定。</p>
<p>最新的 Glassnode 和 DeFiLlama 数据显示，费用收入持续下降，这表明用户与网络的互动发生了结构性变化，而不是使用量的崩溃。</p>
<p>总交易费用的 90 天移动平均值自 2025 年初以来稳步下降。历史上，较低的费用反映了对区块空间的需求减弱，但这一周期看起来有所不同：以太坊的总锁定价值（TVL）和生态系统资本保持稳定，这表明用户仍然活跃，但在其他地方执行交易。</p>
<h2><strong>以太坊 Fusaka 和扩容升级减轻主网压力</strong></h2>
<p>来自 Glassnode 的数据表明，在 2025 年 1 月至 5 月之间，以太坊费用在剧烈下降后继续下降，从超过 1800 降至约 389 ETH。截至撰写时，费用约为 289 ETH。</p>
<p>在以太坊的 Fusaka 升级后，下降趋势仍在继续，该升级扩展了数据容量并改善了吞吐量。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_eth-total-transaction-fees-eth-90d-moving-average.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/glassnode-studio_eth-total-transaction-fees-eth-90d-moving-average.png"/></p>
<p>来源：Glassnode</p>
<p>这些变化使得 Rollups 和 Layer-2 网络能够更高效地结算活动，减少了对昂贵主网交易的需求。</p>
<p>早期的技术变更，包括 EIP-1559 和合并后的改进，也推动以太坊朝着一个模型发展，即日常活动发生在 L2 上，而基础层则作为安全的结算环境。</p>
<h2><strong>L2 迁移重塑以太坊的收入结构</strong></h2>
<p>链收入和应用收入在同一时期也呈下降趋势。这进一步强化了价值在多个执行层之间扩散的观点，而不是完全从以太坊消失。</p>
<p>换句话说，网络通过更便宜的层处理活动，而不是失去用户。截至撰写时，链和应用收入分别为 850 万美元和 660 万美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-08-at-16.16.19.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/Screenshot-2025-12-08-at-16.16.19.png"/></p>
<p>来源：DeFiLlama</p>
<p>稳定的 TVL 支持这一观点，目前 TVL 超过 705 亿美元。尽管 ETH 价格波动，智能合约中的流动性仍然保持韧性，表明对 DeFi 服务和质押的持续需求，即使费用下降。</p>
<h2><strong>价格调整，基本面变化</strong></h2>
<p>ETH 已从近期高点回落，但费用的下降似乎与结构性变化关系更大，而不是兴趣减少。截至撰写时，交易价格约为 3127 美元。</p>
<p>如果 Layer-2 的采用继续，且额外的升级扩展容量，以太坊的基础层费用收入可能会稳定在较低的范围内，而不一定意味着网络基本面的减弱。</p>
<hr/>
<h2><strong>最后的思考</strong></h2>
<ul>
<li>以太坊交易费用的下降反映了在最近升级后向 Layer-2 使用的转变。</li>
<li>稳定的 TVL 和生态系统流动性表明，尽管基础层收入下降，网络活动仍然健康。</li>
</ul>
<hr/>

ETHE

<p>以太坊的交易费用因升级将活动转移到第二层网络而降至新低。尽管费用降低，但锁定的总价值（TVL）保持稳定，表明用户参与活跃。Fusaka 升级和其他技术变更提高了数据容量和吞吐量，降低了主网交易成本。链和应用的收入有所下降，但网络基本面依然强劲，智能合约中的流动性稳定。以太坊的价格有所回调，但费用下降与结构性变化有关，而非兴趣减少</p>

<p>Ethereum’s base-layer transaction fees have fallen to their lowest levels of the year, even as capital locked across the ecosystem remains relatively stable.</p>
<div class="lb-trans"><p>以太坊的基础层交易费用已降至今年最低水平，尽管整个生态系统中的锁定资本仍相对稳定。</p>
</div><p>Latest Glassnode and DeFiLlama data indicate a persistent decline in fee revenue, suggesting a structural shift in user interaction with the network rather than a collapse in usage.</p>
<div class="lb-trans"><p>最新的 Glassnode 和 DeFiLlama 数据显示，费用收入持续下降，这表明用户与网络的互动发生了结构性变化，而不是使用量的崩溃。</p>
</div><p>The 90-day moving average of total transaction fees has dropped steadily since early 2025. Historically, lower fees reflected weaker demand for blockspace, but this cycle looks different: Ethereum’s total value locked [TVL] and ecosystem capital have held firm, suggesting users are still active but executing transactions elsewhere.</p>
<div class="lb-trans"><p>总交易费用的 90 天移动平均值自 2025 年初以来稳步下降。历史上，较低的费用反映了对区块空间的需求减弱，但这一周期看起来有所不同：以太坊的总锁定价值（TVL）和生态系统资本保持稳定，这表明用户仍然活跃，但在其他地方执行交易。</p>
</div><h2><strong>Ethereum Fusaka and scaling upgrades reduce pressure on mainnet</strong></h2>
<div class="lb-trans"><h2><strong>以太坊 Fusaka 和扩容升级减轻主网压力</strong></h2>
</div><p>Data from Glassnode shows that the Ethereum fee has continued to drop after its sharp drop between January and May 2025, when it dropped from over 1,800 to around 389 ETH. As of this writing, the fee was around 289 ETH.</p>
<div class="lb-trans"><p>来自 Glassnode 的数据表明，在 2025 年 1 月至 5 月之间，以太坊费用在剧烈下降后继续下降，从超过 1800 降至约 389 ETH。截至撰写时，费用约为 289 ETH。</p>
</div><p>The decline has continued after Ethereum’s Fusaka upgrade, which expanded data capacity and improved throughput.</p>
<div class="lb-trans"><p>在以太坊的 Fusaka 升级后，下降趋势仍在继续，该升级扩展了数据容量并改善了吞吐量。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_eth-total-transaction-fees-eth-90d-moving-average.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_eth-total-transaction-fees-eth-90d-moving-average.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>These changes make it easier for rollups and Layer-2 networks to settle activity more efficiently, reducing the need for expensive mainnet transactions.</p>
<div class="lb-trans"><p>这些变化使得 Rollups 和 Layer-2 网络能够更高效地结算活动，减少了对昂贵主网交易的需求。</p>
</div><p>Earlier technical changes, including EIP-1559 and post-Merge improvements, also pushed Ethereum toward a model where everyday activity happens on L2s while the base layer serves as a secure settlement environment.</p>
<div class="lb-trans"><p>早期的技术变更，包括 EIP-1559 和合并后的改进，也推动以太坊朝着一个模型发展，即日常活动发生在 L2 上，而基础层则作为安全的结算环境。</p>
</div><h2><strong>L2 migration reshapes Ethereum’s revenue profile</strong></h2>
<div class="lb-trans"><h2><strong>L2 迁移重塑以太坊的收入结构</strong></h2>
</div><p>Chain revenue and application revenue have also trended lower over the same period. This reinforces the idea that value is spreading across multiple execution layers rather than disappearing from Ethereum altogether.</p>
<div class="lb-trans"><p>链收入和应用收入在同一时期也呈下降趋势。这进一步强化了价值在多个执行层之间扩散的观点，而不是完全从以太坊消失。</p>
</div><p>In other words, the network is processing activity through cheaper layers, not losing users. As of this writing, chain and app revenue were $8.5 million and $6.6 million, respectively.</p>
<div class="lb-trans"><p>换句话说，网络通过更便宜的层处理活动，而不是失去用户。截至撰写时，链和应用收入分别为 850 万美元和 660 万美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-08-at-16.16.19.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-08-at-16.16.19.png"/></p>
<p>Source: DeFiLlama</p>
<div class="lb-trans"><p>来源：DeFiLlama</p>
</div><p>Stable TVL supports this view, with the TVL currently over $70.5 billion. Despite fluctuations in the ETH price, liquidity in smart contracts has remained resilient, indicating continued demand for DeFi services and staking, even as fees decline.</p>
<div class="lb-trans"><p>稳定的 TVL 支持这一观点，目前 TVL 超过 705 亿美元。尽管 ETH 价格波动，智能合约中的流动性仍然保持韧性，表明对 DeFi 服务和质押的持续需求，即使费用下降。</p>
</div><h2><strong>Price corrects as fundamentals adjust</strong></h2>
<div class="lb-trans"><h2><strong>价格调整，基本面变化</strong></h2>
</div><p>ETH has corrected from its recent highs, but the decline in fees appears to be linked more to structural changes than to reduced interest. At the time of writing, it was trading at around $3,127.</p>
<div class="lb-trans"><p>ETH 已从近期高点回落，但费用的下降似乎与结构性变化关系更大，而不是兴趣减少。截至撰写时，交易价格约为 3127 美元。</p>
</div><p>If Layer-2 adoption continues and additional upgrades expand capacity, Ethereum’s base-layer fee revenue may settle into a lower range without necessarily signaling weakening network fundamentals.</p>
<div class="lb-trans"><p>如果 Layer-2 的采用继续，且额外的升级扩展容量，以太坊的基础层费用收入可能会稳定在较低的范围内，而不一定意味着网络基本面的减弱。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后的思考</strong></h2>
</div><ul>
<li>Falling Ethereum transaction fees reflect a shift toward Layer-2 usage following recent upgrades.</li>
<li>Stable TVL and ecosystem liquidity indicate that network activity remains healthy, even as base-layer revenue declines.</li>
</ul>
<div class="lb-trans"><ul>
<li>以太坊交易费用的下降反映了在最近升级后向 Layer-2 使用的转变。</li>
<li>稳定的 TVL 和生态系统流动性表明，尽管基础层收入下降，网络活动仍然健康。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

由于升级将活动转移到 Layer-2，以太坊的费用降至新低