Eth Burn vs Staking：以太坊的经济模型如何努力寻找平衡

通过以太坊改善提案（EIP）1559在2021年8月实施的以太坊改善提案（EIP）销毁了总价值153亿美元的450万个以太坊代币。

A total of 4.5 million Ethereum (CRYPTO: ETH) tokens were burned through Ethereum Improvement Proposal (EIP) 1559 in August 2021. The eventual objective was to make Ethereum a "deflationary token" by decreasing the total number of tokens.

2021年8月，通过以太坊改善提案（EIP）1559燃烧了450万以太坊（加密：ETH）令牌。最终的目标是通过减少代币总数使以太坊成为“放气令牌”。

However, the supply of Ethereum (CRYPTO: ETH) continues to grow despite an “Ethereum deflation dilemma” which occurred due to the business.

但是，尽管由于业务造成的“以太元素放气的困境”，以太坊（Crypto：ETH）的供应仍在不断增长。

ETH Burn Vs Staking: How Ethereum’s Economic Model Is Struggling to Find Balance

Eth Burn vs Staking：以太坊的经济模型如何努力寻找平衡

With EIP-1559 a part of transaction fees are burnt as burn payments which helps in reducing the ETH supply. The designers of Ethereum wanted the burn mechanism to cancel out its existing inflationary feature while promoting scarcity of ETH which potentially enhances its market price over time.But the ongoing ETH burn vs staking issue highlights the challenges that Ethereum faces in balancing its token supply with increasing staking rewards.

借助EIP-1559，一部分交易费用被烧毁，作为燃烧付款，有助于减少ETH供应。以太坊的设计师希望燃烧机制取消其现有的通货膨胀功能，同时促进ETH的稀缺性，这可能会随着时间的流逝而来，这可能会提高其市场价格。但是，持续的ETH燃烧与Staking问题突出了以太坊在平衡其代币供应随着稳定量增加的挑战方面所面临的挑战。

The system worked exactly as the designers had planned when there were a large number of transactions. After the initial implementation of this approach decreased Ethereum’s supply increase to a point where some individuals began believing the system was deflationary. But the real scenario turned out to be drastically different from the original setup.

当大量交易时，该系统完全按照设计师的计划工作。在最初实施这种方法后，以太坊的供应量降低到某些人开始认为该系统是通缩的地步。但是，实际情况与原始设置大不相同。

Ethereum Deflation Problem: Can EIP-1559 and Staking Rewards Coexist?

以太坊通缩问题：EIP-1559和Staking Rewards可以共存吗？

Proof-of-Stake replaced proof-of-work as Ethereum’s consensus algorithm when the platform transitioned in September 2022. The network transition to proof-of-stake decreased energy consumption significantly but it led to an increased issuance of new ETH because validators received ETH rewards through staking. The ongoing expansion of Ethereum’s supply is due to a steady growth despite the operation of its burning mechanism.The Ethereum deflation problem is getting worse as staking rewards continue to outpace the burning mechanism, which raises concerns about the long-term value.

当该平台在2022年9月过渡时，列出的证明是以太坊共识算法的代替。网络过渡到销售证明大大降低了能源消耗，但导致了新的ETH的发行，因为验证者通过Staking获得了ETH Rewards。以太坊供应的持续扩展是由于其燃烧机制的运行，但由于积分奖励继续超过燃烧机制，这引起了人们对长期价值的关注，因此以太坊通气的问题越来越严重。

A Deeper Look into Ethereum’s Inflationary Trend

更深入地了解以太坊的通货膨胀趋势

The Ethereum network went into an inflationary state for the first time after EIP-1559 implementation during Q2 2024. The staking rewards distributed 228,543 ETH to validators but they destroyed only 107,725 ETH in this period. The number of ETH in circulation increased by about 120,818 from the shifts in supply and demand at that time. This shift happened mainly because the staking reward issuance rates exceeded the total amount burned.

在第2季度2024年EIP-1559实施之后，以太坊网络首次进入通货膨胀状态。摊销奖励分配给验证者228,543 ETH，但在此期间，它们仅销毁了107,725 ETH。当时的供应和需求变化，流通中的ETH数量增加了约120,818。这次转变之所以发生，主要是因为股票奖励发行率超过了燃烧的总金额。

Ethereum continues to increase its supply as the program issues rewards for staking even though it has successfully destroyed millions of ETH tokens. To maintain its deflationary structure, Ethereum needs adjustments because rewards from staking exceed burning activities which creates an imbalance in the economic model. Future protocol enhancements or modifications to the staking rewards might be required to achieve this desired economic model.

以太坊继续增加供应，因为该计划已成功销毁了数百万个ETH代币，但该计划就会奖励积累。为了维持其缩水结构，以太坊需要调整，因为从积累中获得的奖励超过了燃烧的活动，这在经济模型中造成了不平衡。未来的协议增强或对积分奖励的修改可能需要实现这种期望的经济模型。

How the Ethereum Deflation Dilemma Could Impact Ethereum Price in the Long RunThe price of Ethereum remains highly sensitive to these deflationary and inflationary dynamics, and the market trends reflect the uncertainty surrounding the network’s future.Recent momentum changes from the Relative Strength Index (RSI) indicator corresponded with key price movements at the $1,630 mark. Price momentum became bullish whenever the currency plunged into over sold levels and these events supported the bullish crossover of the MACD signs (Golden Crosses) throughout upward price action. Despite the RSI showing a decreased overbought reading, we can still see that the preferred momentum is bullish due to the recent MACD crossover. Ethereum shows a strong resilience to bear trends but a strong breakout of the $1,630 threshold would lower the risk to either the $1,600 or $1,585 levels.

从长远来看，以太坊的价格如何影响以太坊的价格，以太坊的价格仍然对这些通货膨胀和通货膨胀动态仍然高度敏感，并且市场趋势反映了网络未来的不确定性。相对强度指标（RSI）指标与关键价格变化相对应，与关键价格变化相对应。每当货币陷入销售水平过高时，价格势头就会看涨，这些事件都支持在整个上升价格行动中的MACD标志（Golden Crosses）的看涨跨界。尽管RSI显示出了过多的读数，但由于最近的MACD跨界，我们仍然可以看到，首选动量是看好的。以太坊表现出对熊趋势的强烈弹性，但$ 1,630门槛的强烈突破将降低1,600美元或1,585美元水平的风险。