以太坊的 Dencun 升級引發了網路通貨緊縮軌跡的疑問

以太坊最近的升級Decun可能已經損害了其「超音波貨幣」的地位。據分析師稱，自 Dencun 以來，費用消耗率大幅下降，導致 ETH 供應量淨增加。這歸因於第 2 層解決方案的主導地位以及升級中包含的 EIP-4844，從而降低了第 2 層交易費用。如此一來，以太坊的通貨緊縮趨勢可能難以為繼，「超音波貨幣」的概念可能不再適用。

Ethereum's Dencun Upgrade: Implications for the Network's Monetary Properties

以太坊的 Dencun 升級：對網路貨幣屬性的影響

Introduction

介紹

Ethereum's much-anticipated Dencun upgrade, implemented in mid-March, has sparked concerns regarding its potential impact on the network's monetary characteristics. Analysts suggest that the upgrade may have inadvertently eroded Ethereum's status as "ultrasound money," a concept central to the asset's long-term value proposition.

以太坊備受期待的 Dencun 升級於 3 月中旬實施，引發了人們對其對網路貨幣特徵潛在影響的擔憂。分析師認為，此次升級可能無意中削弱了以太坊作為「超音波貨幣」的地位，而「超音波貨幣」是該資產長期價值主張的核心概念。

Defining "Ultrasound Money"

定義“超音波貨幣”

"Ultrasound money" is a term coined by Nick Szabo, a renowned cryptographer and early advocate of Bitcoin. It refers to an asset that possesses stable purchasing power while simultaneously experiencing gradual price appreciation over time. Unlike "sound money" assets like gold or Bitcoin, which have fixed total supplies, "ultrasound money" has a deflationary supply mechanism, leading to a decrease in the total circulating supply over time.

「超音波貨幣」是著名密碼學家、比特幣早期倡導者 Nick Szabo 創造的術語。它是指擁有穩定購買力，同時隨著時間的推移價格逐漸升值的資產。與黃金或比特幣等具有固定總供應量的「健全貨幣」資產不同，「超音波貨幣」具有通貨緊縮供應機制，導致總流通供應量隨著時間的推移而減少。

Ethereum's Monetary Properties Prior to Dencun

Dencun 之前的以太坊貨幣屬性

Prior to the Dencun upgrade, Ethereum was widely regarded as "ultrasound money." The Ethereum Improvement Proposal (EIP) 1559, implemented in August 2021, introduced a fee-burning mechanism that destroyed a portion of transaction fees, effectively reducing the total supply of ETH in circulation. This mechanism contributed to Ethereum's deflationary nature, aligning it with the "ultrasound money" paradigm.

在Dencun升級之前，以太坊被廣泛認為是「超音波貨幣」。 2021 年 8 月實施的以太坊改進提案（EIP）1559 引入了費用燃燒機制，銷毀了部分交易費用，有效減少了流通中 ETH 的總供應量。這種機制促成了以太坊的通貨緊縮性質，使其與「超音波貨幣」範式保持一致。

Dencun's Impact on Ethereum's Deflationary Trend

Dencun對以太坊通貨緊縮趨勢的影響

However, analysts from CryptoQuant argue that the Dencun upgrade has significantly reduced Ethereum's fee burn rate, pushing it to one of its lowest levels since the Merge, Ethereum's transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. This decline in fee burn has resulted in a reversal of Ethereum's deflationary trend.

然而，CryptoQuant 的分析師認為，Dencun 升級顯著降低了以太坊的費用消耗率，將其推至合併以來的最低水平之一，以太坊從工作量證明（PoW）過渡到權益證明（ PoS）共識機制。費用消耗的下降導致以太坊通貨緊縮趨勢的逆轉。

According to data from ultrasound.money, the global ETH supply has increased by nearly 35,000 ETH, worth approximately $106 million at current prices, over the past 30 days. This inflationary trend stands in stark contrast to Ethereum's pre-Dencun deflationary trajectory.

Ultrasound.money 的數據顯示，過去 30 天，全球 ETH 供應量增加了近 35,000 個 ETH，以當前價格計算價值約 1.06 億美元。這種通膨趨勢與以太坊在 Dencun 之前的通縮軌跡形成鮮明對比。

The Role of Layer-2 Scaling Solutions

第 2 層擴展解決方案的作用

The Dencun upgrade introduced several improvements, including EIP-4844. This proposal introduced a new block structure called "blobs" designed to significantly reduce transaction fees on layer-2 scaling solutions. These layer-2 solutions, such as Polygon and Arbitrum, offload transactions from the main Ethereum chain, reducing congestion and lowering gas fees.

Dencun 升級引入了多項改進，包括 EIP-4844。該提案引入了一種名為「blob」的新區塊結構，旨在大幅降低第 2 層擴展解決方案的交易費用。這些第 2 層解決方案（例如 Polygon 和 Arbitrum）可以從以太坊主鏈上卸載交易，從而減少擁塞並降低 Gas 費用。

While layer-2 solutions provide scalability benefits, they may also contribute to Ethereum's inflationary trend. By reducing transaction fees on layer-2 networks, the demand for Ethereum's base layer may decline, leading to a lower fee burn rate and a less deflationary supply dynamic.

雖然第 2 層解決方案提供了可擴展性優勢，但它們也可能導致以太坊的通貨膨脹趨勢。透過降低第 2 層網路的交易費用，對以太坊基礎層的需求可能會下降，從而降低費用消耗率並減少通貨緊縮的供應動態。

The Controversial Pectra Hard Fork

有爭議的 Pectra 硬分叉

Ethereum is poised for the Pectra hard fork, the next major network upgrade. However, the Pectra hard fork has been met with mixed reactions due to concerns surrounding EIP-3074, a proposal aimed at enhancing wallet management and transaction security.

以太坊已準備好迎接下一次重大網路升級 Pectra 硬分叉。然而，由於對旨在增強錢包管理和交易安全的 EIP-3074 提案的擔憂，Pectra 硬分叉引起了不同的反應。

EIP-3074: Potential Security Risks

EIP-3074：潛在的安全風險

Critics of EIP-3074 raise concerns about its potential security vulnerabilities. The proposal introduces a new "Invoker" stage, responsible for processing and packaging transaction authorizations. Without rigorous audits and testing, there is a risk that malicious actors could exploit vulnerabilities in the Invoker stage to gain unauthorized access to user funds.

EIP-3074 的批評者對其潛在的安全漏洞表示擔憂。該提案引入了一個新的「Invoker」階段，負責處理和打包交易授權。如果沒有嚴格的審計和測試，惡意行為者可能會利用 Invoker 階段的漏洞未經授權存取使用者資金。

Itamar Lesuisse, co-founder of the Argent wallet, has expressed concerns that EIP-3074 could allow scammers to drain entire wallets with just one off-chain authentication. "It should allow a scammer to drain your entire wallet with a single off-chain signature. I expect this will be a major use case," Lesuisse remarked.

Argent 錢包的聯合創始人 Itamar Lesuisse 表示擔心，EIP-3074 可能會讓詐騙者僅通過一次鏈下身份驗證就可以耗盡整個錢包。 「它應該允許騙子透過一個鏈外簽名耗盡你的整個錢包。我預計這將是一個主要用例，」Lesuisse 評論道。

EIP-7251: Streamlining ETH Staking

EIP-7251：簡化 ETH 質押

In contrast to the controversy surrounding EIP-3074, the Pectra hard fork also includes EIP-7251, which aims to increase the ETH staking limit and streamline the validator setup process for operators. This proposal has received more positive feedback, as it is expected to improve the efficiency and accessibility of ETH staking.

與圍繞 EIP-3074 的爭議相比，Pectra 硬分叉還包括 EIP-7251，旨在提高 ETH 質押限額並簡化營運商的驗證器設定流程。該提案得到了較為正面的回饋，有望提高 ETH 質押的效率和可及性。

Conclusion

結論

The Dencun upgrade has brought forth a fundamental shift in Ethereum's monetary properties. The reduction in fee burning and the rise of layer-2 scaling solutions have reversed Ethereum's previous deflationary trend, raising concerns about its long-term value proposition as "ultrasound money." While the Pectra hard fork introduces new proposals aimed at addressing wallet security and scalability, the controversy surrounding EIP-3074 highlights the need for careful consideration and rigorous testing before implementing such changes. As Ethereum continues to evolve, it remains to be seen how these developments will ultimately impact its monetary trajectory and the overall value of the network.

Dencun 升級使以太坊的貨幣屬性發生了根本性轉變。費用消耗的減少和 Layer-2 擴容解決方案的興起扭轉了以太坊之前的通貨緊縮趨勢，引發了人們對其作為「超音波貨幣」的長期價值主張的擔憂。雖然 Pectra 硬分叉引入了旨在解決錢包安全性和可擴展性的新提案，但圍繞 EIP-3074 的爭議凸顯了在實施此類更改之前需要仔細考慮和嚴格測試。隨著以太坊的不斷發展，這些發展最終將如何影響其貨幣軌跡和網路的整體價值還有待觀察。