Cyber Capital 创始人：以太坊正在消亡

金色精选08-28

作者：Justin Bons，Cyber Capital 创始人来源：X，@Justin_Bons 翻译：善欧巴，金色财经以太坊（ETH）正在面临一个棘手的问题：它无法维持高额手续费收入，因为缺乏扩展能力。同时，二层网络（L2）的使用量和费用正创下历史新高，而这些网络却不断游说以降低 ETH 的容量。这种情况已逐渐演变为一种寄生关系，正在侵蚀 ETH 的根基。费用收入与通货膨胀的失衡自 EIP-...

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dying","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03046":1,"QETH":1,"FETH":1,"EZET":1,"ETHW":1,"ETHV":1,"ETHE":1,"ETHA":1,"ETH":1,"CETH":1,"03009":1,"03179":1,"09009":1,"09046":1,"09179":1},"content_text":"作者：Justin Bons，Cyber Capital 创始人 来源：X，@Justin_Bons 翻译：善欧巴，金色财经以太坊（ETH）正在面临一个棘手的问题：它无法维持高额手续费收入，因为缺乏扩展能力。同时，二层网络（L2）的使用量和费用正创下历史新高，而这些网络却不断游说以降低 ETH 的容量。这种情况已逐渐演变为一种寄生关系，正在侵蚀 ETH 的根基。费用收入与通货膨胀的失衡自 EIP-4844（Proto-Danksharding）以来，以太坊的手续费收入大幅下降。原因很简单：L2 网络正在收取所有的费用。正因为如此，手续费消耗再也无法赶上通货膨胀。L2 逐渐接管了交易执行，导致以太坊的通货膨胀率居高不下，远超此前水平。L2 的崛起不仅分割了整个以太坊生态系统，将其拆分为相互竞争的阵营，同时也打破了流动性和可组合性，导致生态系统变得支离破碎。考虑到 L2 的经济激励，类似共享排序的解决方案在现实中根本不可行，就像 L1 扩展一样。这一系列问题将用户推向了高度中心化的 L2。L2 的中心化与治理困境如今，排名前十的 L2 都有可能窃取用户资金并进行审查。讽刺的是，以太坊最初制定“L2 扩展”路线图时，是以去中心化的名义进行合理化的。而现实却是，这种做法最终成了“诱饵与开关”，让以太坊置于集中的决策过程中。以太坊社区完全拒绝链上治理，导致的唯一结果就是 ETH 开发被有效集中控制。随着 L2 货币逐渐主导 ETH 生态系统，回归 L1 的扩展已变得不可能。在假设的场景中，即便 ETH 通过新的技术突破实现 L1 扩展，所有 L2 的代币和股权价格也会一夜之间崩溃，变得过时和无用。L2 实际上正在窃取 ETH 用户和费用，假装它们与 ETH 是“一体的”，但事实远非如此。最好的情况是它们是竞争对手，而最坏的情况则是，这是一场缓慢吸干 ETH 生命的吸血鬼攻击。L2 与 ETH 的未来走向如果 L2 继续迁移或直接成为新的 L1，以太坊将不可避免地衰亡。这就是为什么在某些情况下，我们会看好 L2 而不是 ETH。ETH 正在为 L2 牺牲自己，即使这让加密朋克们心痛不已。令人讽刺的是，ETH 正在重蹈 BTC 的覆辙，走上相同的腐败和被捕获的道路，暴露出治理上的系统性问题。ETH 目前几乎没有希望复苏，因为其领导层已经向 L2 妥协。扩展 ETH 的任何努力都会破坏 L2 赚取的资本和费用，而风险投资无法从 L1 的扩展中获益。这些寄生虫将公共资源扭曲为风险投资链的寻租平台，严重损害了以太坊的长期发展。结语在当前的形势下，以太坊正在经历一场深刻的内部斗争。L2 的崛起看似为用户带来了便捷，但实际上正在侵蚀以太坊的根基。ETH 社区必须重新审视链上治理和扩展路线图，避免走向无法挽回的衰退之路。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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