以太坊的代幣供應危機：通縮動態透過網路產生漣漪

儘管其網路出現通貨緊縮，但以太坊（ETH）由於需求旺盛和供應有限，仍面臨著實體硬幣的潛在短缺。代幣稀缺性是由使用量增加、質押、保證金和每日以太坊銷毀計劃推動的，從而減少了可用於交易或交易的 ETH。因此，像 Lido 這樣的流動性質押平台控制了 ETH 供應的很大一部分，進一步限制了其流通並增強了其價值儲存地位。

Ethereum Faces Looming Token Shortage as Deflationary Network Dynamics Take Hold

隨著通貨緊縮網路動態的形成，以太坊面臨迫在眉睫的代幣短缺

London, England - May 1, 2024 - Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is facing a potential shortage of physical coins as its network undergoes a rapid deflationary shift. Despite its current supply of approximately 120 million coins, demand for ETH is outstripping supply, driven by its critical role in decentralized finance (DeFi) and non-fungible token (NFT) markets.

英國倫敦 - 2024 年 5 月 1 日 - 按市值計算的第二大加密貨幣以太坊 (ETH)，由於其網路經歷快速通貨緊縮轉變，正面臨著實體硬幣的潛在短缺。儘管目前的供應量約為 1.2 億枚，但由於 ETH 在去中心化金融 (DeFi) 和不可替代代幣 (NFT) 市場中的關鍵作用，對 ETH 的需求正在超過供應。

Accelerated Token Burns Fuel Deflationary Trend

代幣加速燃燒助長通貨緊縮趨勢

Ethereum's deflationary dynamics stem primarily from its ongoing token burn program, introduced in late 2021 with the EIP-1559 upgrade. This mechanism burns a portion of transaction fees, effectively reducing the total supply of ETH. The burning rate has surged significantly in recent months, fueled by the growing popularity of DeFi and NFT marketplaces, which generate a substantial volume of transactions.

以太坊的通貨緊縮動態主要源自於其正在進行的代幣銷毀計劃，該計劃於 2021 年末隨 EIP-1559 升級而推出。該機制燃燒了一部分交易費用，有效減少了 ETH 的總供應量。近幾個月來，由於 DeFi 和 NFT 市場日益普及，產生了大量交易，銷毀率大幅飆升。

Liquid Staking Platforms Lock Up ETH

Liquid 質押平台鎖定 ETH

Another major contributor to ETH's scarcity is the rise of liquid staking platforms like Lido. These platforms allow ETH holders to stake their tokens to secure the network while retaining the ability to use those tokens in other DeFi ecosystems. As of May 2024, over 28% of the total ETH supply is locked in liquid staking platforms, further reducing its availability for trading and direct on-chain use.

造成 ETH 稀缺的另一個主要因素是 Lido 等流動性質押平台的興起。這些平台允許 ETH 持有者抵押其代幣以確保網路安全，同時保留在其他 DeFi 生態系統中使用這些代幣的能力。截至 2024 年 5 月，超過 28% 的 ETH 供應量被鎖定在流動性質押平台中，進一步降低了其交易和直接鏈上使用的可用性。

Ethereum Abandons Production Freeze Plan

以太坊放棄生產凍結計劃

Ethereum's original roadmap included a plan to freeze coin production at approximately 87 million ETH through an artificial mining difficulty adjustment, effectively creating a "mining ice age." However, this plan was abandoned due to resistance from miners, who argued that the reduced rewards would not incentivize them to continue securing the network.

以太坊最初的路線圖包括一項計劃，透過人為調整挖礦難度，將代幣產量凍結在約 8,700 萬枚 ETH，從而有效地創造了一個「挖礦冰河時期」。然而，由於礦工的抵制，該計劃被放棄，他們認為獎勵的減少不會激勵他們繼續保護網路。

ETH Becomes a Store of Value

ETH 成為價值儲存手段

As Ethereum's supply continues to diminish, the token is increasingly seen as a store of value, similar to gold. Investors are holding ETH for its long-term appreciation potential, rather than using it solely for transactions. This shift underscores the growing maturity of the cryptocurrency market, where digital assets are gaining recognition as alternative investments.

隨著以太坊的供應持續減少，該代幣越來越被視為一種類似黃金的價值儲存手段。投資者持有 ETH 是為了其長期升值潛力，而不是僅僅用於交易。這一轉變凸顯了加密貨幣市場的日益成熟，數位資產作為另類投資正在獲得認可。

Scalability Solutions Emerge as Usage Grows

隨著使用量的成長，可擴展性解決方案不斷湧現

Despite the deflationary trend, Ethereum's usage remains high, driven by the proliferation of DeFi protocols, NFT marketplaces, and other decentralized applications. To address scalability challenges, Layer 2 (L2) networks have emerged, offering faster and cheaper transactions without compromising the security of the Ethereum mainnet.

儘管存在通貨緊縮趨勢，但在 DeFi 協議、NFT 市場和其他去中心化應用程式激增的推動下，以太坊的使用率仍然很高。為了解決可擴展性挑戰，第 2 層 (L2) 網路應運而生，在不損害以太坊主網安全性的情況下提供更快、更便宜的交易。

Potential Reversal of Deflationary Trend

通貨緊縮趨勢的潛在逆轉

The deflationary trend in Ethereum's supply may not be permanent. If transaction fees and network usage decline, the rate of token burn could slow down or even reverse. However, the growing adoption of ETH in high-value applications suggests that the demand for the token is likely to remain strong.

以太坊供應的通貨緊縮趨勢可能不會是永久性的。如果交易費用和網路使用量下降，代幣燃燒的速度可能會減慢甚至逆轉。然而，ETH 在高價值應用中的日益普及表明，對該代幣的需求可能會保持強勁。

Ethereum's Future Outlook

以太坊的未來展望

Ethereum remains a dominant player in the blockchain ecosystem, thanks to its strong security, vibrant developer community, and diverse range of applications. While its high fees and scalability limitations pose challenges, the network's deflationary dynamics and growing store-of-value proposition are driving long-term investor interest. The future of Ethereum appears bright as it continues to evolve and adapt to the evolving landscape of decentralized finance and blockchain technology.

由於其強大的安全性、充滿活力的開發者社群和多樣化的應用程序，以太坊仍然是區塊鏈生態系統中的主導者。儘管其高額費用和可擴展性限制帶來了挑戰，但該網路的通貨緊縮動態和不斷增長的價值儲存主張正在推動長期投資者的興趣。以太坊的未來顯得光明，因為它不斷發展並適應去中心化金融和區塊鏈技術不斷發展的格局。