解碼以太坊的業務模型：從汽油費到燃燒的代幣

在傳統的投資領域和風險投資中，商業模式是投資者在查看公司或項目時檢查的關鍵因素之一。

In traditional investment fields and venture capital, the business model is one of the key factors that investors examine when looking at a company or project.

在傳統的投資領域和風險投資中，商業模式是投資者在查看公司或項目時檢查的關鍵因素之一。

However, in the crypto industry ecosystem, investors seem less enthusiastic about discussing this factor. But I believe we must return to normal logic and common sense; aside from Bitcoin and similar collectibles, the business model of all other projects should be discussed.

但是，在加密行業的生態系統中，投資者似乎不太熱情討論這一因素。但是我相信我們必須恢復正常的邏輯和常識。除了比特幣和類似的收藏品外，還應討論所有其他項目的業務模型。

Let’s start with Ethereum.

讓我們從以太坊開始。

To understand what Ethereum's business model is, we need to look at how Ethereum operates, what services it provides to users, and what its sources of income are.

要了解以太坊的業務模型是什麼，我們需要研究以太坊的運營方式，其為用戶提供的服務以及其收入來源是什麼。

As a layer-1 blockchain, Ethereum provides services that support the deployment, operation, and transfer of upper-layer applications (smart contracts) and users (wallets). Its source of income comes from the GAS fees paid by these applications and users for these actions (transactions).

作為第1層區塊鏈，以太坊提供了支持上層應用程序（智能合約）和用戶（錢包）的部署，操作和轉移的服務。其收入來源來自這些應用程序和用戶為這些行動（交易）支付的汽油費。

The GAS fees it receives can be further divided into two categories: one is the tips given to miners, and the other is the burned GAS.

它收到的汽油費可以進一步分為兩類：一個是給礦工的提示，另一個是燃燒的氣體。

The tips given to miners can be seen as Ethereum's expenditure to maintain the system.

給礦工的提示可以看作是以太坊維護系統的支出。

At the same time, Ethereum also issues new tokens each year to reward miners for mining. I also consider this part as an expenditure.

同時，以太坊還會發出新的代幣，以獎勵礦工的採礦。我也認為這部分是支出。

The burned GAS, on the other hand, provides meaningful income back to all Ethereum token holders. This income can be seen as being used for token buybacks and destruction, benefiting all token holders.

另一方面，燃燒的天然氣為所有以太坊代幣持有人提供了有意義的收入。該收入可以看作是用於代幣回購和破壞，使所有令牌持有人受益。

Therefore, the total burned tokens minus all newly issued tokens gives us Ethereum's truly effective "net profit."

因此，燒毀的代幣總數減去所有新發行的代幣都為我們提供了以太坊真正有效的“淨利潤”。

This is Ethereum's business model.

這是以太坊的商業模式。

On Etherscan (https://etherscan.io/chart/dailyethburnt), you can check the daily burning amount of Ethereum. After the implementation of EIP-1559 in August 2021, the daily burning amount during the peak period in 2021 was approximately 10,000 to 20,000 ETH.

在Etherscan（https://etherscan.io/chart/dailyethburnt）上，您可以檢查每日燃燒的以太坊數量。在2021年8月實施EIP-1559之後，2021年高峰期的每日燃燒數量約為10,000至20,000 ETH。

On Etherscan (https://etherscan.io/chart/ethersupplygrowth), you can find that Ethereum issued approximately 3 million ETH in 2024, with a daily issuance of about 8,300 ETH.

在Etherscan（https://etherscan.io/chart/ethersupplygrowth）上，您可以發現以太坊在2024年發行了約300萬ETH，每天發行約8,300 ETH。

If we calculate based on a daily burn of 10,000 ETH, the annual income of the Ethereum network during its peak period is 3.65 million ETH. If we calculate based on a daily burn of 20,000 ETH, the annual income of the Ethereum network during its peak period is 7.3 million ETH.

如果我們根據10,000 ETH的每日燃燒計算，那麼以太坊網絡在高峰期的年收入為365萬ETH。如果我們根據20,000 ETH的每日燃燒計算，那麼以太坊網絡在高峰期的年收入為730萬ETH。

Subtracting the amount of newly issued tokens from the total burned amount, we find that Ethereum's peak annual "net profit" is approximately 650,000 ETH to 4.3 million ETH.

從燒毀的總金額中減去新發行的代幣的數量，我們發現以太坊的峰值年度“淨利潤”約為650,000 ETH至430萬ETH。

Based on the average price of Ethereum in 2021 being around $2,000, its annual net profit would be $1.3 billion to $8.6 billion.

根據2021年以太坊的平均價格約為2,000美元，其年淨利潤將為13億美元至86億美元。

Let’s compare this maximum value of $8.6 billion with Alibaba, which is also a platform :

讓我們將此最高價值與阿里巴巴進行比較，這也是一個平台：

Alibaba's latest annual report shows that its net profit for 2024 is approximately $21 billion.

阿里巴巴的最新年度報告顯示，其2024年的淨利潤約為210億美元。

It can be seen that Ethereum's maximum annualized net profit during its peak period is close to half of Alibaba's.

可以看出，以太坊在高峰期的最高年度淨利潤接近阿里巴巴的一半。

In the peak profit year of 2021, Ethereum's price was around $2,000 to $4,000, with a corresponding market capitalization of approximately $200 billion to $500 billion.

在2021年的峰值利潤年中，以太坊的價格約為2,000至4,000美元，相應的市值約為2000億美元至5000億美元。

Thus, Ethereum's maximum market capitalization that year was $500 billion, while Alibaba's current market capitalization is $300 billion ; however, Ethereum's maximum annualized net profit that year was less than half of Alibaba's.

因此，當年以太坊的最高市值為5000億美元，而阿里巴巴目前的市值為3000億美元；但是，以太坊當年的最高年度淨利潤不到阿里巴巴的一半。

From this perspective, it appears that Ethereum's market capitalization at that time was overvalued, but not as absurdly overvalued as we might subconsciously think.

從這個角度來看，當時以太坊的市值被高估了，但並沒有像我們潛意識的想法那樣被高估。

Overall, it seems that traditional valuation methods are also applicable in the crypto ecosystem.

總體而言，似乎傳統的評估方法也適用於加密生態系統。

Let’s further imagine that if Ethereum's ecosystem flourishes again in the future and reaches the scale of Amazon today, we can roughly estimate its corresponding market capitalization.

我們進一步想像，如果以太坊的生態系統將來再次蓬勃發展並達到了今天的亞馬遜規模，我們可以大致估算其相應的市值。

Amazon's net profit for 2024 is $59.2 billion, and its current market capitalization is $2 trillion.

亞馬遜2024年的淨利潤為592億美元，目前的市值為2萬億美元。

If Ethereum can reach this level, its corresponding unit price would be approximately $17,000, with a daily "net profit" of about 9,500 ETH, corresponding to a daily burn of approximately 18,000 ETH (assuming the issuance rate of Ethereum remains unchanged).

如果以太坊能夠達到此水平，其相應的單位價格約為17,000美元，每天的“淨利潤”約為9,500 ETH，相當於每日燃燒約18,000 ETH（假設以太坊的發行率保持不變）。

It is important to note that this 18,000 ETH is the average daily burn ; in real daily situations, I estimate the actual daily burn of ETH to be between 15,

重要的是要注意，這個18,000 ETH是平均每日燃燒。在實際的日常情況下，我估計ETH的實際日常燃燒在15之間，