DeFi 引領以太坊 Gas 費生成

以市值計算，以太坊仍然是迄今為止最大的智慧合約平台。該網絡在市值排行榜上排名第二，擁有跨多個領域的 dapp。

Ethereum, the leading smart contracts platform by market capitalization, hosts a wide range of decentralized applications (dapps) spanning multiple sectors. While activities related to the Metaverse, gaming, and NFTs have declined, decentralized finance (DeFi) remains strong, as evidenced by the steady recovery in total value locked (TVL), according to data from DeFiLlama.

以太坊是按市值計算領先的智能合約平台，託管著跨多個領域的廣泛去中心化應用程式 (dapp)。 DeFiLlama 的數據顯示，雖然與元宇宙、遊戲和 NFT 相關的活動有所下降，但去中心化金融 (DeFi) 仍然強勁，鎖定總價值 (TVL) 的穩步復甦就證明了這一點。

DeFi applications have played a significant role in driving gas fees on Ethereum. To further illustrate this dominance, DragonFly's managing partner shared data from CoinShares on a Zoom call, highlighting the primary sources of gas fees over the years.

DeFi 應用程式在推動以太坊 Gas 費用方面發揮了重要作用。為了進一步說明這種主導地位，DragonFly 的管理合夥人在 Zoom 電話會議上分享了來自 CoinShares 的數據，強調了多年來 Gas 費的主要來源。

Following Ethereum's launch, gas fees have continued to increase, with a notable dip after the initial coin offering (ICO) mania of 2017 and 2018. During this period, the annual gas fees generated by the network tanked from $143 million in 2018 to as low as $46 million in 2019.

以太坊推出後，汽油費持續增加，在2017 年和2018 年首次代幣發行(ICO) 熱潮之後，汽油費顯著下降。至最低水準2019 年為 4,600 萬美元。

However, after this contraction, which came in the aftermath of the crypto winter of 2018, gas fees generated by the network exploded. This uptick in momentum coincided with the rising popularity of ERC-20 tokens, which allowed protocols to easily issue tokens and the increasing adoption of DeFi.

然而，在 2018 年加密貨幣寒冬之後出現的收縮之後，網路產生的 Gas 費出現爆炸性增長。這種勢頭的上升與 ERC-20 代幣的日益普及同時發生，這使得協議能夠輕鬆發行代幣以及 DeFi 的日益普及。

The resurgence in DeFi activity can be traced back to the late 2018 launch of Uniswap, a decentralized exchange (DEX), and the introduction of the automated market maker (AMM) model, which decentralized liquidity provision. DEXs constitute a major component of DeFi, with some of the most popular DeFi protocols being DEXs like Curve and Uniswap, according to DeFiLlama.

DeFi 活動的復甦可以追溯到 2018 年底去中心化交易所（DEX）Uniswap 的推出，以及自動做市商（AMM）模型的引入，該模型可以分散流動性供應。據 DeFiLlama 稱，DEX 是 DeFi 的主要組成部分，一些最受歡迎的 DeFi 協議是 Curve 和 Uniswap 等 DEX。

From 2018 to 2020, the network predominantly derived its fees from ERC-20 transfers. As DeFi gained steam on Ethereum during the last bull cycle from 2021, the majority of gas fees shifted to DEXs.

從 2018 年到 2020 年，該網路的費用主要來自 ERC-20 轉帳。隨著 2021 年以來的最後一個牛市週期中 DeFi 在以太坊上的發展，大部分 Gas 費用轉移到了 DEX。

DEX Gas Fees Decline As ERC-20 And Stablecoin Transfers Increase, Blame Dencun?

隨著 ERC-20 和穩定幣轉帳的增加，DEX Gas 費用下降，這都怪 Dencun？

Interestingly, gas fees from DEXs have continued to decrease, dropping from $2.4 billion in 2021 to $512 billion as of 2024. Meanwhile, ERC-20 transfers now rank second, having been in third place from 2021 to 2023. Last year alone, ERC-20 transfers, a substantial portion of which came from meme coins like PEPE and stablecoins, generated $223 million for validators.

有趣的是，DEX 的Gas 費用持續下降，從2021 年的24 億美元下降到2024 年的5120 億美元。光是去年，ERC-20 轉帳就排名第二。

Furthermore, gas fees from layer-2s have also continued to decline, according to the data. In 2023, Ethereum generated $247 million in fees from layer-2 platforms like Arbitrum and Optimism, which had dropped to $90 million by the time CoinShares published their report. This sharp decrease can be largely attributed to the activation of Dencun.

此外，數據顯示，來自 Layer-2 的 Gas 費也持續下降。 2023 年，以太坊從 Arbitrum 和 Optimism 等第 2 層平台產生了 2.47 億美元的費用，到 CoinShares 發布報告時，該費用已降至 9,000 萬美元。這種急劇下降很大程度上歸因於Dencun的活化。