<p>以太坊的基礎層交易費用已降至今年最低水平，儘管整個生態系統中的鎖定資本仍相對穩定。</p>
<p>最新的 Glassnode 和 DeFiLlama 數據顯示，費用收入持續下降，這表明用户與網絡的互動發生了結構性變化，而不是使用量的崩潰。</p>
<p>總交易費用的 90 天移動平均值自 2025 年初以來穩步下降。歷史上，較低的費用反映了對區塊空間的需求減弱，但這一週期看起來有所不同：以太坊的總鎖定價值（TVL）和生態系統資本保持穩定，這表明用户仍然活躍，但在其他地方執行交易。</p>
<h2><strong>以太坊 Fusaka 和擴容升級減輕主網壓力</strong></h2>
<p>來自 Glassnode 的數據表明，在 2025 年 1 月至 5 月之間，以太坊費用在劇烈下降後繼續下降，從超過 1800 降至約 389 ETH。截至撰寫時，費用約為 289 ETH。</p>
<p>在以太坊的 Fusaka 升級後，下降趨勢仍在繼續，該升級擴展了數據容量並改善了吞吐量。</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>來源：Glassnode</p>
<p>這些變化使得 Rollups 和 Layer-2 網絡能夠更高效地結算活動，減少了對昂貴主網交易的需求。</p>
<p>早期的技術變更，包括 EIP-1559 和合並後的改進，也推動以太坊朝着一個模型發展，即日常活動發生在 L2 上，而基礎層則作為安全的結算環境。</p>
<h2><strong>L2 遷移重塑以太坊的收入結構</strong></h2>
<p>鏈收入和應用收入在同一時期也呈下降趨勢。這進一步強化了價值在多個執行層之間擴散的觀點，而不是完全從以太坊消失。</p>
<p>換句話説，網絡通過更便宜的層處理活動，而不是失去用户。截至撰寫時，鏈和應用收入分別為 850 萬美元和 660 萬美元。</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>來源：DeFiLlama</p>
<p>穩定的 TVL 支持這一觀點，目前 TVL 超過 705 億美元。儘管 ETH 價格波動，智能合約中的流動性仍然保持韌性，表明對 DeFi 服務和質押的持續需求，即使費用下降。</p>
<h2><strong>價格調整，基本面變化</strong></h2>
<p>ETH 已從近期高點回落，但費用的下降似乎與結構性變化關係更大，而不是興趣減少。截至撰寫時，交易價格約為 3127 美元。</p>
<p>如果 Layer-2 的採用繼續，且額外的升級擴展容量，以太坊的基礎層費用收入可能會穩定在較低的範圍內，而不一定意味着網絡基本面的減弱。</p>
<hr/>
<h2><strong>最後的思考</strong></h2>
<ul>
<li>以太坊交易費用的下降反映了在最近升級後向 Layer-2 使用的轉變。</li>
<li>穩定的 TVL 和生態系統流動性表明，儘管基礎層收入下降，網絡活動仍然健康。</li>
</ul>
<hr/>

ETHE

<p>以太坊的交易費用因升級將活動轉移到第二層網絡而降至新低。儘管費用降低，但鎖定的總價值（TVL）保持穩定，表明用户參與活躍。Fusaka 升級和其他技術變更提高了數據容量和吞吐量，降低了主網交易成本。鏈和應用的收入有所下降，但網絡基本面依然強勁，智能合約中的流動性穩定。以太坊的價格有所回調，但費用下降與結構性變化有關，而非興趣減少</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>以太坊的基礎層交易費用已降至今年最低水平，儘管整個生態系統中的鎖定資本仍相對穩定。</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 數據顯示，費用收入持續下降，這表明用户與網絡的互動發生了結構性變化，而不是使用量的崩潰。</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>總交易費用的 90 天移動平均值自 2025 年初以來穩步下降。歷史上，較低的費用反映了對區塊空間的需求減弱，但這一週期看起來有所不同：以太坊的總鎖定價值（TVL）和生態系統資本保持穩定，這表明用户仍然活躍，但在其他地方執行交易。</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 和擴容升級減輕主網壓力</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>來自 Glassnode 的數據表明，在 2025 年 1 月至 5 月之間，以太坊費用在劇烈下降後繼續下降，從超過 1800 降至約 389 ETH。截至撰寫時，費用約為 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 升級後，下降趨勢仍在繼續，該升級擴展了數據容量並改善了吞吐量。</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>來源：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>這些變化使得 Rollups 和 Layer-2 網絡能夠更高效地結算活動，減少了對昂貴主網交易的需求。</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>早期的技術變更，包括 EIP-1559 和合並後的改進，也推動以太坊朝着一個模型發展，即日常活動發生在 L2 上，而基礎層則作為安全的結算環境。</p>
</div><h2><strong>L2 migration reshapes Ethereum’s revenue profile</strong></h2>
<div class="lb-trans"><h2><strong>L2 遷移重塑以太坊的收入結構</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>鏈收入和應用收入在同一時期也呈下降趨勢。這進一步強化了價值在多個執行層之間擴散的觀點，而不是完全從以太坊消失。</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>換句話説，網絡通過更便宜的層處理活動，而不是失去用户。截至撰寫時，鏈和應用收入分別為 850 萬美元和 660 萬美元。</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>來源：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>穩定的 TVL 支持這一觀點，目前 TVL 超過 705 億美元。儘管 ETH 價格波動，智能合約中的流動性仍然保持韌性，表明對 DeFi 服務和質押的持續需求，即使費用下降。</p>
</div><h2><strong>Price corrects as fundamentals adjust</strong></h2>
<div class="lb-trans"><h2><strong>價格調整，基本面變化</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 已從近期高點回落，但費用的下降似乎與結構性變化關係更大，而不是興趣減少。截至撰寫時，交易價格約為 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 的採用繼續，且額外的升級擴展容量，以太坊的基礎層費用收入可能會穩定在較低的範圍內，而不一定意味着網絡基本面的減弱。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最後的思考</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>以太坊交易費用的下降反映了在最近升級後向 Layer-2 使用的轉變。</li>
<li>穩定的 TVL 和生態系統流動性表明，儘管基礎層收入下降，網絡活動仍然健康。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

由於升級將活動轉移到 Layer-2，以太坊的費用降至新低