以太坊 NVT 創 8 個月新高：這對 ETH 意味著什麼？

Ethereum’s ‘Merge’ upgrade took place exactly a year ago, changing the network’s consensus mechanism from Proof of Work [PoW] to Proof of Stake [PoS]. Since then, not only has the energy consumption reduced, but Ethereum has also started seeing improvements on other fronts.

以太坊的「合併」升級發生在一年前，將網路的共識機制從工作量證明 [PoW] 改為權益證明 [PoS]。從那時起，不僅能源消耗減少了，以太坊也開始在其他方面看到改進。

The number of ERC-20 transfers taking place on the network has seen a swift incline over the past year. From revolving in the 300,000 to 500,000 pre-Merge, the number has now been hovering in the 1.25 million to 1.5 million bracket lately. This steep increase has been registered despite the sluggish market conditions, indicating that Ethereum network is being used more by users. From the utility point of view, this is an optimistic development.

過去一年，網路上發生的 ERC-20 轉帳數量迅速增加。從合併前的30萬到50萬，到現在一直在125萬到150萬之間徘徊。儘管市場狀況低迷，但仍出現瞭如此急劇的增長，表明用戶正在更多地使用以太坊網路。從效用的角度來看，這是一個樂觀的發展。

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Even though the transactions on the network are rising, it should be noted that Ethereum’s NVT has just created an 8 month high. A rising NVT means the network value is being able to outpace the value being transferred on the network. In other words, high values indicate that the Ethereum network is overvalued when compared to the ability to transact coins in terms of volume. Typically, imbalances on the NVT front is not a healthy sign. As illustrated below, ETH has shared an inverse correlation with the NVT. Peaks on this front have coincided with lows created by the price, and vice versa.

儘管網路上的交易量不斷上升，但值得注意的是，以太坊的 NVT 剛剛創出了 8 個月來的新高。 NVT 上升意味著網路價值能夠超過網路上傳輸的價值。換句話說，高價值表明與交易硬幣的能力相比，以太坊網路的價值被高估了。通常，NVT 方面的不平衡並不是一個健康的跡象。如下圖所示，ETH 與 NVT 呈負相關。這方面的高峰與價格創造的低點同時發生，反之亦然。

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Ethereum Price

以太坊價格

On the one year timeframe, ETH is up 16% on the price front. In the same period, the asset’s supply has noted a reduction of only 0.25%. Since the Merge, more than 980,000 ETH have been destroyed, while ~680,000 ETH fresh tokens have been issued.

在一年的時間內，ETH 的價格上漲了 16%。同期，該資產的供應量僅減少了 0.25%。自合併以來，超過 98 萬個 ETH 已被銷毀，同時已發行約 68 萬個 ETH 新代幣。

Thus, the price of the asset would continue to depend on investor sentiment, Bitcoin’s cues, and its own native network activity to make advancements. Only when the supply reduction paces up, would the full-fledged deflationary narrative come into picture.

因此，資產的價格將繼續取決於投資者情緒、比特幣的線索以及其自身的本地網路活動來取得進展。只有當供給減少步伐加快時，全面的通貨緊縮敘事才會出現。

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