流動性分裂問題以及基礎層集成如何解決該問題

加密在增加交易吞吐量方面已經走了很長一段路。新的第1層（L1）和側網提供的交易比以往任何時候都更快，更便宜。

Crypto has come a long way in boosting transaction throughput. New layer 1s (L1s) and side networks offer faster, cheaper transactions than ever before. Yet, a core challenge has come into focus: liquidity fragmentation — the scattering of capital and users across an ever-growing maze of blockchains.

加密在增加交易吞吐量方面已經走了很長一段路。新的第1層（L1）和側網提供的交易比以往任何時候都更快，更便宜。然而，核心挑戰已經成為重點：流動性分散 - 資本和用戶在不斷增長的區塊鏈迷宮中的散射。

Vitalik Buterin, in a recent blog post, highlighted how scaling successes have led to unforeseen coordination challenges. With so many chains and so much value splintered among them, participants face a daily tangle of bridging, swapping and wallet-switching.

Vitalik Buterin在最近的博客文章中強調了擴大成功如何導致無法預料的協調挑戰。他們中間有這麼多連鎖和如此多的價值分裂，參與者每天都會糾纏橋樑，交換和錢包轉換。

While these issues affect Ethereum, they also affect nearly every ecosystem. No matter how advanced, new blockchains risk becoming liquidity “islands” that struggle to connect with one another.

儘管這些問題影響以太坊，但它們幾乎影響了每個生態系統。不管多麼先進，新區塊鏈風險成為流動性“島嶼”，這些流動性“島嶼”很難彼此建立聯繫。

The real costs of fragmentation

分裂的實際成本

Liquidity fragmentation means there is no single “pool” of assets for traders, investors or decentralized finance (DeFi) applications to tap into. Instead, each blockchain or side network hosts its own siloed liquidity. For a user who wants to buy a token or access a specific lending platform, this siloing introduces multiple headaches.

流動性分裂意味著交易者，投資者或分散融資（DEFI）申請沒有單一的“池”資產。相反，每個區塊鍊或側網絡都有自己的孤立流動性。對於想要購買令牌或訪問特定貸款平台的用戶，此孤島引入了多個頭痛。

Switching networks, opening specialized wallets and paying multiple transaction fees are far from seamless, especially for those less tech-savvy. Liquidity is also thinner in each isolated pool, leading to price disparities and higher slippage on trades.

切換網絡，打開專業錢包和支付多個交易費用遠非無縫，尤其是對於那些精通技術的人而言。每個孤立的池中的流動性也更薄，導致價格差距和交易的較高滑倒。

Many users resort to bridges to move capital across chains, yet these have been frequent targets for exploits, raising fear and mistrust. If it’s too cumbersome or risky to move liquidity around, DeFi fails to gain mainstream momentum. Meanwhile, projects scramble to deploy across multiple networks or risk being left behind.

許多用戶求助於橋樑以跨鏈條遷移資金，但這些都是經常實現漏洞的目標，從而增加了恐懼和不信任。如果轉移流動性太麻煩或冒險，Defi將無法獲得主流動力。同時，項目爭先恐後地部署在多個網絡上，或者拋棄風險。

Some observers worry that fragmentation could drive people back to a few dominant chains or centralized exchanges, undermining the decentralized ideals that fueled blockchain’s rise.

一些觀察者擔心分裂會使人們回到一些主要的連鎖店或集中式交流，從而破壞了助長區塊鏈上升的分散理想。

Familiar fixes, with persisting gaps

熟悉的修復程序，持續存在差距

Solutions have emerged to tackle this tangle. Bridges and wrapped assets enable basic interoperability, but the user experience remains cumbersome. Crosschain aggregators can route tokens through a chain of swaps, yet they generally don't merge the underlying liquidity. They only help users navigate it.

解決方案已經出現了，以應對這種糾結。橋樑和包裝資產可實現基本的互操作性，但用戶體驗仍然很麻煩。交叉鏈聚合器可以通過一系列掉期將令牌路由，但通常不會合併潛在的流動性。他們只能幫助用戶瀏覽它。

This Point of View article is for general information purposes and does not constitute legal, investment, or other professional advice. The views, thoughts, and opinions expressed here are the author’s own and do not necessarily reflect or represent the views, thoughts, and opinions of Cointelegraph. All investing and trading involves risk. Each reader would be advised to conduct their own due diligence before investing in or trading cryptocurrencies.

此觀點文章是出於一般信息目的，不構成法律，投資或其他專業建議。這裡表達的觀點，思想和觀點是作者自己的觀點，不一定反映或代表Cointelegraph的觀點，思想和觀點。所有投資和交易都涉及風險。建議每個讀者在投資或交易加密貨幣之前進行自己的盡職調查。

Moreover, ecosystems like Cosmos and Polkadot bring interoperability within their frameworks, though they are separate realms in the broader crypto landscape.

此外，諸如宇宙和Polkadot之類的生態系統在其框架內帶來了互操作性，儘管它們是更廣闊的加密景觀中的獨立領域。

The problem is fundamental: Each chain views itself as distinct. Any new chain or sub-network must be “plugged in” at the ground level to truly unify liquidity. Otherwise, it adds another liquidity island that users must discover and bridge into. This challenge is compounded by chains, bridges and aggregators seeing one another as competition, leading to intentional siloing and making fragmentation even more pronounced.

問題是基本的：每個鏈條都認為自己是獨特的。任何新的鏈條或子網絡都必須在地面上“插入”以真正統一流動性。否則，它增加了另一個用戶必鬚髮現和橋接進入的流動性島。鏈條，橋樑和聚合者將彼此視為競爭，這使這一挑戰更加複雜，導致故意的筒倉和使碎片化更加明顯。

Integrating liquidity at the base layer

集成基礎層的流動性

Integration at the base layer addresses liquidity fragmentation by embedding bridging and routing functions directly into a chain's core infrastructure. This appears in certain layer-1 protocols and specialized frameworks, where interoperability is treated as a foundational element rather than an optional add-on.

基礎層的集成通過將橋接和路由功能直接嵌入鏈的核心基礎架構中來解決流動性碎片。這齣現在某些層-1協議和專業框架中，其中互操作性被視為基礎元素，而不是可選的附加組件。

Validator nodes automatically handle crosschain connections, so new chains or side networks can launch with immediate access to the broader ecosystem's liquidity. This reduces reliance on third-party bridges that often introduce security risks and user friction.

驗證器節點會自動處理交叉鏈連接，因此新鍊或側網絡可以立即訪問更廣泛的生態系統的流動性。這減少了對經常引入安全風險和用戶摩擦的第三方橋樑的依賴。

Ethereum's own challenges with heterogeneous layer-2 (L2) solutions highlight why integration is essential. Different participants — Ethereum as a settlement layer, L2s focusing on execution, and various bridging services — have their own motivations, resulting in fragmented liquidity.

以太坊在異質第2層（L2）解決方案中提出的挑戰突出了為什麼整合至關重要。不同的參與者 - 以太坊作為定居層，專注於執行的L2和各種橋接服務 - 有自己的動機，導致流動性分散。

Buterin's mentions of this issue highlight the need for more cohesive designs. An integrated base-layer model brings these components together at launch, ensuring that capital can flow freely without forcing users to navigate multiple wallets, bridge solutions, or rollups.

Buterin提到了這個問題，強調了對更凝聚力設計的需求。一個集成的基層模型將這些組件在啟動時匯集在一起​​，從而確保資本可以自由流動而不強迫用戶導航多個錢包，橋樑解決方案或匯總。

An integrated routing mechanism also consolidates asset transfers, mimicking a unified liquidity pool behind the scenes. By capturing a fraction of the overall liquidity flow rather than charging users for every transaction, such protocols reduce friction and encourage capital mobility across the network. Developers deploying new blockchains gain instant access to a shared liquidity base while end-users avoid juggling multiple tools or encountering unexpected fees.

集成的路由機制還鞏固了資產轉移，模仿了幕後的統一流動性池。通過捕獲總體流動性流量的一部分，而不是為每個交易向用戶收取費用，此類協議會減少摩擦並鼓勵整個網絡的資本流動性。部署新區塊鏈的開發人員可以立即訪問共享的流動性基礎，而最終用戶避免兼顧多個工具或遇到意外費用。

This emphasis on integration helps maintain a seamless experience, even as more networks come online.

對集成的重視有助於保持無縫的體驗，即使越來越多的網絡上網。

Not just an Ethereum issue

不僅是一個以太坊問題

While Buterin's blog post focuses on Ethereum's rollups, fragmentation is ecosystem-agnostic. Whether a project builds on an Ethereum Virtual Machine-compatible chain, a WebAssembly-based platform, or something else, the fragmentation trap arises if liquidity is fenced off.

雖然Buterin的博客文章著重於以太坊的匯總，但分裂是生態系統-Nostic的。無論是基於以太坊虛擬機器兼容鏈，基於WebAssembly的平台，還是其他項目，如果流動性被圍起來，則會出現碎片陷阱。

As more protocols explore base-layer solutions — embedding automatic interoperability into their chain design — there's hope that future networks won't splinter capital further but instead help unify it.

隨著越來越多的協議探索基礎層解決方案（將自動互操作性嵌入其鏈設計中），希望未來的網絡不會進一步分散資本，而是有助於統一它。

A clear principle emerges:

明確的原則出現了：