比特幣迎來第五紀元，標誌著加密貨幣的分水嶺時刻

比特幣成功減半後進入“第五紀元”，引發交易活動激增，交易成本創歷史新高。 Runes 的推出以及比特幣第 2 層解決方案（例如閃電網路）的潛在增長促進了活動的增加，並提高了人們對比特幣生態系統未來的期望。

Bitcoin Enters Epoch V, Signaling a Pivotal Era for the Crypto Landscape

比特幣進入第五紀元，標誌著加密貨幣格局進入關鍵時代

On April 20, 2023, Bitcoin underwent its fourth successful halving, an epochal event in the cryptocurrency's history. This programmed reduction in the issuance of new bitcoins through mining marks the beginning of "Epoch V," a period that promises to be transformative for the Bitcoin ecosystem.

2023 年 4 月 20 日，比特幣成功第四次減半，這是加密貨幣歷史上的劃時代事件。透過挖礦減少新比特幣發行的計畫標誌著「第五紀元」的開始，這段時期有望為比特幣生態系統帶來改變。

Coinciding with the halving was the launch of Runes, a groundbreaking protocol that facilitates the creation of meme coins on Bitcoin's blockchain. This launch has resulted in a surge in token activity, with over $80 million in fees generated for Bitcoin miners. Concurrently, transaction costs on Bitcoin have reached an average of over $70, an unprecedented 1,395.8% increase compared to the previous 30-day average, according to data from TokenTerminal.

與減半同時發生的是 Runes 的推出，這是一個突破性的協議，有助於在比特幣區塊鏈上創建模因硬幣。這次發布導致代幣活動激增，為比特幣礦工帶來了超過 8000 萬美元的費用。同時，根據 TokenTerminal 的數據，比特幣的平均交易成本已達到 70 美元以上，與先前 30 天的平均交易成本相比，史無前例地增加了 1,395.8%。

Layer 2 Solutions Emerge as a Catalyst for Innovation

第 2 層解決方案成為創新催化劑

Experts anticipate that Epoch V will witness the rise of Bitcoin layer 2 solutions like the Lightning Network, a technology that enables faster and cheaper transactions off-chain. The halving has driven transaction fees to record highs, prompting users to seek alternative options. Bitcoin Core developer Ava Chow states that "high fee environments will prompt people to look into" layer 2 solutions.

專家預計，Epoch V 將見證比特幣第 2 層解決方案的興起，例如閃電網絡，這種技術可以實現更快、更便宜的鏈下交易。減半導致交易費用創下歷史新高，促使用戶尋求替代選擇。 Bitcoin Core 開發者 Ava Chow 表示，「高費用環境將促使人們研究」第 2 層解決方案。

A recent report by Messari emphasizes the necessity of layer 2 solutions amidst Bitcoin's growing on-chain activity. This trend signals a shift from Bitcoin being perceived solely as "digital gold" to becoming a platform for innovation.

Messari 最近的一份報告強調了在比特幣不斷增長的鏈上活動中第二層解決方案的必要性。這一趨勢標誌著比特幣從僅僅被視為「數位黃金」轉變為創新平台。

Ordinals Protocol Opens New Possibilities

Ordinals 協定開啟新的可能性

The launch of the Ordinals protocol last year paved the way for new data storage methods on Bitcoin's smallest units, satoshis. This has catalyzed a surge in innovative applications, including BitVM for off-chain computations, Babylon for staking and yield generation on BTC, and layer 2s like Stacks and Merlin that host decentralized apps and meme coins.

去年 Ordinals 協議的推出為比特幣最小單位聰的新資料儲存方法鋪平了道路。這促進了創新應用程式的激增，包括用於鏈下計算的 BitVM、用於 BTC 質押和收益生成的 Babylon，以及託管去中心化應用程式和 Meme 幣的 Stacks 和 Merlin 等 Layer 2。

Outperformance of Layer 2 Tokens Post-Halving

減半後 Layer 2 代幣的表現優於其他代幣

Since the halving, tokens associated with Bitcoin layer 2s have outperformed BTC. For example, Elastos rose 11%, SatoshiVM climbed 5%, and Stacks gained nearly 20% to reach $2.87, partly driven by the anticipated Nakamoto upgrade.

自減半以來，與比特幣第 2 層相關的代幣的表現優於 BTC。例如，亦來雲上漲 11%，SatoshiVM 上漲 5%，Stacks 上漲近 20%，達到 2.87 美元，部分原因是中本聰升級預期。

Challenges and Considerations

挑戰和考慮因素

While market forces are driving action to Bitcoin's secondary layers, challenges remain. High BTC fees may exclude users with low balances from platforms like Lightning, necessitating solutions such as custodial services. However, concerns arise over the potential erosion of user sovereignty and anonymity with custodial Lightning solutions.

儘管市場力量正在推動比特幣第二層的行動，但挑戰仍然存在。高額比特幣費用可能會將餘額較低的用戶排除在閃電網路等平台之外，從而需要託管服務等解決方案。然而，人們擔心託管閃電解決方案可能會侵蝕使用者主權和匿名性。

The Legacy of the Blocksize Wars

區塊大小戰爭的遺產

The current landscape reflects the impact of the Blocksize Wars, a contentious debate within the Bitcoin community that occurred in 2017. The decision to prioritize layer 2 scaling over block size increases set the course for Bitcoin's current trajectory. As noted by Chow, the choice between block size and transaction size adjustments represents a fundamental divide in Bitcoin's scaling debate, shaping its evolution to date.

當前的情況反映了區塊大小戰爭的影響，這是2017 年比特幣社區內發生的一場有爭議的辯論。奠定了基礎。正如 Chow 所指出的，區塊大小和交易大小調整之間的選擇代表了比特幣擴容論點中的根本分歧，影響了其迄今為止的演變。

Conclusion

結論

As Bitcoin enters Epoch V, the crypto landscape stands poised for significant transformation. Layer 2 solutions promise to alleviate transaction congestion and reduce costs, opening up new possibilities for innovation and expansion. However, challenges and trade-offs will need to be carefully considered as Bitcoin transitions into this new era. The choices made during this period will shape the future of the world's leading cryptocurrency for years to come.

隨著比特幣進入第五紀元，加密貨幣格局即將發生重大轉變。第 2 層解決方案有望緩解交易擁塞並降低成本，為創新和擴展開闢新的可能性。然而，隨著比特幣過渡到這個新時代，需要仔細考慮挑戰和權衡。在此期間所做的選擇將塑造未來幾年世界領先加密貨幣的未來。