#2025Gate年度账单 2025 has undoubtedly been a year full of contradictions and controversies for Ethereum. Despite influencers promoting, various DATs, numerous technical upgrades, and hacker campaigns, the performance in the secondary market has been disappointing: Ethereum has fallen into an "awkward" middle ground: in terms of asset attributes, it seems to lack the pure commodity and safe-haven consensus that Bitcoin as "digital gold" possesses; in terms of technical performance and fee capture, it faces fierce competition from high-performance chains like Solana and Hyperliquid, which appear to be more aligned with investors' preferences and valuation models in throughput and fee capture. Additionally, the 2024 Dencun upgrade did not restore Ethereum's former glory but instead became a nightmare that devours narratives.

ETH0,39%
BTC0,24%
SOL-0,87%
HYPE0,63%
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