以太坊減發提案引發關於質押激勵和貨幣角色的爭論

以太坊基金會（EF）研究人員建議減少 ETH 發行量，以抑制過度的質押誘因。該提案建議將年度發行量限制在 0.4%，引發了社群成員的擔憂，他們質疑其必要性以及 EF 對網路升級的影響。該提案旨在減少 Lido 等第三方質押平台的潛在主導地位，並透過增加 ETH 的稀缺性來提高 ETH 的價值。

Ethereum Issuance Reduction Proposal Sparks Controversy

以太坊減發提案引發爭議

Proposed Changes Target Staker Incentives and Ether's Monetary Role

擬議的變更目標質押者激勵措施和以太幣的貨幣角色

Earlier this year, a proposal from researchers at the Ethereum Foundation (EF) ignited debate within the Ethereum community. The proposal suggested reducing the rate at which new Ether (ETH) tokens are issued, thereby diminishing incentives for new stakers and potentially hardening ether as a form of money.

今年早些時候，以太坊基金會（EF）研究人員的一項提案引發了以太坊社群內部的爭論。該提案建議降低新以太幣（ETH）代幣的發行速度，從而減少對新質押者的激勵，並可能強化以太幣作為一種貨幣形式。

Rationale for Issuance Reduction

減少發行的理由

The researchers posited that the current level of stakers is sufficient to maintain the blockchain's security, and any further increase could lead to the dominance of third-party staking platforms like Lido. Additionally, they argued that reducing ETH issuance would lower inflation, making the cryptocurrency more attractive as a store of value.

研究人員認為，目前的質押者水準足以維持區塊鏈的安全，任何進一步的增加都可能導致像 Lido 這樣的第三方質押平台佔據主導地位。此外，他們認為減少 ETH 發行量將降低通貨膨脹，使加密貨幣作為價值儲存手段更具吸引力。

Staker Yield Concerns

對質押者利益的擔憂

The proposal has encountered resistance from some community members who question the need for such significant changes. Viktor Bunin, a protocol specialist at Coinbase Cloud, expressed skepticism, stating, "If it's not broke, don't fix it."

該提案遭到了一些社群成員的抵制，他們質疑是否需要進行如此重大的改變。 Coinbase Cloud 的協議專家 Viktor Bunin 表示懷疑，他表示：“如果它沒有損壞，就不要修復它。”

A primary concern revolves around the potential decrease in ETH staking yields, estimated to be reduced by nearly a third. Staking is a crucial means of securing the Ethereum network, with participants depositing ETH in exchange for yield and the opportunity to participate in the network's operation.

主要擔憂圍繞著 ETH 質押收益率的潛在下降，估計會下降近三分之一。質押是保護以太坊網路安全的重要手段，參與者存入 ETH 來換取收益和參與網路運作的機會。

Security Implications of Liquid Staking

流動性押的安全影響

The researchers' proposal is driven by concerns that the proliferation of liquid staking services like Lido could undermine the network's security. These services allow users to stake their ETH without locking it up, enabling them to participate in other financial activities.

研究人員提出這項提議的原因是擔心像 Lido 這樣的流動質押服務的激增可能會破壞網路的安全。這些服務允許用戶在不鎖定 ETH 的情況下質押其 ETH，從而使他們能夠參與其他金融活動。

The Ethereum Foundation researchers contend that the popularity of liquid staking tokens (LSTs), like Lido's stETH, could potentially replace ETH as the network's native currency, diminishing its value and weakening the security model.

以太坊基金會的研究人員認為，Lido 的 stETH 等流動性質押代幣 (LST) 的流行可能會取代 ETH 成為網路的原生貨幣，從而降低其價值並削弱安全模型。

Ethereum Economic Model

以太坊經濟模型

Some critics argue that the proposed changes aim to solve fundamental tradeoffs in the proof-of-stake consensus mechanism, a problem that cannot be resolved by simply reducing issuance. Paul Dylan-Ennis, a lecturer at the University College Dublin School of Business, expressed concern that the Ethereum Foundation exerts excessive influence over code upgrades.

一些批評者認為，所提出的變更旨在解決權益證明共識機制中的根本性權衡，這個問題不能透過簡單地減少發行來解決。都柏林大學商學院講師 Paul Dylan-Ennis 對以太坊基金會對程式碼升級施加過度影響表示擔憂。

Ethereum Foundation's Role

以太坊基金會的角色

The Ethereum Foundation is a non-profit organization that supports the Ethereum ecosystem, including protocol development and ecosystem growth. Its executive board includes Vitalik Buterin, the influential co-founder of the Ethereum blockchain.

以太坊基金會是一個非營利組織，支持以太坊生態系統，包括協議開發和生態系統發展。其執行董事會包括以太坊區塊鏈頗具影響力的共同創辦人維塔利克·布特林(Vitalik Buterin)。

Response to Criticism

對批評的回應

Tim Beiko, protocol support lead at the Ethereum Foundation, defended the organization's role, arguing that the current debate is an example of the open and collaborative governance process within the Ethereum community.

以太坊基金會的協議支持負責人 Tim Beiko 為該組織的角色進行了辯護，他認為當前的辯論是以太坊社區內開放和協作治理流程的一個例子。

In response to concerns about the proposal's impact on the community, Ansgar Dietrichs, co-author of the proposal, acknowledged the need for broad community support and expressed a willingness to refine the proposal based on feedback.

為了回應對該提案對社區影響的擔憂，該提案的共同作者 Ansgar Dietrichs 承認需要廣泛的社區支持，並表示願意根據反饋來完善該提案。

Ongoing Debate

正在進行的辯論

The proposed changes to Ethereum's issuance rate have ignited a lively debate within the community, with varying perspectives on the potential implications for staker incentives, the network's security, and the broader Ethereum ecosystem. As the discussion continues, it will be crucial for community members to engage in constructive dialogue and work towards a consensus that balances the various concerns and ensures the long-term security and growth of the Ethereum network.

以太坊發行率的擬議變更在社區內引發了激烈的爭論，對於對權益持有者激勵、網路安全和更廣泛的以太坊生態系統的潛在影響，人們有不同的看法。隨著討論的繼續，社區成員進行建設性對話並努力達成共識以平衡各種擔憂並確保以太坊網路的長期安全和成長至關重要。