Eigenlayer证明了以太坊安全空间的需求以太坊安全空间的货币化。

巴比伦的对手实际上是BTC现场ETF，其保证的安全性和回报率要比链链少。

EigenLayer hopes to monetize the security space of Ethereum, and then split it into partitions and rent it out to projects with security needs. In essence, EigenLayer does not provide security, but is only a porter of security.

Eigenlayer希望能够将以太坊的安全空间获利，然后将其分配给分区，然后将其出租给有安全需求的项目。从本质上讲，特征莱者没有提供安全性，而只是安全的搬运工。

Its role is similar to an employment agency, connecting those who need security with those who can provide security.

它的角色类似于就业机构，将需要安全的人与可以提供安全的人联系起来。

Why can't this system be migrated to other public chains?

为什么不能将该系统迁移到其他公共连锁店？

Things like LSD/LRT, Meme, DEX, etc. can be learned by various public chains without any problems of acclimatization. Is it only BTC that cannot be replicated?

LSD/LRT，MEME，DEX等之类的东西可以通过各种公共连锁店学习而没有任何适应性问题。只是无法复制的BTC吗？

In fact, each chain only tends to favor one model: asset issuance products, regardless of whether its packaging is L2 or a pledge/re-pledge system.

实际上，每个链条仅倾向于一个模型：资产发行产品，无论其包装是L2还是誓约/重新覆盖系统。

If you are also interested in the SVM L2 track, then we can predict in advance that Solana, with a market value of 100 billion, cannot support suburban economics. Beijing needs a sub-city center, but Tongliao obviously does not.

如果您也对SVM L2轨道感兴趣，那么我们可以事先预测，索拉纳（Solana）的市场价值为1000亿，无法支持郊区的经济学。北京需要一个子城市中心，但汤里亚奥显然没有。

The same is true for BTC. The trillion-dollar Bitcoin ecosystem has only one product, namely BTC itself. If you use BTC to do some marginal arbitrage, such as WBTC and ETF, then the market value of BTC will be enhanced and will be recognized and rewarded by the market.

BTC也是如此。万亿美元的比特币生态系统只有一种产品，即BTC本身。如果您使用BTC进行一些边际套利，例如WBTC和ETF，那么BTC的市场价值将得到增强，并将得到市场的认可和奖励。

However, if you want to go a step further and transfer the value of BTC to your own token, you will face an eternal problem: how to get people to exchange Bitcoin for your token. This is 100 levels more difficult than Sun Ge getting people to exchange USDT for USDD.

但是，如果您想进一步发展并将BTC的价值转移到您的代币中，那么您将面临永恒的问题：如何让人们为您的代币交换比特币。这比Sun Ge让人们将USDT换成USDD要困难得多。

Various BTC pledge agreements are in full swing, but the world's major BTC is distributed in the hands of exchanges and asset management companies. The BTC on-chain pledge system is just a noun and can hardly be called an entity.

BTC的各种承诺协议正在如火如荼地进行，但世界上的主要BTC却分配在交易所和资产管理公司的手中。 BTC链上的承诺系统只是一个名词，几乎不能称为实体。

Ultimately, the Bitcoin staking system cannot be equated with the sense of security that comes from holding BTC. If the staking system cannot be established, then BTC L2 and BTC DeFi cannot be established either.

最终，比特币放样系统不能等同于持有BTC带来的安全感。如果无法建立放电系统，则也无法确定BTC L2和BTC DEFI。

Two dragons never meet

两只龙从未见面

ETH L1 was crowded, and large-scale L2 infrastructure was carried out, but it was eventually stolen by Pump Fun. This is the whole story of the cryptocurrency circle in the past six months.

Eth L1很拥挤，大规模的L2基础设施进行了，但最终被泵的乐趣偷走了。这是过去六个月中加密货币圈子的整个故事。

Recently, if BTC L2 had not started to build momentum before the coin issuance, people in the fast-paced cryptocurrency circle might have forgotten this ancient memory. In my personal opinion, the only winner is Merlin Chain's rapid coin issuance + long-term operation.

最近，如果BTC L2在硬币发行之前还没有开始建立动力，那么快节奏的加密货币圈子中的人们可能会忘记这种古老的记忆。我个人认为，唯一的赢家是Merlin Chain的快速硬币发行 +长期运营。

The earlier you issue coins, the worse your reputation will be; the later you issue coins, the harder it will be to control the market. If you are destined to be scolded by retail investors, you might as well choose a way to make more money. This is the whole story of BTC L2 in the past year.

您发行硬币越早，您的声誉就会越好；发行硬币的晚些时候，控制市场的困难越难。如果您注定要受零售投资者的责骂，那么您不妨选择一种赚钱的方法。这是过去一年BTC L2的整个故事。

By comparison, ETH itself needs L2 to share traffic. The current game is just an adjustment of the financial relationship between the central government and local governments. The weakness of the EVM ecosystem itself has little to do with L2s. Even if Ethereum collects more taxes on L2s, retail investors will not return to the EVM ecosystem.

相比之下，ETH本身需要L2来分享流量。当前的游戏只是中央政府与地方政府之间的财务关系的调整。 EVM生态系统本身的弱点与L2无关。即使以太坊对L2征收更多税款，散户投资者也不会返回EVM生态系统。

The same is true for SVM L2. Pump Fun has entered the end of the profit curve, and the way it chooses to survive is to grab the cash flow of AMM DEX. If it is in the Ethereum ecosystem, the probability is that Pump Fun Chain will appear.

SVM L2也是如此。 Pump Fun进入了利润曲线的末端，它选择生存的方式就是抓住AMM DEX的现金流。如果在以太坊生态系统中，则可能会出现泵趣味链。

BTC L2 is the most embarrassing. Compared with the support and guidance of Vitalik and the Ethereum Foundation, the technical solution of BTC L2 is chaotic and disordered. There are imitators who try to imitate the ZK/OP route, detail-oriented people who are obsessed with patching existing operation codes, and reformists who want to complete the functions of Bitcoin scripts.

BTC L2是最尴尬的。与Vitalik和以太坊基金会的支持和指导相比，BTC L2的技术解决方案是混乱且无序的。有一些模仿者试图模仿ZK/OP途径，以细节为导向的人沉迷于修补现有的操作代码，以及希望完成比特币脚本功能的改良主义者。

Compared with the decentralization of SVM L2, BTC L2 seems to have a stronger color of "project party + VC". After all, the attitudes of public chain co-founders Anatoly and Solana Foundation towards SVM L2 are "neither support, nor opposition, nor encouragement, nor rejection". Unexpectedly, Solana, which has long been known as the computer room chain, is the OG in the currency circle that truly implements the concept of decentralization.

与SVM L2的权力下放相比，BTC L2似乎具有更强的“ Project Party + VC”颜色。毕竟，公共连锁共同创始人Anatoly和Solana对SVM L2的态度既不是“支持，反对，也不是鼓励，也不是拒绝”。出乎意料的是，长期以来一直称为计算机链链的Solana是货币圆圈中真正实现权力下放概念的OG。

And so it went on for 365 days until it entered the Listing node in the post-VC and post-market maker era. Amid the misunderstanding and shock of the onlookers, BTC L2 announced its airdrop plan and token economics mechanism.

因此，它持续了365天，直到进入VC后和市场后时代的上市节点。在围观者的误解和震惊中，BTC L2宣布了其空投计划和代币经济学机制。

As for BTC itself, it chooses not to care about these disturbances, whether it is 80,000 or 1 dollar, whether it is digital gold or the savior of US debt, they are all external things and have

至于BTC本身，它选择不关心这些干扰，无论是80,000还是1美元，无论是数字黄金还是美国债务的救世主，它们都是外部事物，