以太坊2層賺取的超額利潤徵稅的標準憲章呼籲

週一，憲章呼籲徵收由以太坊ETH/USD運作的第2層區塊鏈賺取的超額利潤的稅，警告說未經這樣的措施

Standard Chartered is calling for the taxation of excess profits earned by Layer-2 blockchains operating on Ethereum (CRYPTO: ETH), a move the bank believes is necessary to prevent further declines in the world’s second-largest cryptocurrency’s price and market cap.

標準憲章呼籲徵收由以太坊（Crypto：ETH）運作的第2層區塊鏈賺取的超額利潤的稅收，銀行認為必須採取行動，以防止在世界第二大加密貨幣價格和市值中進一步下降。

In a new research note on Monday, the British multinational bank proposes that a portion of the profits reaped by these secondary chains—specifically highlighting Base, a Layer-2 developed by Coinbase (NASDAQ:COIN) (CRYPTO: CBI )—should be channeled back to the Ethereum Foundation to mitigate the implications of increased scalability.

在周一的新研究報告中，英國跨國銀行提出，這些次要連鎖店所獲得的一部分利潤（特別是突出的基礎）是由Coinbase（Nasdaq：Coin）開發的2層（Crypto：CBI）（CBI：CBI），可以將其引導到以太坊基礎上，以減輕可提高可擴展性的含義。

"The solution would be to tax Layer 2 super-profits in the same way governments sometimes charge super taxes for foreign-owned mining companies that extract excess profits," said Geoffrey Kendrick, Standard Chartered's Global Head of Digital Assets Research.

標準Chartered全球數字資產研究負責人Geoffrey Kendrick說：“解決方案是以相同的方式徵稅2級超級基金，有時為提取多餘利潤的外國礦業公司收取超級稅款。”

The report highlights how the significant rise of Base has had a substantial impact on Ethereum's market cap. As Base retains a majority share of its fee revenue—estimated at 80%—for Coinbase, only a small percentage is returned to the Ethereum network for Layer-1 settlements.

該報告強調了基本的重大興起如何對以太坊的市值產生重大影響。由於基地保留了其收費收入的大部分份額（估計為80％），因此只有一小部分返回到以太坊網絡以進行第1層的定居點。

This dynamic, in the context of Ethereum's own upgrades like the 2022 merge to proof-of-stake and the 2024 Dencun update, has led to increased scalability and reduced fees, it has also commoditized Ethereum within its own ecosystem, enabling Layer-2s to dominate revenue generation.

在以太坊自身的升級背景下，如2022年合併到持有證明和2024 Dencun更新的背景下，它導致了可擴展性和降低的費用，它還在其自身的生態系統中商品化了以太坊，使第2層能夠在層次上產生收入的產生。

"Changes made to Ethereum over the past few years, while perhaps necessary, have been value destructive," Kendrick added. "The merge removed ETH's unique proof-of-work status among smart contract peers, and the Layer 2 concept gave away value for free. Dencun then gave Layer 2s even more power and created super-profits for them."

肯德里克補充說：“在過去的幾年中，對以太坊的變化雖然也許是必要的，但卻具有破壞性。” “合併刪除了ETH在智能合約同行中的獨特工作證明狀態，而第2層的概念給出了免費的價值。隨後，Dencun賦予了第2層更大的權力，並為他們創造了超級實踐。”

The analysis introduces the concept of blockchain "GDP" to measure value generated within Ethereum's ecosystem, comparing it to national economic output. This metric reveals that a growing share of transaction activity—and profits—are occurring off the Ethereum mainnet, especially on Base, further supporting the case for intervention.

該分析介紹了區塊鏈“ GDP”的概念，以衡量以太坊生態系統中產生的價值，並將其與國家經濟產出進行比較。該指標表明，越來越多的交易活動和利潤出現在以太坊的主網上，尤其是在基礎上，進一步支持了乾預案例。

While other Layer-2s like Arbitrum (NYSE:ARB) (CRYPTO: ARB) and Optimism (CRYPTO: OP) do not extract profits externally in the same way, the report singles out Base as a source of market cap erosion. The Base chain, which Standard Chartered describes as "explosively growing," now accounts for the majority of new addresses among major Layer 2s, suggesting that this trend could accelerate unless corrective action is taken.

雖然其他第2層（例如仲裁（NYSE：ARB））（加密：ARB）和樂觀（Crypto：op）不會以相同的方式提取利潤，但該報告將基礎列為市場上限侵蝕的來源。該標準特許將基本鏈描述為“爆炸性增長”，現在是主要層2s中的大部分新地址，這表明除非採取糾正措施，否則這種趨勢可以加速。

Standard Chartered argues that only a proactive shift from the Ethereum Foundation—such as implementing a tax on Layer 2s—can reverse the current trajectory. Without it, the bank sees Ethereum's performance relative to Bitcoin (CRYPTO: BTC) continuing to deteriorate in the coming years.

《標準特許》認為，只有從以太坊基金會（例如對第2層徵稅）的主動轉變才能扭轉當前軌跡。沒有它，該銀行將看到以太坊相對於比特幣（Crypto：BTC）的表現，在未來幾年中繼續惡化。

Standard Chartered has revised its Ethereum price target downwards, now forecasting ETH to reach $4,000 by the end of 2025, a sharp cut from the previous $10,000 estimate. The ETH-BTC price ratio is also expected to fall, hitting 0.015 by 2027—its lowest since early 2017.

Standard Chartered已將其以太坊價格目標定為下降，現在預測ETH到2025年底將達到4,000美元，比以前的10,000美元估計幅度急劇削減。 ETH-BTC的價格比也有望下降，到2027年達到0.015，這是自2017年初以來最低的。