理想主义的暮光：风险投资藤壶如何吞噬权力下放的基础

当前的L2代币流通市场价值为152亿美元，解锁令牌的规模为300亿美元。从流动性的角度来看，这相当于以太坊生态系统上的4％不可见的通货膨胀压力。

The article discusses the issue of venture capital (VC) institutions exerting excessive influence over the Ethereum ecosystem, particularly in the context of Layer 2 (L2) solutions. The author argues that VCs are essentially "barnacles" that are slowly eating away at the foundations of Ethereum's decentralization.

文章讨论了风险资本（VC）机构对以太坊生态系统产生过多影响的问题，尤其是在第2层（L2）解决方案的背景下。作者认为，VC本质上是“藤壶”，这些藤壶正在慢慢地吞噬以太坊的权力下放。

Here's a summary of the key points:

这是关键点的摘要：

**L2 Colonization and Its Impact**

** L2殖民化及其影响**

* Despite the narrative of L2 solutions expanding the Ethereum ecosystem, the data tells a different story.

*尽管L2解决方案的叙述扩大了以太坊生态系统，但数据仍讲述了一个不同的故事。

* L2 tokens, which are essentially IOUs for future ETH, currently have a market value of $15.2 billion, while the total size of unlocked tokens is $30 billion.

* L2代币本质上是未来ETH的属性，目前的市场价值为152亿美元，而未锁定令牌的总规模为300亿美元。

* This means that there is a hidden inflation pressure of 4% on the Ethereum ecosystem.

*这意味着以太坊生态系统中隐藏的通胀压力为4％。

* Furthermore, these L2 tokens have on average declined by nearly 50% from their highs, potentially leading to a higher actual impact.

*此外，这些L2代币平均从高点下降了近50％，可能导致更高的实际影响。

* To put this in perspective, L2 tokens generally have nearly 60% of tokens yet to be unlocked, indicating that there are at least $30 billion in funds that need to be absorbed by Ethereum ecosystem investors.

*从角度来看，L2代币通常有近60％的令牌尚未解锁，这表明至少有300亿美元的资金需要被以太坊生态系统投资者吸收。

**Distortions Caused by VC Influence**

**由VC影响引起的扭曲**

* VC institutions hold 67% of the seats in the Optimism governance committee, while the rejection rate of ArbitrumDAO's early proposals exceeded 80%.

*风险投资机构在乐观治理委员会中占有67％的席位，而仲裁者的早期提案的拒绝率超过80％。

* This reveals that decentralized governance is largely nominal, with VCs having a disproportionate influence over decision-making.

*这表明分散的治理在很大程度上是名义上的，VC对决策具有不成比例的影响。

* EigenLayer's re-staking protocol had over $18 billion in locked funds, but 90% of the income generated went to institutional pledgers, highlighting a liquidity siphon effect.

* Eigenlayer的重新制定协议已超过180亿美元的锁定资金，但产生的收入中有90％用于机构承诺，强调了流动性虹吸效应。

The article goes on to discuss the broader implications of VC influence on the Ethereum ecosystem, including the distortion of the economic model, the creation of a prisoner's dilemma for re-pledging, and the emergence of a staking oligopoly. It concludes by emphasizing the need for a "surgical plan" to address these issues and ultimately ensure the long-term health and decentralization of the Ethereum ecosystem.

该文章继续讨论了风险投资对以太坊生态系统的影响的广泛含义，包括经济模型的扭曲，囚犯重新绘制的困境的创造以及出现了重要寡头的出现。结束时，它强调需要制定“外科计划”来解决这些问题，并最终确保以太坊生态系统的长期健康和权力下放。