以太坊轉型引發對其「超音波貨幣」地位的擔憂

以太坊最近的 Dencun 升級由於費用減少和發行量增加而引發了關於其「超音波貨幣」地位的爭論。 CryptoQuant 的報告表明，EIP-4844 的引入和第 2 層解決方案的主導地位減少了網路對減少供應的費用燃燒的依賴。此外，即將推出的 Pectra 硬分叉也面臨 EIP-3074 的爭議，該協議旨在加強錢包管理，但引發了對潛在安全風險的擔憂。儘管存在這些問題，以太坊社群還是建議在 Pectra 更新中透過 EIP-7251 提高 ETH 質押限額。

Ethereum's Transformation and Its Implications for "Ultrasound Money"

以太坊的變革及其對「超音波貨幣」的影響

Introduction

介紹

Ethereum, the world's second-largest cryptocurrency, has undergone significant upgrades in recent months, including the Dencun upgrade in March 2023. While these upgrades have aimed to enhance the network's scalability and efficiency, they have also raised concerns about the impact on Ethereum's long-standing reputation as "ultrasound money."

全球第二大加密貨幣以太坊近幾個月經歷了重大升級，其中包括2023 年3 月的Dencun 升級。運行受到影響的擔憂。

Defining "Ultrasound Money"

定義“超音波貨幣”

"Ultrasound money" is a term used to describe an asset with stable purchasing power and a decreasing total supply. This characteristic leads to deflationary pressure, as the scarcity of the asset increases over time. Bitcoin, with its capped supply of 21 million coins, is a classic example of ultrasound money.

「超音波貨幣」是一個術語，用來描述購買力穩定且總供應量遞減的資產。隨著資產的稀缺性隨著時間的推移而增加，這種特徵會導致通貨緊縮壓力。比特幣的供應量上限為 2,100 萬枚，是超音波貨幣的典型例子。

Ethereum's Shift from "Ultrasound Money"

以太坊從「超音波貨幣」的轉變

Analysts at CryptoQuant have observed a notable shift in Ethereum's monetary characteristics following the Dencun upgrade. Data from ultrasound.money shows that the global ETH supply has increased by nearly 35,000 ETH over the past 30 days, valued at approximately $106 million. This increase contradicts Ethereum's previous deflationary trend.

CryptoQuant 的分析師觀察到，在 Dencun 升級之後，以太幣的貨幣特徵發生了顯著變化。 Ultrasound.money 的數據顯示，過去 30 天內全球 ETH 供應量增加了近 35,000 ETH，價值約 1.06 億美元。這一增長與以太坊之前的通貨趨勢相矛盾。

The primary reason for this inflationary trend is the dominance of layer-2 solutions on the Ethereum network. Layer-2 solutions, such as Polygon and Optimism, allow transactions to be processed off-chain, reducing congestion and lowering gas fees on the main Ethereum blockchain.

這種通貨膨脹趨勢的主要原因是以太坊網路上第二層解決方案的主導地位。 Polygon 和 Optimism 等 Layer-2 解決方案允許在鏈外處理交易，從而減少以太坊主區塊鏈上的擁塞並降低 Gas 費用。

The Impact of EIP-4844

EIP-4844 的影響

The Dencun upgrade introduced EIP-4844, a proposal that significantly reduces layer-2 transaction fees by creating a new block structure called "blobs." This feature has led to a steep decline in gas fees on layer-2 networks, further reducing the reliance on network activity for fee burning.

Dencun 升級引入了 EIP-4844，該提案透過創建名為「blob」的新區塊結構來大幅降低第 2 層交易費用。這項功能導致第二層網路的 Gas 費用急劇下降，進一步減少了對網路活動燃燒費用的依賴。

Concerns Over Ethereum's Deflationary Trend

對以太坊通貨緊縮趨勢的擔憂

Prior to the Dencun upgrade, high network activity resulted in significant ETH burning, limiting the growth of the token supply. However, the introduction of EIP-4844 has weakened the network's reliance on transaction volume for fee burning. This has raised concerns about the sustainability of Ethereum's deflationary trend.

在 Dencun 升級之前，高網路活動導致 ETH 大量燃燒，限制了代幣供應的成長。然而，EIP-4844的引入削弱了網路對交易量燃燒費用的依賴。這引發了人們對以太坊通貨緊縮趨勢可持續性的擔憂。

Ethereum's Pectra Upgrade and Controversies

以太坊Pectra升級及爭議

Ethereum is preparing for its next major upgrade, the Pectra hard fork. However, the upgrade has been met with controversy surrounding EIP-3074, a proposal designed to enhance wallet management and transaction security.

以太坊正在為其下一次重大升級——Pectra 硬分叉做準備。然而，此次升級引發了圍繞 EIP-3074 的爭議，該提案旨在增強錢包管理和交易安全性。

Concerns Regarding EIP-3074

關於 EIP-3074 的擔憂

EIP-3074 introduces the Invoker stage, responsible for processing and packaging transaction authorizations. Critics have raised concerns about potential vulnerabilities in this stage, arguing that malicious actors could exploit them to gain unauthorized access to funds.

EIP-3074引入了Invoker階段，負責處理和打包交易授權。批評者對這一階段的潛在漏洞表示擔憂，認為惡意行為者可能會利用它們來獲得未經授權的資金存取。

Community Feedback and Response

社群回饋與回應

Despite these criticisms, the Ethereum developer team has decided to include EIP-3074 in the upcoming Pectra hard fork. The community has also proposed the inclusion of EIP-7251 in the same update, aiming to increase the ETH staking limit and streamline the validator setup process.

儘管有這些批評，以太坊開發團隊還是決定將 EIP-3074 納入即將推出的 Pectra 硬分叉中。社區還提議在同一更新中包含 EIP-7251，旨在提高 ETH 質押限額並簡化驗證器設定流程。

Conclusion

結論

Ethereum's recent upgrades have sparked ongoing debates about the network's monetary characteristics and the future of "ultrasound money." While the Dencun upgrade has improved scalability, it has also raised concerns about the inflationary trend it has introduced. The upcoming Pectra hard fork and the controversies surrounding EIP-3074 further highlight the challenges and complexities facing Ethereum as it navigates its path toward a more scalable and secure future.

以太坊最近的升級引發了有關該網路貨幣特徵和「超音波貨幣」未來的持續爭論。儘管Dencun升級提高了可擴展性，但也引發了人們對其引入的通膨趨勢的擔憂。即將推出的 Pectra 硬分叉以及圍繞 EIP-3074 的爭議進一步凸顯了以太坊在走向更具可擴展性和安全性的未來之路時所面臨的挑戰和複雜性。