DeFi 引领以太坊 Gas 费生成

按市值计算，以太坊仍然是迄今为止最大的智能合约平台。该网络在市值排行榜上排名第二，拥有跨多个领域的 dapp。

Ethereum, the leading smart contracts platform by market capitalization, hosts a wide range of decentralized applications (dapps) spanning multiple sectors. While activities related to the Metaverse, gaming, and NFTs have declined, decentralized finance (DeFi) remains strong, as evidenced by the steady recovery in total value locked (TVL), according to data from DeFiLlama.

以太坊是按市值计算领先的智能合约平台，托管着跨多个领域的广泛去中心化应用程序 (dapp)。 DeFiLlama 的数据显示，虽然与元宇宙、游戏和 NFT 相关的活动有所下降，但去中心化金融 (DeFi) 仍然强劲，锁定总价值 (TVL) 的稳步复苏就证明了这一点。

DeFi applications have played a significant role in driving gas fees on Ethereum. To further illustrate this dominance, DragonFly's managing partner shared data from CoinShares on a Zoom call, highlighting the primary sources of gas fees over the years.

DeFi 应用程序在推动以太坊 Gas 费用方面发挥了重要作用。为了进一步说明这种主导地位，DragonFly 的管理合伙人在 Zoom 电话会议上分享了来自 CoinShares 的数据，强调了多年来 Gas 费的主要来源。

Following Ethereum's launch, gas fees have continued to increase, with a notable dip after the initial coin offering (ICO) mania of 2017 and 2018. During this period, the annual gas fees generated by the network tanked from $143 million in 2018 to as low as $46 million in 2019.

以太坊推出后，汽油费持续增加，在 2017 年和 2018 年首次代币发行 (ICO) 热潮之后，汽油费显着下降。在此期间，网络产生的年度汽油费从 2018 年的 1.43 亿美元跌至最低水平2019 年为 4600 万美元。

However, after this contraction, which came in the aftermath of the crypto winter of 2018, gas fees generated by the network exploded. This uptick in momentum coincided with the rising popularity of ERC-20 tokens, which allowed protocols to easily issue tokens and the increasing adoption of DeFi.

然而，在 2018 年加密货币寒冬之后出现的收缩之后，网络产生的 Gas 费出现爆炸式增长。这种势头的上升与 ERC-20 代币的日益普及同时发生，这使得协议能够轻松发行代币以及 DeFi 的日益普及。

The resurgence in DeFi activity can be traced back to the late 2018 launch of Uniswap, a decentralized exchange (DEX), and the introduction of the automated market maker (AMM) model, which decentralized liquidity provision. DEXs constitute a major component of DeFi, with some of the most popular DeFi protocols being DEXs like Curve and Uniswap, according to DeFiLlama.

DeFi 活动的复苏可以追溯到 2018 年底去中心化交易所（DEX）Uniswap 的推出，以及自动做市商（AMM）模型的引入，该模型可以分散流动性供应。据 DeFiLlama 称，DEX 是 DeFi 的主要组成部分，一些最流行的 DeFi 协议是 Curve 和 Uniswap 等 DEX。

From 2018 to 2020, the network predominantly derived its fees from ERC-20 transfers. As DeFi gained steam on Ethereum during the last bull cycle from 2021, the majority of gas fees shifted to DEXs.

从 2018 年到 2020 年，该网络的费用主要来自 ERC-20 转账。随着 2021 年以来的最后一个牛市周期中 DeFi 在以太坊上的发展，大部分 Gas 费用转移到了 DEX。

DEX Gas Fees Decline As ERC-20 And Stablecoin Transfers Increase, Blame Dencun?

随着 ERC-20 和稳定币转账的增加，DEX Gas 费用下降，这都怪 Dencun？

Interestingly, gas fees from DEXs have continued to decrease, dropping from $2.4 billion in 2021 to $512 billion as of 2024. Meanwhile, ERC-20 transfers now rank second, having been in third place from 2021 to 2023. Last year alone, ERC-20 transfers, a substantial portion of which came from meme coins like PEPE and stablecoins, generated $223 million for validators.

有趣的是，DEX 的 Gas 费持续下降，从 2021 年的 24 亿美元下降到 2024 年的 5120 亿美元。与此同时，ERC-20 转账现在排名第二，从 2021 年到 2023 年排名第三。仅去年一年，ERC-20 转账就排名第二。 20 笔转账，其中很大一部分来自 PEPE 和稳定币等模因币，为验证者带来了 2.23 亿美元的收入。

Furthermore, gas fees from layer-2s have also continued to decline, according to the data. In 2023, Ethereum generated $247 million in fees from layer-2 platforms like Arbitrum and Optimism, which had dropped to $90 million by the time CoinShares published their report. This sharp decrease can be largely attributed to the activation of Dencun.

此外，数据显示，来自 Layer-2 的 Gas 费也持续下降。 2023 年，以太坊从 Arbitrum 和 Optimism 等第 2 层平台产生了 2.47 亿美元的费用，到 CoinShares 发布报告时，该费用已降至 9000 万美元。这种急剧下降很大程度上归因于Dencun的激活。