以太坊的 Dencun 升级引发了有关网络通货紧缩轨迹的疑问

以太坊最近的升级Decun可能已经损害了其“超声波货币”的地位。据分析师称，自 Dencun 以来，费用消耗率大幅下降，导致 ETH 供应量净增加。这归因于第 2 层解决方案的主导地位以及升级中包含的 EIP-4844，从而降低了第 2 层交易费用。如此一来，以太坊的通缩趋势可能难以为继，“超声波货币”的概念可能不再适用。

Ethereum's Dencun Upgrade: Implications for the Network's Monetary Properties

以太坊的 Dencun 升级：对网络货币属性的影响

Introduction

介绍

Ethereum's much-anticipated Dencun upgrade, implemented in mid-March, has sparked concerns regarding its potential impact on the network's monetary characteristics. Analysts suggest that the upgrade may have inadvertently eroded Ethereum's status as "ultrasound money," a concept central to the asset's long-term value proposition.

以太坊备受期待的 Dencun 升级于 3 月中旬实施，引发了人们对其对网络货币特征潜在影响的担忧。分析师认为，此次升级可能无意中削弱了以太坊作为“超声波货币”的地位，而“超声波货币”是该资产长期价值主张的核心概念。

Defining "Ultrasound Money"

定义“超声波货币”

"Ultrasound money" is a term coined by Nick Szabo, a renowned cryptographer and early advocate of Bitcoin. It refers to an asset that possesses stable purchasing power while simultaneously experiencing gradual price appreciation over time. Unlike "sound money" assets like gold or Bitcoin, which have fixed total supplies, "ultrasound money" has a deflationary supply mechanism, leading to a decrease in the total circulating supply over time.

“超声波货币”是著名密码学家、比特币早期倡导者 Nick Szabo 创造的术语。它是指拥有稳定购买力，同时随着时间的推移价格逐渐升值的资产。与黄金或比特币等具有固定总供应量的“健全货币”资产不同，“超声波货币”具有通缩供应机制，导致总流通供应量随着时间的推移而减少。

Ethereum's Monetary Properties Prior to Dencun

Dencun 之前的以太坊货币属性

Prior to the Dencun upgrade, Ethereum was widely regarded as "ultrasound money." The Ethereum Improvement Proposal (EIP) 1559, implemented in August 2021, introduced a fee-burning mechanism that destroyed a portion of transaction fees, effectively reducing the total supply of ETH in circulation. This mechanism contributed to Ethereum's deflationary nature, aligning it with the "ultrasound money" paradigm.

在Dencun升级之前，以太坊被广泛认为是“超声波货币”。 2021 年 8 月实施的以太坊改进提案（EIP）1559 引入了费用燃烧机制，销毁了部分交易费用，有效减少了流通中 ETH 的总供应量。这种机制促成了以太坊的通货紧缩性质，使其与“超声波货币”范式保持一致。

Dencun's Impact on Ethereum's Deflationary Trend

Dencun对以太坊通缩趋势的影响

However, analysts from CryptoQuant argue that the Dencun upgrade has significantly reduced Ethereum's fee burn rate, pushing it to one of its lowest levels since the Merge, Ethereum's transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. This decline in fee burn has resulted in a reversal of Ethereum's deflationary trend.

然而，CryptoQuant 的分析师认为，Dencun 升级显着降低了以太坊的费用消耗率，将其推至合并以来的最低水平之一，以太坊从工作量证明（PoW）过渡到权益证明（ PoS）共识机制。费用消耗的下降导致以太坊通货紧缩趋势的逆转。

According to data from ultrasound.money, the global ETH supply has increased by nearly 35,000 ETH, worth approximately $106 million at current prices, over the past 30 days. This inflationary trend stands in stark contrast to Ethereum's pre-Dencun deflationary trajectory.

Ultrasound.money 的数据显示，过去 30 天，全球 ETH 供应量增加了近 35,000 个 ETH，按当前价格计算价值约 1.06 亿美元。这种通胀趋势与以太坊在 Dencun 之前的通缩轨迹形成鲜明对比。

The Role of Layer-2 Scaling Solutions

第 2 层扩展解决方案的作用

The Dencun upgrade introduced several improvements, including EIP-4844. This proposal introduced a new block structure called "blobs" designed to significantly reduce transaction fees on layer-2 scaling solutions. These layer-2 solutions, such as Polygon and Arbitrum, offload transactions from the main Ethereum chain, reducing congestion and lowering gas fees.

Dencun 升级引入了多项改进，包括 EIP-4844。该提案引入了一种名为“blob”的新区块结构，旨在显着降低第 2 层扩展解决方案的交易费用。这些第 2 层解决方案（例如 Polygon 和 Arbitrum）可以从以太坊主链上卸载交易，从而减少拥堵并降低 Gas 费用。

While layer-2 solutions provide scalability benefits, they may also contribute to Ethereum's inflationary trend. By reducing transaction fees on layer-2 networks, the demand for Ethereum's base layer may decline, leading to a lower fee burn rate and a less deflationary supply dynamic.

虽然第 2 层解决方案提供了可扩展性优势，但它们也可能导致以太坊的通货膨胀趋势。通过降低第 2 层网络的交易费用，对以太坊基础层的需求可能会下降，从而降低费用消耗率并减少通货紧缩的供应动态。

The Controversial Pectra Hard Fork

有争议的 Pectra 硬分叉

Ethereum is poised for the Pectra hard fork, the next major network upgrade. However, the Pectra hard fork has been met with mixed reactions due to concerns surrounding EIP-3074, a proposal aimed at enhancing wallet management and transaction security.

以太坊已准备好迎接下一次重大网络升级 Pectra 硬分叉。然而，由于对旨在增强钱包管理和交易安全的 EIP-3074 提案的担忧，Pectra 硬分叉引起了不同的反应。

EIP-3074: Potential Security Risks

EIP-3074：潜在的安全风险

Critics of EIP-3074 raise concerns about its potential security vulnerabilities. The proposal introduces a new "Invoker" stage, responsible for processing and packaging transaction authorizations. Without rigorous audits and testing, there is a risk that malicious actors could exploit vulnerabilities in the Invoker stage to gain unauthorized access to user funds.

EIP-3074 的批评者对其潜在的安全漏洞表示担忧。该提案引入了一个新的“Invoker”阶段，负责处理和打包交易授权。如果没有严格的审计和测试，恶意行为者可能会利用 Invoker 阶段的漏洞未经授权访问用户资金。

Itamar Lesuisse, co-founder of the Argent wallet, has expressed concerns that EIP-3074 could allow scammers to drain entire wallets with just one off-chain authentication. "It should allow a scammer to drain your entire wallet with a single off-chain signature. I expect this will be a major use case," Lesuisse remarked.

Argent 钱包的联合创始人 Itamar Lesuisse 表示担心，EIP-3074 可能会让诈骗者仅通过一次链下身份验证就可以耗尽整个钱包。 “它应该允许骗子通过一个链外签名耗尽你的整个钱包。我预计这将是一个主要用例，”Lesuisse 评论道。

EIP-7251: Streamlining ETH Staking

EIP-7251：简化 ETH 质押

In contrast to the controversy surrounding EIP-3074, the Pectra hard fork also includes EIP-7251, which aims to increase the ETH staking limit and streamline the validator setup process for operators. This proposal has received more positive feedback, as it is expected to improve the efficiency and accessibility of ETH staking.

与围绕 EIP-3074 的争议相比，Pectra 硬分叉还包括 EIP-7251，旨在提高 ETH 质押限额并简化运营商的验证器设置流程。该提案得到了较为积极的反馈，有望提高 ETH 质押的效率和可及性。

Conclusion

结论

The Dencun upgrade has brought forth a fundamental shift in Ethereum's monetary properties. The reduction in fee burning and the rise of layer-2 scaling solutions have reversed Ethereum's previous deflationary trend, raising concerns about its long-term value proposition as "ultrasound money." While the Pectra hard fork introduces new proposals aimed at addressing wallet security and scalability, the controversy surrounding EIP-3074 highlights the need for careful consideration and rigorous testing before implementing such changes. As Ethereum continues to evolve, it remains to be seen how these developments will ultimately impact its monetary trajectory and the overall value of the network.

Dencun 升级使以太坊的货币属性发生了根本性转变。费用消耗的减少和 Layer-2 扩容解决方案的兴起扭转了以太坊之前的通货紧缩趋势，引发了人们对其作为“超声波货币”的长期价值主张的担忧。虽然 Pectra 硬分叉引入了旨在解决钱包安全性和可扩展性的新提案，但围绕 EIP-3074 的争议凸显了在实施此类更改之前需要仔细考虑和严格测试。随着以太坊的不断发展，这些发展最终将如何影响其货币轨迹和网络的整体价值还有待观察。