更好地利用區塊鏈指標

區塊鏈產生大量公共數據。在加密推特上，人們不斷比較區塊鏈 A 和區塊鏈 B，投資者、研究人員和意見領袖 (KOL) 在捍衛自己的觀點時有許多指標可供參考。然而，這些數字的濫用往往會模糊人們對該領域的理解。

Blockchains generate a vast amount of public data. On Crypto Twitter, people constantly compare Blockchain A and Blockchain B, and investors, researchers, and opinion leaders (KOLs) have many metrics to reference when defending their viewpoints. However, the misuse of these numbers often obscures people's understanding of the field.

區塊鏈產生大量公共數據。在加密推特上，人們不斷比較區塊鏈 A 和區塊鏈 B，投資者、研究人員和意見領袖 (KOL) 在捍衛自己的觀點時有許多指標可供參考。然而，這些數字的濫用往往會模糊人們對該領域的理解。

In today's 0xResearch article, we will explore three metrics and the issues surrounding them: active addresses, blockchain "profitability," and total value secured.

在今天的 0xResearch 文章中，我們將探討三個指標及其相關問題：活躍地址、區塊鏈「獲利能力」和安全總價值。

Active Addresses

活躍地址

"Active addresses" refer to how many active, paying users there are on a particular protocol.

「活躍地址」是指特定協議上有多少活躍付費用戶。

"The Facebook has three billion monthly active users" is useful information that tells us something about this social network. Since spammers do not have enough profit opportunities to flood Facebook, active addresses are a good way to assess the platform's real value to consumers.

「Facebook 每月擁有 30 億活躍用戶」是一個有用的信息，可以告訴我們有關這個社交網絡的一些信息。由於垃圾郵件發送者沒有足夠的盈利機會來淹沒 Facebook，因此活躍地址是評估該平台對消費者真正價值的好方法。

However for blockchains, the value of active addresses diminishes due to the ease of creating new wallets and the obvious opportunities to profit through airdrops or protocols.

然而，對於區塊鏈來說，由於創建新錢包的容易性以及透過空投或協議獲利的明顯機會，活躍地址的價值會下降。

For example, the following chart shows a clear case: Solana had the most daily active addresses in the past month, making it appear very active.

例如，下圖顯示了一個明顯的情況：Solana 在過去一個月中擁有最多的每日活躍地址，使其顯得非常活躍。

Most Solana users trade on decentralized exchanges (DEXs), so we need to closely observe the activity on DEXs. When we delve into the active addresses on Solana's DEX, we find that in the past day, most addresses—about 3.4 million out of a total of 4.4 million—had a lifetime trading volume of less than $10.

大多數 Solana 用戶在去中心化交易所（DEX）上進行交易，因此我們需要密切觀察 DEX 上的活動。當我們深入研究 Solana DEX 上的活躍地址時，我們發現在過去的一天中，大多數地址（總共 440 萬個地址中約有 340 萬個）的生命週期交易量低於 10 美元。

This suggests that due to Solana's low transaction fees, there may be a lot of spam or bot activity rather than a large number of "quality" users.

這表明，由於 Solana 的交易費用較低，可能存在大量垃圾郵件或機器人活動，而不是大量「優質」用戶。

Here’s another example I mentioned earlier: Celo L1 (now L2) saw its daily active addresses for sending stablecoins surge to 646,000 in September. This number surpassed Tron, attracting the attention of Vitalik Buterin and CoinDesk.

這是我之前提到的另一個例子：Celo L1（現在的 L2）9 月發送穩定幣的每日活躍地址激增至 646,000 個。這個數字超過了 Tron，吸引了 Vitalik Buterin 和 CoinDesk 的注意。

Upon deeper analysis, Variant Fund data analyst Jack Hackworth found that 77% of Celo addresses transferred amounts of less than two cents, primarily because thousands of users were claiming small amounts of funds through a universal basic income protocol called GoodDollar. In both cases, active addresses indicated high usage, but upon closer examination, this assertion does not hold.

經過更深入的分析，Variant Fund 數據分析師Jack Hackworth 發現，77% 的Celo 地址轉帳金額不到2 美分，這主要是因為成千上萬的用戶透過名為GoodDollar 的通用基本收入協議申領小額資金。在這兩種情況下，活動地址都表明使用率很高，但經過仔細檢查，這項斷言並不成立。

For more related information, you can refer to Dan Smith's research, which focuses on the misuse of daily active addresses.

更多相關信息，可以參考 Dan Smith 的研究，該研究重點關注日常活躍地址的濫用。

Blockchain Profitability

區塊鏈獲利能力

Instead of focusing on active addresses to study blockchain activity, it is better to look at network fee metrics. Fees reflect the total gas consumption of using the protocol, without considering the issue of "quality" users.

與其關注活躍地址來研究區塊鏈活動，不如關注網路費用指標。費用反映了使用該協議的總 Gas 消耗量，而不考慮「優質」用戶的問題。

Fees are often used by analysts and investors to determine which blockchains generate the most "revenue." We then consider the token issuance paid to validators as a cost. The result is the blockchain's "profitability."

分析師和投資者經常使用費用來確定哪些區塊鏈產生最多的「收入」。然後，我們將支付給驗證者的代幣發行視為成本。結果就是區塊鏈的「獲利能力」。

This is how Token Terminal generates "financial statements" for crypto protocols. For example, the chart below shows that Ethereum L1 has accumulated millions of dollars in losses over the past two months.

這就是令牌終端為加密協議產生「財務報表」的方式。例如，下圖顯示，以太幣 L1 在過去兩個月內累積損失了數百萬美元。

The only issue is that this calculation does not take into account a key factor: unlike PoW chains (like Bitcoin), users on PoS chains can also easily earn token issuance rewards.

唯一的問題是，這種計算沒有考慮到一個關鍵因素：與 PoW 鏈（如比特幣）不同，PoS 鏈上的用戶也可以輕鬆獲得代幣發行獎勵。

After all, if I can earn a 5% ETH/SOL staking yield from liquid staking platforms like Lido or Jito, why should I care whether the network is "unprofitable"? Therefore, concluding that "Ethereum is unprofitable" by treating token issuance as a cost is problematic.

畢竟，如果我可以從 Lido 或 Jito 等流動質押平台獲得 5% 的 ETH/SOL 質押收益率，我為什麼要關心網路是否「無利可圖」？因此，將代幣發行視為成本來得出「以太坊無利可圖」的結論是有問題的。

In the real world, inflation is harmful because when central banks print money in large quantities, the increased money supply reaches different participants in the economy at different times, and those who receive the new money first benefit before "real" price adjustments occur. This is known as the Cantillon Effect.

在現實世界中，通貨膨脹是有害的，因為當央行大量印鈔時，增加的貨幣供應量會在不同時間到達經濟中的不同參與者，而那些收到新貨幣的人會在“真正的”價格調整發生前先受益。這就是所謂的坎蒂隆效應。

In the PoS blockchain economy, this is not the case, as inflation (i.e., token issuance) is received simultaneously by everyone. Therefore, no one becomes richer or poorer because of it—everyone's wealth remains unchanged.

在 PoS 區塊鏈經濟中，情況並非如此，因為通貨膨脹（即代幣發行）是每個人同時收到的。因此，沒有人因此而變得更富或更窮——每個人的財富都保持不變。

Instead, we can consider using the Real Economic Value (REV) as an alternative metric. REV combines network fees and MEV tips given to validators but does not treat token issuance as a cost.

相反，我們可以考慮使用實際經濟價值（REV）作為替代指標。 REV 結合了網路費用和給予驗證者的 MEV 小費，但不將代幣發行視為成本。

Based on this, we can see that Ethereum has actually been profitable over the past two months:

由此我們可以看出，以太坊在過去兩個月裡其實是獲利的：

REV can be said to be a better metric for assessing the real demand of the network and is a revenue metric that is more comparable to traditional finance (TradFi).

REV可以說是評估網路真實需求的更好指標，也是與傳統金融（TradFi）更具可比性的收入指標。

In summary, traditional profit and loss accounting methods are not easily applicable to blockchains.

綜上所述，傳統的損益核算方法並不容易適用於區塊鏈。

For more information on this complex topic, you can listen to the recent Bell Curve podcast featuring Jon Charbonneau.

有關這個複雜主題的更多信息，您可以收聽 Jon Charbonneau 最近主持的鐘形曲線播客。

Total Transaction Value (TTV), Not Total Value Secured (TVS)

總交易價值 (TTV)，而非總擔保價值 (TVS)

Oracles are the key infrastructure for blockchains to obtain off-chain data. Without oracles like Chainlink, the blockchain economy cannot reliably reflect real-world

預言機是區塊鏈獲取鏈下數據的關鍵基礎設施。如果沒有像 Chainlink 這樣的預言機，區塊鏈經濟就無法可靠地反映現實世界