以太坊第 2 層網路升級後激增

自升級以來，以太坊第 2 層活動激增，像 Base 這樣的網路日交易量從 3 月的約 40 萬筆增長到 2024 年底的驚人 800 萬筆。

Fresh data reveals that Ethereum layer-2 (L2) networks have witnessed a surge in activity, thanks largely to the growing adoption of stablecoins.

最新數據顯示，以太坊第 2 層 (L2) 網路的活動激增，這主要歸功於穩定幣的日益普及。

According to Matthias Seidl, co-founder of Growthepie, stablecoins locked within Ethereum’s L2 systems have surged to $6.75 billion on Arbitrum One and $3.56 billion on Base. This growth aligns with the broader narrative of this cycle, where stablecoins have emerged as a pivotal use case.

Growthepie 聯合創始人 Matthias Seidl 表示，鎖定在以太坊 L2 系統中的穩定幣在 Arbitrum One 上已飆升至 67.5 億美元，在 Base 上已飆升至 35.6 億美元。這種增長與本週期更廣泛的敘述一致，其中穩定幣已成為關鍵用例。

As a result of the Dencun upgrade in March 2024, which slashed transaction fees, L2 solutions have become more accessible, leading to higher user engagement and activity within the Ethereum ecosystem.

2024 年 3 月進行的 Dencun 升級大幅削減了交易費用，L2 解決方案變得更加容易使用，從而提高了以太坊生態系統內的用戶參與度和活動。

For instance, Base has grown from roughly 400,000 daily transactions in March to 8 million by the end of 2024, while Growthepie reports that Taiko boasts over 3 million daily transactions and Arbitrum remains a major player with over 2 million transactions.

例如，Base 的每日交易量已從3 月份的約40 萬筆增長到2024 年底的800 萬筆，而Growthepie 報告稱，Taiko 每天的交易量超過300 萬筆，而Arbitrum 仍然是交易量超過200 萬筆的主要參與者。

However, not all L2 networks have shared this growth trajectory. Linea has seen its daily transaction count plummet to just 200,000, down from its peak of 800,000. Despite this, Base leads in active addresses, followed by Arbitrum and Linea.

然而，並非所有 L2 網路都遵循這種成長軌跡。 Linea 的每日交易量從高峰的 80 萬筆驟降至 20 萬筆。儘管如此，Base 在活躍地址方面仍處於領先地位，其次是 Arbitrum 和 Linea。

Meanwhile, Tether (USDT) continues to dominate the stablecoin market, reaching $140.88 billion in market capitalization as of Dec. 19. This marks a significant increase from its $91.7 billion cap at the start of the year.

同時，Tether (USDT) 繼續主導穩定幣市場，截至 12 月 19 日，其市值達到 1,408.8 億美元。

Circle’s USDC also saw gains, peaking at $42 billion, though it still trails its June 2022 all-time high of $55.8 billion.

Circle 的 USDC 也出現了上漲，最高達到 420 億美元，但仍低於 2022 年 6 月創下的 558 億美元的歷史新高。

The Dencun upgrade also introduced “Blobs” as a cost-saving measure, designed to temporarily store transaction data to reduce fees. These fees are then burned, similar to Ethereum’s transaction fee mechanism, which reduces ETH supply.

Dencun升級還引入了「Blobs」作為節省成本的措施，旨在暫時儲存交易資料以降低費用。然後這些費用就會被燒掉，類似於以太坊的交易費用機制，這會減少 ETH 的供應。

Since the merge, Blob fees have burned over 1,200 ETH, largely in the past few weeks. Base has emerged as the largest contributor to Blob submissions, while Taiko leads in total Blob fees, accumulating $3.5 million.

自合併以來，Blob 費用已消耗超過 1,200 ETH，大部分是在過去幾週內發生的。 Base 已成為 Blob 提交的最大貢獻者，而 Taiko 在 Blob 總費用方面處於領先地位，累計達到 350 萬美元。

Although the average Blob count per block fell short of the target earlier this year, it hit the mark consistently in November, reflecting a renewed efficiency in Ethereum’s rollup-centric roadmap.

儘管每個區塊的平均 Blob 數量未達到今年早些時候的目標，但在 11 月一直達到目標，這反映出以太坊以匯總為中心的路線圖的效率得到了提高。

However, the reduced transaction fees have sharply cut revenues for Ethereum. Despite this, Base and Taiko are mounting comebacks, with increasing rent paid to the Layer-1 chain.

然而，交易費用的降低卻大幅削減了以太坊的收入。儘管如此，Base 和 Taiko 正在捲土重來，向 Layer-1 鏈支付的租金不斷增加。

As Ethereum activity shifts toward layer-2 rollups, the main chain has seen its ETH burn rate decline, even as Blob fees offer a deflationary counterbalance.

隨著以太坊活動轉向第 2 層匯總，儘管 Blob 費用提供了通貨緊縮的平衡，但主鏈的 ETH 銷毀率卻下降了。

Layer-2 Activity Reshapes Ethereum’s Ecosystem

Layer-2 活動重塑以太坊生態系統

The growth of layer-2 activity is not just expanding Ethereum’s ecosystem — it’s also reshaping it. As Blob usage rises, Ethereum’s supply could once again turn deflationary.

Layer-2 活動的成長不僅擴大了以太坊的生態系統，而且還重塑了它。隨著 Blob 使用量的增加，以太坊的供應可能會再次出現通貨緊縮。

Time Robinson’s Ethereum Blob simulator suggests that ETH supply could shrink by 6.5% at 100 transactions per second for 100 rollups, a medium-term goal endorsed by Ethereum founder Vitalik Buterin.

Time Robinson 的以太坊 Blob 模擬器表明，如果每秒 100 筆交易，進行 100 次匯總，ETH 供應量可能會減少 6.5%，這是以太坊創始人 Vitalik Buterin 認可的中期目標。

Amid all this, stablecoins remain the star of the show, transforming into a critical financial tool. Arbitrum maintains its leadership in stablecoin market cap, followed by Base and Optimism.

在這一切之中，穩定幣仍然是這場秀的明星，正在轉變為重要的金融工具。 Arbitrum 在穩定幣市值中保持領先地位，其次是 Base 和 Optimism。

Even as concerns persist over declining main-chain revenues, the growth of layer-2 networks offers an optimistic outlook for Ethereum’s future.

儘管人們對主鏈收入下降的擔憂依然存在，但第二層網路的成長為以太坊的未來提供了樂觀的前景。