更好地利用区块链指标

区块链产生大量公共数据。在加密推特上，人们不断地比较区块链 A 和区块链 B，投资者、研究人员和意见领袖 (KOL) 在捍卫自己的观点时有许多指标可供参考。然而，这些数字的滥用往往会模糊人们对该领域的理解。

Blockchains generate a vast amount of public data. On Crypto Twitter, people constantly compare Blockchain A and Blockchain B, and investors, researchers, and opinion leaders (KOLs) have many metrics to reference when defending their viewpoints. However, the misuse of these numbers often obscures people's understanding of the field.

区块链产生大量公共数据。在加密推特上，人们不断地比较区块链 A 和区块链 B，投资者、研究人员和意见领袖 (KOL) 在捍卫自己的观点时有许多指标可供参考。然而，这些数字的滥用往往会模糊人们对该领域的理解。

In today's 0xResearch article, we will explore three metrics and the issues surrounding them: active addresses, blockchain "profitability," and total value secured.

在今天的 0xResearch 文章中，我们将探讨三个指标及其相关问题：活跃地址、区块链“盈利能力”和安全总价值。

Active Addresses

活跃地址

"Active addresses" refer to how many active, paying users there are on a particular protocol.

“活跃地址”是指特定协议上有多少活跃付费用户。

"The Facebook has three billion monthly active users" is useful information that tells us something about this social network. Since spammers do not have enough profit opportunities to flood Facebook, active addresses are a good way to assess the platform's real value to consumers.

“Facebook 每月拥有 30 亿活跃用户”是一个有用的信息，可以告诉我们有关这个社交网络的一些信息。由于垃圾邮件发送者没有足够的盈利机会来淹没 Facebook，因此活跃地址是评估该平台对消费者真正价值的好方法。

However for blockchains, the value of active addresses diminishes due to the ease of creating new wallets and the obvious opportunities to profit through airdrops or protocols.

然而，对于区块链来说，由于创建新钱包的容易性以及通过空投或协议获利的明显机会，活跃地址的价值会下降。

For example, the following chart shows a clear case: Solana had the most daily active addresses in the past month, making it appear very active.

例如，下图显示了一个明显的情况：Solana 在过去一个月中拥有最多的每日活跃地址，使其显得非常活跃。

Most Solana users trade on decentralized exchanges (DEXs), so we need to closely observe the activity on DEXs. When we delve into the active addresses on Solana's DEX, we find that in the past day, most addresses—about 3.4 million out of a total of 4.4 million—had a lifetime trading volume of less than $10.

大多数 Solana 用户在去中心化交易所（DEX）上进行交易，因此我们需要密切观察 DEX 上的活动。当我们深入研究 Solana DEX 上的活跃地址时，我们发现在过去的一天中，大多数地址（总共 440 万个地址中约有 340 万个）的生命周期交易量低于 10 美元。

This suggests that due to Solana's low transaction fees, there may be a lot of spam or bot activity rather than a large number of "quality" users.

这表明，由于 Solana 的交易费用较低，可能存在大量垃圾邮件或机器人活动，而不是大量“优质”用户。

Here’s another example I mentioned earlier: Celo L1 (now L2) saw its daily active addresses for sending stablecoins surge to 646,000 in September. This number surpassed Tron, attracting the attention of Vitalik Buterin and CoinDesk.

这是我之前提到的另一个例子：Celo L1（现在的 L2）9 月份发送稳定币的每日活跃地址激增至 646,000 个。这个数字超过了 Tron，吸引了 Vitalik Buterin 和 CoinDesk 的注意。

Upon deeper analysis, Variant Fund data analyst Jack Hackworth found that 77% of Celo addresses transferred amounts of less than two cents, primarily because thousands of users were claiming small amounts of funds through a universal basic income protocol called GoodDollar. In both cases, active addresses indicated high usage, but upon closer examination, this assertion does not hold.

经过更深入的分析，Variant Fund 数据分析师 Jack Hackworth 发现，77% 的 Celo 地址转账金额不到 2 美分，这主要是因为成千上万的用户通过名为 GoodDollar 的通用基本收入协议申领小额资金。在这两种情况下，活动地址都表明使用率很高，但经过仔细检查，这一断言并不成立。

For more related information, you can refer to Dan Smith's research, which focuses on the misuse of daily active addresses.

更多相关信息，可以参考 Dan Smith 的研究，该研究重点关注日常活跃地址的滥用。

Blockchain Profitability

区块链盈利能力

Instead of focusing on active addresses to study blockchain activity, it is better to look at network fee metrics. Fees reflect the total gas consumption of using the protocol, without considering the issue of "quality" users.

与其关注活跃地址来研究区块链活动，不如关注网络费用指标。费用反映了使用该协议的总 Gas 消耗量，而不考虑“优质”用户的问题。

Fees are often used by analysts and investors to determine which blockchains generate the most "revenue." We then consider the token issuance paid to validators as a cost. The result is the blockchain's "profitability."

分析师和投资者经常使用费用来确定哪些区块链产生最多的“收入”。然后，我们将支付给验证者的代币发行视为成本。结果就是区块链的“盈利能力”。

This is how Token Terminal generates "financial statements" for crypto protocols. For example, the chart below shows that Ethereum L1 has accumulated millions of dollars in losses over the past two months.

这就是令牌终端为加密协议生成“财务报表”的方式。例如，下图显示，以太坊 L1 在过去两个月内累计损失了数百万美元。

The only issue is that this calculation does not take into account a key factor: unlike PoW chains (like Bitcoin), users on PoS chains can also easily earn token issuance rewards.

唯一的问题是，这种计算没有考虑到一个关键因素：与 PoW 链（如比特币）不同，PoS 链上的用户也可以轻松获得代币发行奖励。

After all, if I can earn a 5% ETH/SOL staking yield from liquid staking platforms like Lido or Jito, why should I care whether the network is "unprofitable"? Therefore, concluding that "Ethereum is unprofitable" by treating token issuance as a cost is problematic.

毕竟，如果我可以从 Lido 或 Jito 等流动质押平台获得 5% 的 ETH/SOL 质押收益率，我为什么要关心网络是否“无利可图”呢？因此，将代币发行视为成本来得出“以太坊无利可图”的结论是有问题的。

In the real world, inflation is harmful because when central banks print money in large quantities, the increased money supply reaches different participants in the economy at different times, and those who receive the new money first benefit before "real" price adjustments occur. This is known as the Cantillon Effect.

在现实世界中，通货膨胀是有害的，因为当央行大量印钞时，增加的货币供应量会在不同时间到达经济中的不同参与者，而那些收到新货币的人会在“真正的”价格调整发生之前首先受益。这就是所谓的坎蒂隆效应。

In the PoS blockchain economy, this is not the case, as inflation (i.e., token issuance) is received simultaneously by everyone. Therefore, no one becomes richer or poorer because of it—everyone's wealth remains unchanged.

在 PoS 区块链经济中，情况并非如此，因为通货膨胀（即代币发行）是每个人同时收到的。因此，没有人因此而变得更富或更穷——每个人的财富都保持不变。

Instead, we can consider using the Real Economic Value (REV) as an alternative metric. REV combines network fees and MEV tips given to validators but does not treat token issuance as a cost.

相反，我们可以考虑使用实际经济价值（REV）作为替代指标。 REV 结合了网络费用和给予验证者的 MEV 小费，但不将代币发行视为成本。

Based on this, we can see that Ethereum has actually been profitable over the past two months:

由此我们可以看出，以太坊在过去两个月里实际上是盈利的：

REV can be said to be a better metric for assessing the real demand of the network and is a revenue metric that is more comparable to traditional finance (TradFi).

REV可以说是评估网络真实需求的更好指标，也是与传统金融（TradFi）更具可比性的收入指标。

In summary, traditional profit and loss accounting methods are not easily applicable to blockchains.

综上所述，传统的损益核算方法并不容易适用于区块链。

For more information on this complex topic, you can listen to the recent Bell Curve podcast featuring Jon Charbonneau.

有关这个复杂主题的更多信息，您可以收听 Jon Charbonneau 最近主持的钟形曲线播客。

Total Transaction Value (TTV), Not Total Value Secured (TVS)

总交易价值 (TTV)，而非总担保价值 (TVS)

Oracles are the key infrastructure for blockchains to obtain off-chain data. Without oracles like Chainlink, the blockchain economy cannot reliably reflect real-world

预言机是区块链获取链下数据的关键基础设施。如果没有像 Chainlink 这样的预言机，区块链经济就无法可靠地反映现实世界