#Marvin #火星狗 #ETH #DIA #TIA
The weak trend of Ethereum (ETH) is mainly caused by the following key factors:
1. Declining revenue
Since 2022, Ethereum's market share of blockchain fee revenue has dropped from 86% to 33%, while its share of decentralized exchange (DEX) trading volume has dropped from 42% to 29%.
2. Technology upgrade strategy
Ethereum encourages users to adopt Layer 2 transactions through upgrades, but this strategy has not yet brought value growth to Ethereum. Layer 2 erodes economic benefits in many ways, while the user experience is still not ideal and the transaction speed is much lower than other competing public chains.
3. Value extraction of service entities
Ethereum's smart contract platform relies on users to transfer or trade assets on the chain, generating revenue through fees and miners' maximum extractable value (MEV). Lacking speculation-driven on-chain revenue, blockchain can only pin its value on uncertain long-term potential.
4. Market competition
Ethereum faces challenges from other high-throughput Layer 2 competitors such as Solana, which are gradually attracting demand that once relied on Ethereum.
Ethereum Foundation's spending transparency issue
The Ethereum Foundation's spending transparency issue has also become a new focus, triggering widespread discussion in the community, which has further exacerbated the market's doubts about Ethereum's overall performance.
Market trends and macroeconomic environment
5. The uncertainty of the US election results and the results of the Federal Reserve's interest rate meeting may have an impact on market sentiment, especially when the macroeconomic environment is already quite vague.
These factors work together to lead to Ethereum's relatively weak performance in the currency circle.
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