理想主義的暮光：風險投資藤壺如何吞噬權力下放的基礎

當前的L2代幣流通市場價值為152億美元，解鎖令牌的規模為300億美元。從流動性的角度來看，這相當於以太坊生態系統上的4％不可見的通貨膨脹壓力。

The article discusses the issue of venture capital (VC) institutions exerting excessive influence over the Ethereum ecosystem, particularly in the context of Layer 2 (L2) solutions. The author argues that VCs are essentially "barnacles" that are slowly eating away at the foundations of Ethereum's decentralization.

文章討論了風險資本（VC）機構對以太坊生態系統產生過多影響的問題，尤其是在第2層（L2）解決方案的背景下。作者認為，VC本質上是“藤壺”，這些藤壺正在慢慢地吞噬以太坊的權力下放。

Here's a summary of the key points:

這是關鍵點的摘要：

**L2 Colonization and Its Impact**

** L2殖民化及其影響**

* Despite the narrative of L2 solutions expanding the Ethereum ecosystem, the data tells a different story.

*儘管L2解決方案的敘述擴大了以太坊生態系統，但數據仍講述了一個不同的故事。

* L2 tokens, which are essentially IOUs for future ETH, currently have a market value of $15.2 billion, while the total size of unlocked tokens is $30 billion.

* L2代幣本質上是未來ETH的屬性，目前的市場價值為152億美元，而未鎖定令牌的總規模為300億美元。

* This means that there is a hidden inflation pressure of 4% on the Ethereum ecosystem.

*這意味著以太坊生態系統中隱藏的通脹壓力為4％。

* Furthermore, these L2 tokens have on average declined by nearly 50% from their highs, potentially leading to a higher actual impact.

*此外，這些L2代幣平均從高點下降了近50％，可能導致更高的實際影響。

* To put this in perspective, L2 tokens generally have nearly 60% of tokens yet to be unlocked, indicating that there are at least $30 billion in funds that need to be absorbed by Ethereum ecosystem investors.

*從角度來看，L2代幣通常有近60％的令牌尚未解鎖，這表明至少有300億美元的資金需要被以太坊生態系統投資者吸收。

**Distortions Caused by VC Influence**

**由VC影響引起的扭曲**

* VC institutions hold 67% of the seats in the Optimism governance committee, while the rejection rate of ArbitrumDAO's early proposals exceeded 80%.

*風險投資機構在樂觀治理委員會中佔有67％的席位，而仲裁者的早期提案的拒絕率超過80％。

* This reveals that decentralized governance is largely nominal, with VCs having a disproportionate influence over decision-making.

*這表明分散的治理在很大程度上是名義上的，VC對決策具有不成比例的影響。

* EigenLayer's re-staking protocol had over $18 billion in locked funds, but 90% of the income generated went to institutional pledgers, highlighting a liquidity siphon effect.

* Eigenlayer的重新制定協議已超過180億美元的鎖定資金，但產生的收入中有90％用於機構承諾，強調了流動性虹吸效應。

The article goes on to discuss the broader implications of VC influence on the Ethereum ecosystem, including the distortion of the economic model, the creation of a prisoner's dilemma for re-pledging, and the emergence of a staking oligopoly. It concludes by emphasizing the need for a "surgical plan" to address these issues and ultimately ensure the long-term health and decentralization of the Ethereum ecosystem.

該文章繼續討論了風險投資對以太坊生態系統的影響的廣泛含義，包括經濟模型的扭曲，囚犯重新繪製的困境的創造以及出現了重要寡頭的出現。結束時，它強調需要製定“外科計劃”來解決這些問題，並最終確保以太坊生態系統的長期健康和權力下放。