加密貨幣的下一個挑戰：流動性碎片

加密在增加交易吞吐量方面已經走了很長一段路。新的第1層（L1）和側網提供的交易比以往任何時候都更快，更便宜。

Crypto has come a long way in boosting transaction throughput. New layer 1s (L1s) and side networks offer faster, cheaper transactions than ever before. Yet, a core challenge has come into focus: liquidity fragmentation — the scattering of capital and users across an ever-growing maze of blockchains.

加密在增加交易吞吐量方面已經走了很長一段路。新的第1層（L1）和側網提供的交易比以往任何時候都更快，更便宜。然而，核心挑戰已經成為重點：流動性分散 - 資本和用戶在不斷增長的區塊鏈迷宮中的散射。

In a recent blog post, Vitalik Buterin highlighted how scaling successes have led to unforeseen coordination challenges. With so many chains and so much value splintered among them, participants face a daily tangle of bridging, swapping and wallet-switching.

Vitalik Buterin在最近的博客文章中強調了擴大成功如何導致無法預料的協調挑戰。他們中間有這麼多連鎖和如此多的價值分裂，參與者每天都會糾纏橋樑，交換和錢包轉換。

While these issues affect Ethereum, they also affect nearly every ecosystem. No matter how advanced, new blockchains risk becoming liquidity “islands” that struggle to connect with one another.

儘管這些問題影響以太坊，但它們幾乎影響了每個生態系統。不管多麼先進，新區塊鏈風險成為流動性“島嶼”，這些流動性“島嶼”很難彼此建立聯繫。

The real costs of fragmentation

分裂的實際成本

Liquidity fragmentation means there is no single “pool” of assets for traders, investors or decentralized finance (DeFi) applications to tap into. Instead, each blockchain or side network hosts its own siloed liquidity. For a user who wants to buy a token or access a specific lending platform, this siloing introduces multiple headaches.

流動性分裂意味著交易者，投資者或分散融資（DEFI）申請沒有單一的“池”資產。相反，每個區塊鍊或側網絡都有自己的孤立流動性。對於想要購買令牌或訪問特定貸款平台的用戶，此孤島引入了多個頭痛。

Switching networks, opening specialized wallets and paying multiple transaction fees are far from seamless, especially for those less tech-savvy. Liquidity is also thinner in each isolated pool, leading to price disparities and higher slippage on trades.

切換網絡，打開專業錢包和支付多個交易費用遠非無縫，尤其是對於那些精通技術的人而言。每個孤立的池中的流動性也更薄，導致價格差距和交易的較高滑倒。

Many users resort to bridges to move capital across chains, yet these have been frequent targets for exploits, raising fear and mistrust. If it’s too cumbersome or risky to move liquidity around, DeFi fails to gain mainstream momentum.

許多用戶求助於橋樑以跨鏈條遷移資金，但這些都是經常實現漏洞的目標，從而增加了恐懼和不信任。如果轉移流動性太麻煩或冒險，Defi將無法獲得主流動力。

Recently: What are exit liquidity traps — and how to detect them before it is too late

最近：什麼是出口流動性陷阱 - 如何在為時已晚之前檢測到它們

Buterin also notes that optimism about new, heterogeneous layer-2 (L2) solutions might be placing too little emphasis on the integration of these solutions with the broader Ethereum ecosystem. Different participants — Ethereum as a settlement layer, L2s focusing on execution, and various bridging services — have their own motivations, resulting in fragmented liquidity.

Buterin還指出，對新的，異質的第2層（L2）解決方案的樂觀態度可能對這些解決方案與更廣泛的以太坊生態系統的整合進行了太少的重視。不同的參與者 - 以太坊作為定居層，專注於執行的L2和各種橋接服務 - 有自己的動機，導致流動性分散。

Buterin’s observations highlight the need for more cohesive designs, like those being explored by certain layer-1 protocols and specialized frameworks. Interoperability is treated as a foundational element rather than an optional add-on. Validator nodes automatically handle crosschain connections, so new chains or side networks can launch with immediate access to the broader ecosystem’s liquidity. This reduces reliance on third-party bridges that often introduce security risks and user friction.

Buterin的觀察結果強調了需要更具凝聚力設計的必要性，例如通過某些層1協議和專業框架探索的設計。互操作性被視為基礎元素，而不是可選的附加組件。驗證器節點會自動處理交叉鏈連接，因此新鍊或側網絡可以立即訪問更廣泛的生態系統的流動性。這減少了對經常引入安全風險和用戶摩擦的第三方橋樑的依賴。

An integrated base-layer model brings these components together at launch, ensuring that capital can flow freely without forcing users to navigate multiple wallets, bridge solutions, or rollups. An integrated routing mechanism also consolidates asset transfers, merging the liquidity of various protocols and chains to create a unified pool in the background. By capturing a fraction of the overall liquidity flow rather than charging users for every transaction, such protocols reduce friction and encourage capital mobility across the network. Developers deploying new blockchains gain instant access to a shared liquidity base while end-users avoid juggling multiple tools or encountering unexpected fees. This emphasis on integration helps maintain a seamless experience, even as more networks come online.

一個集成的基層模型將這些組件在啟動時匯集在一起​​，從而確保資本可以自由流動而不強迫用戶導航多個錢包，橋樑解決方案或匯總。集成的路由機制還鞏固了資產轉移，合併了各種協議和鏈的流動性，以在後台創建一個統一的池。通過捕獲總體流動性流量的一部分，而不是為每個交易向用戶收取費用，此類協議會減少摩擦並鼓勵整個網絡的資本流動性。部署新區塊鏈的開發人員可以立即訪問共享的流動性基礎，而最終用戶避免兼顧多個工具或遇到意外費用。對集成的重視有助於保持無縫的體驗，即使越來越多的網絡上網。

Buterin’s post focuses on Ethereum’s rollups, but the fragmentation problem is the same regardless of which modular or heterogeneous chain a project builds on. Whether it’s an Ethereum Virtual Machine-compatible chain, a WebAssembly-based platform, or something else, the same trap occurs if liquidity is fenced off.

Buterin的帖子著重於以太坊的匯總，但是分裂問題與項目建立的模塊化或異質鏈相同。無論是以太坊虛擬機器兼容鏈，一個基於WebSembly的平台，還是其他東西，如果流動性被圍起來，也會發生相同的陷阱。

As more protocols explore base-layer solutions — embedding automatic interoperability and routing into their chain design — there’s hope that future networks won’t splinter capital further but instead help unify it. A clear principle emerges: throughput means little without connectivity.

隨著越來越多的協議探索基礎層解決方案（將自動互操作性嵌入到其鏈設計中），希望未來的網絡不會進一步拆分資本，而是有助於統一它。明確的原理出現了：吞吐量幾乎沒有連接性。

Ideally, users shouldn’t need to think about L1s, L2s or sidechains. They just want seamless access to decentralized applications (DApps), games and financial services. Adoption will follow if stepping onto a new chain feels identical to operating on a familiar network.

理想情況下，用戶不需要考慮L1，L2S或Sidechains。他們只想無縫訪問分散應用程序（DAPP），遊戲和金融服務。如果踏上新鏈與在熟悉的網絡上操作相同，則將隨後採用。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出於一般信息目的，不打算被視為法律或投資建議。這裡表達的觀點，思想和觀點是作者獨自一人，不一定反映或代表Cointelegraph的觀點和觀點。