以太坊的代币供应危机：通缩动态通过网络产生涟漪

尽管其网络出现通货紧缩，但以太坊（ETH）由于需求旺盛和供应有限，仍面临着实物硬币的潜在短缺。代币稀缺是由使用量增加、质押、保证金和每日以太坊销毁计划推动的，从而减少了可用于交易或交易的 ETH。因此，像 Lido 这样的流动性质押平台控制了 ETH 供应的很大一部分，进一步限制了其流通并增强了其价值存储地位。

Ethereum Faces Looming Token Shortage as Deflationary Network Dynamics Take Hold

随着通缩网络动态的形成，以太坊面临迫在眉睫的代币短缺

London, England - May 1, 2024 - Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is facing a potential shortage of physical coins as its network undergoes a rapid deflationary shift. Despite its current supply of approximately 120 million coins, demand for ETH is outstripping supply, driven by its critical role in decentralized finance (DeFi) and non-fungible token (NFT) markets.

英国伦敦 - 2024 年 5 月 1 日 - 按市值计算的第二大加密货币以太坊 (ETH)，由于其网络经历快速通货紧缩转变，正面临着实物硬币的潜在短缺。尽管目前的供应量约为 1.2 亿枚，但由于 ETH 在去中心化金融 (DeFi) 和不可替代代币 (NFT) 市场中的关键作用，对 ETH 的需求正在超过供应。

Accelerated Token Burns Fuel Deflationary Trend

代币加速燃烧助长通货紧缩趋势

Ethereum's deflationary dynamics stem primarily from its ongoing token burn program, introduced in late 2021 with the EIP-1559 upgrade. This mechanism burns a portion of transaction fees, effectively reducing the total supply of ETH. The burning rate has surged significantly in recent months, fueled by the growing popularity of DeFi and NFT marketplaces, which generate a substantial volume of transactions.

以太坊的通货紧缩动态主要源于其正在进行的代币销毁计划，该计划于 2021 年末随 EIP-1559 升级而推出。该机制燃烧了一部分交易费用，有效减少了 ETH 的总供应量。近几个月来，由于 DeFi 和 NFT 市场日益普及，产生了大量交易，销毁率大幅飙升。

Liquid Staking Platforms Lock Up ETH

Liquid 质押平台锁定 ETH

Another major contributor to ETH's scarcity is the rise of liquid staking platforms like Lido. These platforms allow ETH holders to stake their tokens to secure the network while retaining the ability to use those tokens in other DeFi ecosystems. As of May 2024, over 28% of the total ETH supply is locked in liquid staking platforms, further reducing its availability for trading and direct on-chain use.

造成 ETH 稀缺的另一个主要因素是 Lido 等流动性质押平台的兴起。这些平台允许 ETH 持有者抵押其代币以确保网络安全，同时保留在其他 DeFi 生态系统中使用这些代币的能力。截至 2024 年 5 月，超过 28% 的 ETH 供应量被锁定在流动性质押平台中，进一步降低了其交易和直接链上使用的可用性。

Ethereum Abandons Production Freeze Plan

以太坊放弃生产冻结计划

Ethereum's original roadmap included a plan to freeze coin production at approximately 87 million ETH through an artificial mining difficulty adjustment, effectively creating a "mining ice age." However, this plan was abandoned due to resistance from miners, who argued that the reduced rewards would not incentivize them to continue securing the network.

以太坊最初的路线图包括一项计划，通过人为调整挖矿难度，将代币产量冻结在约 8700 万枚 ETH，从而有效地创造了一个“挖矿冰河时代”。然而，由于矿工的抵制，该计划被放弃，他们认为奖励的减少不会激励他们继续保护网络。

ETH Becomes a Store of Value

ETH 成为价值储存手段

As Ethereum's supply continues to diminish, the token is increasingly seen as a store of value, similar to gold. Investors are holding ETH for its long-term appreciation potential, rather than using it solely for transactions. This shift underscores the growing maturity of the cryptocurrency market, where digital assets are gaining recognition as alternative investments.

随着以太坊的供应持续减少，该代币越来越被视为一种类似于黄金的价值储存手段。投资者持有 ETH 是为了其长期升值潜力，而不是仅仅将其用于交易。这一转变凸显了加密货币市场的日益成熟，数字资产作为另类投资正在获得认可。

Scalability Solutions Emerge as Usage Grows

随着使用量的增长，可扩展性解决方案不断涌现

Despite the deflationary trend, Ethereum's usage remains high, driven by the proliferation of DeFi protocols, NFT marketplaces, and other decentralized applications. To address scalability challenges, Layer 2 (L2) networks have emerged, offering faster and cheaper transactions without compromising the security of the Ethereum mainnet.

尽管存在通货紧缩趋势，但在 DeFi 协议、NFT 市场和其他去中心化应用程序激增的推动下，以太坊的使用率仍然很高。为了解决可扩展性挑战，第 2 层 (L2) 网络应运而生，在不损害以太坊主网安全性的情况下提供更快、更便宜的交易。

Potential Reversal of Deflationary Trend

通货紧缩趋势的潜在逆转

The deflationary trend in Ethereum's supply may not be permanent. If transaction fees and network usage decline, the rate of token burn could slow down or even reverse. However, the growing adoption of ETH in high-value applications suggests that the demand for the token is likely to remain strong.

以太坊供应的通货紧缩趋势可能不会是永久性的。如果交易费用和网络使用量下降，代币燃烧的速度可能会减慢甚至逆转。然而，ETH 在高价值应用中的日益普及表明，对该代币的需求可能会保持强劲。

Ethereum's Future Outlook

以太坊的未来展望

Ethereum remains a dominant player in the blockchain ecosystem, thanks to its strong security, vibrant developer community, and diverse range of applications. While its high fees and scalability limitations pose challenges, the network's deflationary dynamics and growing store-of-value proposition are driving long-term investor interest. The future of Ethereum appears bright as it continues to evolve and adapt to the evolving landscape of decentralized finance and blockchain technology.

由于其强大的安全性、充满活力的开发者社区和多样化的应用程序，以太坊仍然是区块链生态系统中的主导者。尽管其高额费用和可扩展性限制带来了挑战，但该网络的通货紧缩动态和不断增长的价值存储主张正在推动长期投资者的兴趣。以太坊的未来显得光明，因为它不断发展并适应去中心化金融和区块链技术不断发展的格局。