解码以太坊的业务模型：从汽油费到燃烧的代币

在传统的投资领域和风险投资中，商业模式是投资者在查看公司或项目时检查的关键因素之一。

In traditional investment fields and venture capital, the business model is one of the key factors that investors examine when looking at a company or project.

在传统的投资领域和风险投资中，商业模式是投资者在查看公司或项目时检查的关键因素之一。

However, in the crypto industry ecosystem, investors seem less enthusiastic about discussing this factor. But I believe we must return to normal logic and common sense; aside from Bitcoin and similar collectibles, the business model of all other projects should be discussed.

但是，在加密行业的生态系统中，投资者似乎不太热情讨论这一因素。但是我相信我们必须恢复正常的逻辑和常识。除了比特币和类似的收藏品外，还应讨论所有其他项目的业务模型。

Let’s start with Ethereum.

让我们从以太坊开始。

To understand what Ethereum's business model is, we need to look at how Ethereum operates, what services it provides to users, and what its sources of income are.

要了解以太坊的业务模型是什么，我们需要研究以太坊的运营方式，其为用户提供的服务以及其收入来源是什么。

As a layer-1 blockchain, Ethereum provides services that support the deployment, operation, and transfer of upper-layer applications (smart contracts) and users (wallets). Its source of income comes from the GAS fees paid by these applications and users for these actions (transactions).

作为第1层区块链，以太坊提供了支持上层应用程序（智能合约）和用户（钱包）的部署，操作和转移的服务。其收入来源来自这些应用程序和用户为这些行动（交易）支付的汽油费。

The GAS fees it receives can be further divided into two categories: one is the tips given to miners, and the other is the burned GAS.

它收到的汽油费可以进一步分为两类：一个是给矿工的提示，另一个是燃烧的气体。

The tips given to miners can be seen as Ethereum's expenditure to maintain the system.

给矿工的提示可以看作是以太坊维护系统的支出。

At the same time, Ethereum also issues new tokens each year to reward miners for mining. I also consider this part as an expenditure.

同时，以太坊还会发出新的代币，以奖励矿工的采矿。我也认为这部分是支出。

The burned GAS, on the other hand, provides meaningful income back to all Ethereum token holders. This income can be seen as being used for token buybacks and destruction, benefiting all token holders.

另一方面，燃烧的天然气为所有以太坊代币持有人提供了有意义的收入。该收入可以看作是用于代币回购和破坏，使所有令牌持有人受益。

Therefore, the total burned tokens minus all newly issued tokens gives us Ethereum's truly effective "net profit."

因此，烧毁的代币总数减去所有新发行的代币都为我们提供了以太坊真正有效的“净利润”。

This is Ethereum's business model.

这是以太坊的商业模式。

On Etherscan (https://etherscan.io/chart/dailyethburnt), you can check the daily burning amount of Ethereum. After the implementation of EIP-1559 in August 2021, the daily burning amount during the peak period in 2021 was approximately 10,000 to 20,000 ETH.

在Etherscan（https://etherscan.io/chart/dailyethburnt）上，您可以检查每日燃烧的以太坊数量。在2021年8月实施EIP-1559之后，2021年高峰期的每日燃烧数量约为10,000至20,000 ETH。

On Etherscan (https://etherscan.io/chart/ethersupplygrowth), you can find that Ethereum issued approximately 3 million ETH in 2024, with a daily issuance of about 8,300 ETH.

在Etherscan（https://etherscan.io/chart/ethersupplygrowth）上，您可以发现以太坊在2024年发行了约300万ETH，每天发行约8,300 ETH。

If we calculate based on a daily burn of 10,000 ETH, the annual income of the Ethereum network during its peak period is 3.65 million ETH. If we calculate based on a daily burn of 20,000 ETH, the annual income of the Ethereum network during its peak period is 7.3 million ETH.

如果我们根据10,000 ETH的每日燃烧计算，那么以太坊网络在高峰期的年收入为365万ETH。如果我们根据20,000 ETH的每日燃烧计算，那么以太坊网络在高峰期的年收入为730万ETH。

Subtracting the amount of newly issued tokens from the total burned amount, we find that Ethereum's peak annual "net profit" is approximately 650,000 ETH to 4.3 million ETH.

从烧毁的总金额中减去新发行的代币的数量，我们发现以太坊的峰值年度“净利润”约为650,000 ETH至430万ETH。

Based on the average price of Ethereum in 2021 being around $2,000, its annual net profit would be $1.3 billion to $8.6 billion.

根据2021年以太坊的平均价格约为2,000美元，其年净利润将为13亿美元至86亿美元。

Let’s compare this maximum value of $8.6 billion with Alibaba, which is also a platform :

让我们将此最高价值与阿里巴巴进行比较，这也是一个平台：

Alibaba's latest annual report shows that its net profit for 2024 is approximately $21 billion.

阿里巴巴的最新年度报告显示，其2024年的净利润约为210亿美元。

It can be seen that Ethereum's maximum annualized net profit during its peak period is close to half of Alibaba's.

可以看出，以太坊在高峰期的最高年度净利润接近阿里巴巴的一半。

In the peak profit year of 2021, Ethereum's price was around $2,000 to $4,000, with a corresponding market capitalization of approximately $200 billion to $500 billion.

在2021年的峰值利润年中，以太坊的价格约为2,000至4,000美元，相应的市值约为2000亿美元至5000亿美元。

Thus, Ethereum's maximum market capitalization that year was $500 billion, while Alibaba's current market capitalization is $300 billion ; however, Ethereum's maximum annualized net profit that year was less than half of Alibaba's.

因此，当年以太坊的最高市值为5000亿美元，而阿里巴巴目前的市值为3000亿美元；但是，以太坊当年的最高年度净利润不到阿里巴巴的一半。

From this perspective, it appears that Ethereum's market capitalization at that time was overvalued, but not as absurdly overvalued as we might subconsciously think.

从这个角度来看，当时以太坊的市值被高估了，但并没有像我们潜意识的想法那样被高估。

Overall, it seems that traditional valuation methods are also applicable in the crypto ecosystem.

总体而言，似乎传统的评估方法也适用于加密生态系统。

Let’s further imagine that if Ethereum's ecosystem flourishes again in the future and reaches the scale of Amazon today, we can roughly estimate its corresponding market capitalization.

我们进一步想象，如果以太坊的生态系统将来再次蓬勃发展并达到了今天的亚马逊规模，我们可以大致估算其相应的市值。

Amazon's net profit for 2024 is $59.2 billion, and its current market capitalization is $2 trillion.

亚马逊2024年的净利润为592亿美元，目前的市值为2万亿美元。

If Ethereum can reach this level, its corresponding unit price would be approximately $17,000, with a daily "net profit" of about 9,500 ETH, corresponding to a daily burn of approximately 18,000 ETH (assuming the issuance rate of Ethereum remains unchanged).

如果以太坊能够达到此水平，其相应的单位价格约为17,000美元，每天的“净利润”约为9,500 ETH，相当于每日燃烧约18,000 ETH（假设以太坊的发行率保持不变）。

It is important to note that this 18,000 ETH is the average daily burn ; in real daily situations, I estimate the actual daily burn of ETH to be between 15,

重要的是要注意，这个18,000 ETH是平均每日燃烧。在实际的日常情况下，我估计ETH的实际日常燃烧在15之间，