比特币迎来第五纪元，标志着加密货币的分水岭时刻

比特币成功减半后进入“第五纪元”，引发交易活动激增，交易成本创历史新高。 Runes 的推出以及比特币第 2 层解决方案（例如闪电网络）的潜在增长促进了活动的增加，并提高了人们对比特币生态系统未来的期望。

Bitcoin Enters Epoch V, Signaling a Pivotal Era for the Crypto Landscape

比特币进入第五纪元，标志着加密货币格局进入关键时代

On April 20, 2023, Bitcoin underwent its fourth successful halving, an epochal event in the cryptocurrency's history. This programmed reduction in the issuance of new bitcoins through mining marks the beginning of "Epoch V," a period that promises to be transformative for the Bitcoin ecosystem.

2023 年 4 月 20 日，比特币成功第四次减半，这是加密货币历史上的划时代事件。通过挖矿减少新比特币发行的计划标志着“第五纪元”的开始，这一时期有望给比特币生态系统带来变革。

Coinciding with the halving was the launch of Runes, a groundbreaking protocol that facilitates the creation of meme coins on Bitcoin's blockchain. This launch has resulted in a surge in token activity, with over $80 million in fees generated for Bitcoin miners. Concurrently, transaction costs on Bitcoin have reached an average of over $70, an unprecedented 1,395.8% increase compared to the previous 30-day average, according to data from TokenTerminal.

与减半同时发生的是 Runes 的推出，这是一个突破性的协议，有助于在比特币区块链上创建模因硬币。此次发布导致代币活动激增，为比特币矿工带来了超过 8000 万美元的费用。与此同时，根据 TokenTerminal 的数据，比特币的平均交易成本已达到 70 美元以上，与之前 30 天的平均交易成本相比，史无前例地增长了 1,395.8%。

Layer 2 Solutions Emerge as a Catalyst for Innovation

第 2 层解决方案成为创新催化剂

Experts anticipate that Epoch V will witness the rise of Bitcoin layer 2 solutions like the Lightning Network, a technology that enables faster and cheaper transactions off-chain. The halving has driven transaction fees to record highs, prompting users to seek alternative options. Bitcoin Core developer Ava Chow states that "high fee environments will prompt people to look into" layer 2 solutions.

专家预计，Epoch V 将见证比特币第 2 层解决方案的兴起，例如闪电网络，这种技术可以实现更快、更便宜的链下交易。减半导致交易费用创下历史新高，促使用户寻求替代选择。 Bitcoin Core 开发者 Ava Chow 表示，“高费用环境将促使人们研究”第 2 层解决方案。

A recent report by Messari emphasizes the necessity of layer 2 solutions amidst Bitcoin's growing on-chain activity. This trend signals a shift from Bitcoin being perceived solely as "digital gold" to becoming a platform for innovation.

Messari 最近的一份报告强调了在比特币不断增长的链上活动中第二层解决方案的必要性。这一趋势标志着比特币从仅仅被视为“数字黄金”转变为创新平台。

Ordinals Protocol Opens New Possibilities

Ordinals 协议开启新的可能性

The launch of the Ordinals protocol last year paved the way for new data storage methods on Bitcoin's smallest units, satoshis. This has catalyzed a surge in innovative applications, including BitVM for off-chain computations, Babylon for staking and yield generation on BTC, and layer 2s like Stacks and Merlin that host decentralized apps and meme coins.

去年 Ordinals 协议的推出为比特币最小单位聪的新数据存储方法铺平了道路。这促进了创新应用程序的激增，包括用于链下计算的 BitVM、用于 BTC 质押和收益生成的 Babylon，以及托管去中心化应用程序和 Meme 币的 Stacks 和 Merlin 等 Layer 2。

Outperformance of Layer 2 Tokens Post-Halving

减半后 Layer 2 代币的表现优于其他代币

Since the halving, tokens associated with Bitcoin layer 2s have outperformed BTC. For example, Elastos rose 11%, SatoshiVM climbed 5%, and Stacks gained nearly 20% to reach $2.87, partly driven by the anticipated Nakamoto upgrade.

自减半以来，与比特币第 2 层相关的代币的表现优于 BTC。例如，亦来云上涨 11%，SatoshiVM 上涨 5%，Stacks 上涨近 20%，达到 2.87 美元，部分原因是中本聪升级预期。

Challenges and Considerations

挑战和考虑因素

While market forces are driving action to Bitcoin's secondary layers, challenges remain. High BTC fees may exclude users with low balances from platforms like Lightning, necessitating solutions such as custodial services. However, concerns arise over the potential erosion of user sovereignty and anonymity with custodial Lightning solutions.

尽管市场力量正在推动比特币第二层的行动，但挑战仍然存在。高额比特币费用可能会将余额较低的用户排除在闪电网络等平台之外，从而需要托管服务等解决方案。然而，人们担心托管闪电解决方案可能会侵蚀用户主权和匿名性。

The Legacy of the Blocksize Wars

区块大小战争的遗产

The current landscape reflects the impact of the Blocksize Wars, a contentious debate within the Bitcoin community that occurred in 2017. The decision to prioritize layer 2 scaling over block size increases set the course for Bitcoin's current trajectory. As noted by Chow, the choice between block size and transaction size adjustments represents a fundamental divide in Bitcoin's scaling debate, shaping its evolution to date.

当前的形势反映了区块大小战争的影响，这是 2017 年比特币社区内发生的一场有争议的辩论。优先考虑第 2 层扩展而不是区块大小增加的决定为比特币当前的发展轨迹奠定了基础。正如 Chow 所指出的，区块大小和交易大小调整之间的选择代表了比特币扩容争论中的根本分歧，影响了其迄今为止的演变。

Conclusion

结论

As Bitcoin enters Epoch V, the crypto landscape stands poised for significant transformation. Layer 2 solutions promise to alleviate transaction congestion and reduce costs, opening up new possibilities for innovation and expansion. However, challenges and trade-offs will need to be carefully considered as Bitcoin transitions into this new era. The choices made during this period will shape the future of the world's leading cryptocurrency for years to come.

随着比特币进入第五纪元，加密货币格局即将发生重大转变。第 2 层解决方案有望缓解交易拥堵并降低成本，为创新和扩展开辟新的可能性。然而，随着比特币过渡到这个新时代，需要仔细考虑挑战和权衡。在此期间做出的选择将塑造未来几年世界领先加密货币的未来。