Eigenlayer證明了以太坊安全空間的需求以太坊安全空間的貨幣化。

巴比倫的對手實際上是BTC現場ETF，其保證的安全性和回報率要比鍊鍊少。

EigenLayer hopes to monetize the security space of Ethereum, and then split it into partitions and rent it out to projects with security needs. In essence, EigenLayer does not provide security, but is only a porter of security.

Eigenlayer希望能夠將以太坊的安全空間獲利，然後將其分配給分區，然後將其出租給有安全需求的項目。從本質上講，特徵萊者沒有提供安全性，而只是安全的搬運工。

Its role is similar to an employment agency, connecting those who need security with those who can provide security.

它的角色類似於就業機構，將需要安全的人與可以提供安全的人聯繫起來。

Why can't this system be migrated to other public chains?

為什麼不能將該系統遷移到其他公共連鎖店？

Things like LSD/LRT, Meme, DEX, etc. can be learned by various public chains without any problems of acclimatization. Is it only BTC that cannot be replicated?

LSD/LRT，MEME，DEX等之類的東西可以通過各種公共連鎖店學習而沒有任何適應性問題。只是無法複製的BTC嗎？

In fact, each chain only tends to favor one model: asset issuance products, regardless of whether its packaging is L2 or a pledge/re-pledge system.

實際上，每個鏈條僅傾向於一個模型：資產發行產品，無論其包裝是L2還是誓約/重新覆蓋系統。

If you are also interested in the SVM L2 track, then we can predict in advance that Solana, with a market value of 100 billion, cannot support suburban economics. Beijing needs a sub-city center, but Tongliao obviously does not.

如果您也對SVM L2軌道感興趣，那麼我們可以事先預測，索拉納（Solana）的市場價值為1000億，無法支持郊區的經濟學。北京需要一個子城市中心，但湯里亞奧顯然沒有。

The same is true for BTC. The trillion-dollar Bitcoin ecosystem has only one product, namely BTC itself. If you use BTC to do some marginal arbitrage, such as WBTC and ETF, then the market value of BTC will be enhanced and will be recognized and rewarded by the market.

BTC也是如此。萬億美元的比特幣生態系統只有一種產品，即BTC本身。如果您使用BTC進行一些邊際套利，例如WBTC和ETF，那麼BTC的市場價值將得到增強，並將得到市場的認可和獎勵。

However, if you want to go a step further and transfer the value of BTC to your own token, you will face an eternal problem: how to get people to exchange Bitcoin for your token. This is 100 levels more difficult than Sun Ge getting people to exchange USDT for USDD.

但是，如果您想進一步發展並將BTC的價值轉移到您的代幣中，那麼您將面臨永恆的問題：如何讓人們為您的代幣交換比特幣。這比Sun Ge讓人們將USDT換成USDD要困難得多。

Various BTC pledge agreements are in full swing, but the world's major BTC is distributed in the hands of exchanges and asset management companies. The BTC on-chain pledge system is just a noun and can hardly be called an entity.

BTC的各種承諾協議正在如火如荼地進行，但世界上的主要BTC卻分配在交易所和資產管理公司的手中。 BTC鏈上的承諾系統只是一個名詞，幾乎不能稱為實體。

Ultimately, the Bitcoin staking system cannot be equated with the sense of security that comes from holding BTC. If the staking system cannot be established, then BTC L2 and BTC DeFi cannot be established either.

最終，比特幣放樣系統不能等同於持有BTC帶來的安全感。如果無法建立放電系統，則也無法確定BTC L2和BTC DEFI。

Two dragons never meet

兩隻龍從未見面

ETH L1 was crowded, and large-scale L2 infrastructure was carried out, but it was eventually stolen by Pump Fun. This is the whole story of the cryptocurrency circle in the past six months.

Eth L1很擁擠，大規模的L2基礎設施進行了，但最終被泵的樂趣偷走了。這是過去六個月中加密貨幣圈子的整個故事。

Recently, if BTC L2 had not started to build momentum before the coin issuance, people in the fast-paced cryptocurrency circle might have forgotten this ancient memory. In my personal opinion, the only winner is Merlin Chain's rapid coin issuance + long-term operation.

最近，如果BTC L2在硬幣發行之前還沒有開始建立動力，那麼快節奏的加密貨幣圈子中的人們可能會忘記這種古老的記憶。我個人認為，唯一的贏家是Merlin Chain的快速硬幣發行 +長期運營。

The earlier you issue coins, the worse your reputation will be; the later you issue coins, the harder it will be to control the market. If you are destined to be scolded by retail investors, you might as well choose a way to make more money. This is the whole story of BTC L2 in the past year.

您發行硬幣越早，您的聲譽就會越好；發行硬幣的晚些時候，控制市場的困難越難。如果您注定要受零售投資者的責罵，那麼您不妨選擇一種賺錢的方法。這是過去一年BTC L2的整個故事。

By comparison, ETH itself needs L2 to share traffic. The current game is just an adjustment of the financial relationship between the central government and local governments. The weakness of the EVM ecosystem itself has little to do with L2s. Even if Ethereum collects more taxes on L2s, retail investors will not return to the EVM ecosystem.

相比之下，ETH本身需要L2來分享流量。當前的遊戲只是中央政府與地方政府之間的財務關係的調整。 EVM生態系統本身的弱點與L2無關。即使以太坊對L2徵收更多稅款，散戶投資者也不會返回EVM生態系統。

The same is true for SVM L2. Pump Fun has entered the end of the profit curve, and the way it chooses to survive is to grab the cash flow of AMM DEX. If it is in the Ethereum ecosystem, the probability is that Pump Fun Chain will appear.

SVM L2也是如此。 Pump Fun進入了利潤曲線的末端，它選擇生存的方式就是抓住AMM DEX的現金流。如果在以太坊生態系統中，則可能會出現泵趣味鏈。

BTC L2 is the most embarrassing. Compared with the support and guidance of Vitalik and the Ethereum Foundation, the technical solution of BTC L2 is chaotic and disordered. There are imitators who try to imitate the ZK/OP route, detail-oriented people who are obsessed with patching existing operation codes, and reformists who want to complete the functions of Bitcoin scripts.

BTC L2是最尷尬的。與Vitalik和以太坊基金會的支持和指導相比，BTC L2的技術解決方案是混亂且無序的。有一些模仿者試圖模仿ZK/OP途徑，以細節為導向的人沉迷於修補現有的操作代碼，以及希望完成比特幣腳本功能的改良主義者。

Compared with the decentralization of SVM L2, BTC L2 seems to have a stronger color of "project party + VC". After all, the attitudes of public chain co-founders Anatoly and Solana Foundation towards SVM L2 are "neither support, nor opposition, nor encouragement, nor rejection". Unexpectedly, Solana, which has long been known as the computer room chain, is the OG in the currency circle that truly implements the concept of decentralization.

與SVM L2的權力下放相比，BTC L2似乎具有更強的“ Project Party + VC”顏色。畢竟，公共連鎖共同創始人Anatoly和Solana對SVM L2的態度既不是“支持，反對，也不是鼓勵，也不是拒絕”。出乎意料的是，長期以來一直稱為計算機鍊鍊的Solana是貨幣圓圈中真正實現權力下放概念的OG。

And so it went on for 365 days until it entered the Listing node in the post-VC and post-market maker era. Amid the misunderstanding and shock of the onlookers, BTC L2 announced its airdrop plan and token economics mechanism.

因此，它持續了365天，直到進入VC後和市場後時代的上市節點。在圍觀者的誤解和震驚中，BTC L2宣布了其空投計劃和代幣經濟學機制。

As for BTC itself, it chooses not to care about these disturbances, whether it is 80,000 or 1 dollar, whether it is digital gold or the savior of US debt, they are all external things and have

至於BTC本身，它選擇不關心這些干擾，無論是80,000還是1美元，無論是數字黃金還是美國債務的救世主，它們都是外部事物，