流动性分裂问题以及基础层集成如何解决该问题

加密在增加交易吞吐量方面已经走了很长一段路。新的第1层（L1）和侧网提供的交易比以往任何时候都更快，更便宜。

Crypto has come a long way in boosting transaction throughput. New layer 1s (L1s) and side networks offer faster, cheaper transactions than ever before. Yet, a core challenge has come into focus: liquidity fragmentation — the scattering of capital and users across an ever-growing maze of blockchains.

加密在增加交易吞吐量方面已经走了很长一段路。新的第1层（L1）和侧网提供的交易比以往任何时候都更快，更便宜。然而，核心挑战已经成为重点：流动性分散 - 资本和用户在不断增长的区块链迷宫中的散射。

Vitalik Buterin, in a recent blog post, highlighted how scaling successes have led to unforeseen coordination challenges. With so many chains and so much value splintered among them, participants face a daily tangle of bridging, swapping and wallet-switching.

Vitalik Buterin在最近的博客文章中强调了扩大成功如何导致无法预料的协调挑战。他们中间有这么多连锁和如此多的价值分裂，参与者每天都会纠缠桥梁，交换和钱包转换。

While these issues affect Ethereum, they also affect nearly every ecosystem. No matter how advanced, new blockchains risk becoming liquidity “islands” that struggle to connect with one another.

尽管这些问题影响以太坊，但它们几乎影响了每个生态系统。不管多么先进，新区块链风险成为流动性“岛屿”，这些流动性“岛屿”很难彼此建立联系。

The real costs of fragmentation

分裂的实际成本

Liquidity fragmentation means there is no single “pool” of assets for traders, investors or decentralized finance (DeFi) applications to tap into. Instead, each blockchain or side network hosts its own siloed liquidity. For a user who wants to buy a token or access a specific lending platform, this siloing introduces multiple headaches.

流动性分裂意味着交易者，投资者或分散融资（DEFI）申请没有单一的“池”资产。相反，每个区块链或侧网络都有自己的孤立流动性。对于想要购买令牌或访问特定贷款平台的用户，此孤岛引入了多个头痛。

Switching networks, opening specialized wallets and paying multiple transaction fees are far from seamless, especially for those less tech-savvy. Liquidity is also thinner in each isolated pool, leading to price disparities and higher slippage on trades.

切换网络，打开专业钱包和支付多个交易费用远非无缝，尤其是对于那些精通技术的人而言。每个孤立的池中的流动性也更薄，导致价格差距和交易的较高滑倒。

Many users resort to bridges to move capital across chains, yet these have been frequent targets for exploits, raising fear and mistrust. If it’s too cumbersome or risky to move liquidity around, DeFi fails to gain mainstream momentum. Meanwhile, projects scramble to deploy across multiple networks or risk being left behind.

许多用户求助于桥梁以跨链条迁移资金，但这些都是经常实现漏洞的目标，从而增加了恐惧和不信任。如果转移流动性太麻烦或冒险，Defi将无法获得主流动力。同时，项目争先恐后地部署在多个网络上，或者抛弃风险。

Some observers worry that fragmentation could drive people back to a few dominant chains or centralized exchanges, undermining the decentralized ideals that fueled blockchain’s rise.

一些观察者担心分裂会使人们回到一些主要的连锁店或集中式交流，从而破坏了助长区块链上升的分散理想。

Familiar fixes, with persisting gaps

熟悉的修复程序，持续存在差距

Solutions have emerged to tackle this tangle. Bridges and wrapped assets enable basic interoperability, but the user experience remains cumbersome. Crosschain aggregators can route tokens through a chain of swaps, yet they generally don't merge the underlying liquidity. They only help users navigate it.

解决方案已经出现了，以应对这种纠结。桥梁和包装资产可实现基本的互操作性，但用户体验仍然很麻烦。交叉链聚合器可以通过一系列掉期将令牌路由，但通常不会合并潜在的流动性。他们只能帮助用户浏览它。

This Point of View article is for general information purposes and does not constitute legal, investment, or other professional advice. The views, thoughts, and opinions expressed here are the author’s own and do not necessarily reflect or represent the views, thoughts, and opinions of Cointelegraph. All investing and trading involves risk. Each reader would be advised to conduct their own due diligence before investing in or trading cryptocurrencies.

此观点文章是出于一般信息目的，不构成法律，投资或其他专业建议。这里表达的观点，思想和观点是作者自己的观点，不一定反映或代表Cointelegraph的观点，思想和观点。所有投资和交易都涉及风险。建议每个读者在投资或交易加密货币之前进行自己的尽职调查。

Moreover, ecosystems like Cosmos and Polkadot bring interoperability within their frameworks, though they are separate realms in the broader crypto landscape.

此外，诸如宇宙和Polkadot之类的生态系统在其框架内带来了互操作性，尽管它们是更广阔的加密景观中的独立领域。

The problem is fundamental: Each chain views itself as distinct. Any new chain or sub-network must be “plugged in” at the ground level to truly unify liquidity. Otherwise, it adds another liquidity island that users must discover and bridge into. This challenge is compounded by chains, bridges and aggregators seeing one another as competition, leading to intentional siloing and making fragmentation even more pronounced.

问题是基本的：每个链条都认为自己是独特的。任何新的链条或子网络都必须在地面上“插入”以真正统一流动性。否则，它增加了另一个用户必须发现和桥接进入的流动性岛。链条，桥梁和聚合者将彼此视为竞争，这使这一挑战更加复杂，导致故意的筒仓和使碎片化更加明显。

Integrating liquidity at the base layer

集成基础层的流动性

Integration at the base layer addresses liquidity fragmentation by embedding bridging and routing functions directly into a chain's core infrastructure. This appears in certain layer-1 protocols and specialized frameworks, where interoperability is treated as a foundational element rather than an optional add-on.

基础层的集成通过将桥接和路由功能直接嵌入链的核心基础架构中来解决流动性碎片。这出现在某些层-1协议和专业框架中，其中互操作性被视为基础元素，而不是可选的附加组件。

Validator nodes automatically handle crosschain connections, so new chains or side networks can launch with immediate access to the broader ecosystem's liquidity. This reduces reliance on third-party bridges that often introduce security risks and user friction.

验证器节点会自动处理交叉链连接，因此新链或侧网络可以立即访问更广泛的生态系统的流动性。这减少了对经常引入安全风险和用户摩擦的第三方桥梁的依赖。

Ethereum's own challenges with heterogeneous layer-2 (L2) solutions highlight why integration is essential. Different participants — Ethereum as a settlement layer, L2s focusing on execution, and various bridging services — have their own motivations, resulting in fragmented liquidity.

以太坊在异质第2层（L2）解决方案中提出的挑战突出了为什么整合至关重要。不同的参与者 - 以太坊作为定居层，专注于执行的L2和各种桥接服务 - 有自己的动机，导致流动性分散。

Buterin's mentions of this issue highlight the need for more cohesive designs. An integrated base-layer model brings these components together at launch, ensuring that capital can flow freely without forcing users to navigate multiple wallets, bridge solutions, or rollups.

Buterin提到了这个问题，强调了对更凝聚力设计的需求。一个集成的基层模型将这些组件在启动时汇集在一起​​，从而确保资本可以自由流动而不强迫用户导航多个钱包，桥梁解决方案或汇总。

An integrated routing mechanism also consolidates asset transfers, mimicking a unified liquidity pool behind the scenes. By capturing a fraction of the overall liquidity flow rather than charging users for every transaction, such protocols reduce friction and encourage capital mobility across the network. Developers deploying new blockchains gain instant access to a shared liquidity base while end-users avoid juggling multiple tools or encountering unexpected fees.

集成的路由机制还巩固了资产转移，模仿了幕后的统一流动性池。通过捕获总体流动性流量的一部分，而不是为每个交易向用户收取费用，此类协议会减少摩擦并鼓励整个网络的资本流动性。部署新区块链的开发人员可以立即访问共享的流动性基础，而最终用户避免兼顾多个工具或遇到意外费用。

This emphasis on integration helps maintain a seamless experience, even as more networks come online.

对集成的重视有助于保持无缝的体验，即使越来越多的网络上网。

Not just an Ethereum issue

不仅是一个以太坊问题

While Buterin's blog post focuses on Ethereum's rollups, fragmentation is ecosystem-agnostic. Whether a project builds on an Ethereum Virtual Machine-compatible chain, a WebAssembly-based platform, or something else, the fragmentation trap arises if liquidity is fenced off.

虽然Buterin的博客文章着重于以太坊的汇总，但分裂是生态系统-Nostic的。无论是基于以太坊虚拟机器兼容链，基于WebAssembly的平台，还是其他项目，如果流动性被围起来，则会出现碎片陷阱。

As more protocols explore base-layer solutions — embedding automatic interoperability into their chain design — there's hope that future networks won't splinter capital further but instead help unify it.

随着越来越多的协议探索基础层解决方案（将自动互操作性嵌入其链设计中），希望未来的网络不会进一步分散资本，而是有助于统一它。

A clear principle emerges:

明确的原则出现了：