以太坊的區塊鏈富礦：深入挖掘加密貨幣巨頭的獲利能力

由於交易費用和 ETH 的銷毀，以太坊的區塊鏈獲利能力在 2024 年第一季飆升，達到 3.69 億美元，這使現有持有者受益。 Dencun 升級顯著降低了交易成本，帶動收入增加 33 億美元。然而，市場調整導致近期收入下降，過去 30 天下降了 52%，這表明更廣泛的市場動態和投資者興趣下降的潛在影響。

Ethereum's Lucrative Blockchain: Unveiling the Secrets of Its Profitability

以太坊利潤豐厚的區塊鏈：揭開其獲利能力的秘密

A Surge in Revenue and Profitability

收入和盈利能力激增

Ethereum (ETH), the pioneering cryptocurrency platform, has taken the financial world by storm in 2024, not only experiencing a remarkable surge in price but also generating substantial profits through its underlying blockchain technology. This unexpected profitability has sparked curiosity and raised questions about the mechanisms that drive revenue within a blockchain system.

以太幣（ETH）作為開創性的加密貨幣平台，在2024年席捲了金融界，不僅價格大幅上漲，而且透過其底層區塊鏈技術創造了可觀的利潤。這種意想不到的獲利能力引發了人們的好奇心，並引發了人們對區塊鏈系統內推動收入的機制的質疑。

Transaction Fees: A Vital Source of Income

交易費用：重要的收入來源

A key pillar of Ethereum's business model lies in the collection of transaction fees. Whenever users interact with applications built on the Ethereum blockchain, they must pay fees in the form of ETH. These fees serve as a significant source of revenue for the network.

以太坊商業模式的一個關鍵支柱在於交易費用的收取。每當用戶與構建在以太坊區塊鏈上的應用程式進行互動時，他們都必須以 ETH 的形式支付費用。這些費用是網路的重要收入來源。

ETH Buybacks: Enhancing Value for Holders

ETH 回購：增加持有者的價值

Once transaction fees are paid, a portion of the collected ETH undergoes a process known as "ETH buyback." This involves permanently removing those tokens from circulation, effectively reducing the supply of ETH in the market. This process benefits existing ETH holders, as the reduced supply increases the scarcity and value of the remaining tokens. The daily burning of ETH contributes to the overall economic benefit for Ethereum holders.

一旦支付了交易費用，收集到的 ETH 的一部分就會經歷一個稱為「ETH 回購」的過程。這涉及將這些代幣從流通中永久移除，從而有效減少市場上 ETH 的供應。這個過程有利於現有的 ETH 持有者，因為供應量的減少增加了剩餘代幣的稀缺性和價值。 ETH 的每日銷毀有助於以太坊持有者的整體經濟利益。

Validator Rewards: Incentivizing Network Security

驗證者獎勵：激勵網路安全

While ETH buybacks reduce the supply, Ethereum also issues new ETH tokens as rewards to network validators. These rewards compensate validators for their contributions to securing and maintaining the blockchain's integrity. These rewards, which are akin to traditional stock-based compensation, incentivize validators to uphold the network's security. However, it's important to note that the issuance of new ETH tokens dilutes the holdings of existing ETH holders.

雖然 ETH 回購減少了供應，但以太坊也發行新的 ETH 代幣作為對網路驗證者的獎勵。這些獎勵是對驗證者對保護和維護區塊鏈完整性所做貢獻的補償。這些獎勵類似於傳統的以股票為基礎的薪酬，激勵驗證者維護網路的安全。然而，值得注意的是，新 ETH 代幣的發行會稀釋現有 ETH 持有者的持有量。

Daily Earnings: Determining Profitability

每日收入：確定獲利能力

To calculate Ethereum's daily profitability, analysts at Token Terminal, an on-chain data platform, subtract the daily USD value of newly minted ETH (expenses) from the daily USD value of burned ETH (revenue). This calculation reveals the net earnings accruing to existing ETH holders, essentially the owners of the Ethereum blockchain.

為了計算以太坊的每日獲利能力，鏈上資料平台 Token Terminal 的分析師從每天銷毀的 ETH 的美元價值（收入）中減去新鑄造的 ETH 的每日美元價值（費用）。該計算揭示了現有 ETH 持有者（本質上是以太坊區塊鏈的所有者）應計的淨收益。

Reduced Transaction Costs: A Growth Driver

降低交易成本：成長動力

Beyond its revenue model, Ethereum has implemented several upgrades, including the Dencun upgrade in late Q1 2024. This upgrade introduced a novel data storage system called blobs, significantly reducing network congestion and slashing transaction costs on Layer 2 networks like Arbitrum (ABR), Polygon (MATIC), and Coinbase's Base.

除了其收入模式之外，以太坊還實施了多項升級，包括2024 年第一季末的Dencun 升級。大幅削減了Arbitrum (ABR)、Polygon 等第2 層網路的交易成本(MATIC) 和 Coinbase 的 Base。

The implementation of these upgrades has had a profound impact on Ethereum's revenue. According to Token Terminal data, the blockchain has witnessed an impressive 18% annualized revenue growth, amounting to approximately $3.3 billion. These revenue gains can be attributed to the reduced transaction costs, making Ethereum a more compelling platform for users and developers.

這些升級的實施對以太坊的收入產生了深遠的影響。根據 Token Terminal 數據，區塊鏈年化收入成長高達 18%，達到約 33 億美元。這些收入成長可歸因於交易成本的降低，使以太坊成為對用戶和開發人員更具吸引力的平台。

Market Dynamics and Revenue Fluctuations

市場動態和收入波動

Despite the positive revenue growth, it's crucial to acknowledge the influence of market dynamics and investor sentiment on Ethereum's profitability. In the second quarter of 2024, the broader market correction and reduced investor interest have caused Ethereum's revenue to decline by over 52% in the past 30 days.

儘管收入出現積極增長，但承認市場動態和投資者情緒對以太坊獲利能力的影響至關重要。 2024年第二季度，大盤調整和投資者興趣下降導致以太坊收入在過去30天內下降了52%以上。

These fluctuations underscore the impact of market conditions on blockchain revenue. However, Ethereum's underlying revenue model remains robust, and its long-term profitability prospects are subject to the dynamics of the cryptocurrency market.

這些波動凸顯了市場狀況對區塊鏈收入的影響。然而，以太坊的基礎收入模式仍然強勁，其長期獲利前景取決於加密貨幣市場的動態。

Ethereum's Market Position

以太坊的市場地位

As of today, Ethereum's market capitalization (fully diluted) stands at $358.47 billion, representing a 15.2% decrease over the past 30 days. Similarly, the circulating market capitalization has declined by 15.2% to the same value. Additionally, token trading volume over the past 30 days has fallen by 18.6%, totaling $586.14 billion.

截至今日，以太坊市值（完全稀釋後）為 3,584.7 億美元，過去 30 天下跌 15.2%。同樣，流通市值也下降了15.2%至相同值。此外，過去 30 天的代幣交易量下降了 18.6%，總計 5,861.4 億美元。

ETH is currently trading at $3,042, a 0.4% increase in the last 24 hours. It remains to be seen whether the ongoing market correction and the potential return of trading volume will have a similar impact on Ethereum's profitability in the coming quarters.

ETH 目前交易價格為 3,042 美元，過去 24 小時內上漲 0.4%。持續的市場調整和交易量的潛在回報是否會對以太坊未來幾季的獲利能力產生類似的影響，還有待觀察。