以太坊 NVT 创 8 个月新高：这对 ETH 意味着什么？

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“合并”升级发生在一年前，将网络的共识机制从工作量证明 [PoW] 更改为权益证明 [PoS]。从那时起，不仅能源消耗减少了，以太坊也开始在其他方面看到改进。

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.

过去一年，网络上发生的 ERC-20 转账数量迅速增加。从合并前的30万到50万，到现在一直在125万到150万之间徘徊。尽管市场状况低迷，但仍出现了如此急剧的增长，表明用户正在更多地使用以太坊网络。从效用的角度来看，这是一个乐观的发展。

Also Read: 7 Chainlink Integrations Take Place on Ethereum, Base, Polygon

另请阅读：以太坊、Base、Polygon 上发生的 7 个 Chainlink 集成

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.

尽管网络上的交易量不断上升，但值得注意的是，以太坊的 NVT 刚刚创出了 8 个月来的新高。 NVT 上升意味着网络价值能够超过网络上传输的价值。换句话说，高价值表明与交易硬币的能力相比，以太坊网络的价值被高估了。通常，NVT 方面的不平衡并不是一个健康的迹象。如下图所示，ETH 与 NVT 呈负相关。这方面的峰值与价格创造的低点同时发生，反之亦然。

Also Read: Crypto: 75% of Binance’s Fiat Trading Volume Dominated by Turkey’s Lira

另请阅读：加密货币：土耳其里拉主导了币安法币交易量的 75%

Ethereum Price

以太坊价格

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.

在一年的时间内，ETH 的价格上涨了 16%。同期，该资产的供应量仅减少了 0.25%。自合并以来，超过 980,000 个 ETH 已被销毁，同时已发行约 680,000 个 ETH 新代币。

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，资产的价格将继续取决于投资者情绪、比特币的线索以及其自身的本地网络活动来取得进步。只有当供给减少步伐加快时，全面的通货紧缩叙事才会出现。

Also Read: Dogecoin Founder Slams President Biden Over 25% Tax Proposal

另请阅读：狗狗币创始人猛烈抨击拜登总统超过 25% 的税收提案