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以太坊既不是去中心化的 也不是通货紧缩的
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在合并前一个月,以太坊比以往任何时候都更加集中,其货币正在积极抵抗通缩。
以太坊是去中心化金融生态系统的基础,被自动归类为去中心化网络。在纸面上,以太坊是一个基于通缩货币的去中心化民主网络。
实际上,它既不是去中心化的,也不是通货紧缩的。
对抗通货紧缩
2021 年 9 月,以太坊的伦敦硬分叉引入了 EIP-1559,这是一项旨在彻底改变网络工作方式的升级。升级将使网络能够燃烧用户支付的部分 Gas 费用,从而永久减少 ETH 的供应。预计不断减少的 ETH 供应量将超过支付给矿工的每日奖励,从而将 ETH 变成一种通缩货币。
然而,燃烧 ETH 的速度从未超过铸造 ETH 的速度,如下图所示。

图表显示燃烧 ETH 的速率和铸造 ETH 的速率(来源:Glassnode)
以太坊上活动量的减少是阻止燃烧率超过铸币率的最大因素。为了使以太坊成为一种通缩货币,在汽油费中燃烧的 ETH 数量需要超过作为区块奖励分配的 ETH 数量。
在过去的一年中,平均每天分发 13,000 ETH 作为区块奖励。为了消耗超过 13,000 ETH 的汽油费,以太坊网络需要看到大约 130 gwei 的平均基本汽油价格。

图表显示了以太坊的预计供应峰值以及实现超过 13,000 ETH 的费用消耗所需的基本汽油价格(来源:Ultrasound Money)
然而,自年初以来,以太坊的平均 gas 价格很少超过 130 gwei。根据 YCharts 的数据,除了 5 月份记录的两个峰值之外,自 4 月份以来,天然气价格一直低于 60 gwei。7月初以来,均价一直低于20gwei。

图表显示了 2022 年以太坊的平均汽油价格(来源:Glassnode)
以太坊的价格不断上涨,不断挑战总体市场趋势,这可能是减少网络活动的因素之一。反过来,价格上涨是围绕以太坊即将合并的猜测增加的直接结果。正如 CryptoSlate 之前报道的那样,在衍生品市场中投机量的增加是显而易见的,其中 ETH 期权合约的未平仓合约有史以来第一次超过 BTC 的未平仓合约。
抵制权力下放
在去中心化方面,以太坊的麻烦更大。
根据 Glassnode 的数据,超过 85% 的以太坊供应由拥有 100 ETH 或更多的实体持有。其约 30% 的供应掌握在拥有超过 100,000 ETH 的实体手中。

图表显示 ETH 的供应分布(来源:Glassnode)
以太坊即将转向权益证明 (PoS) 网络引发了更多问题。由于未来的 PoS 网络将要求验证者至少质押 32 ETH,因此它有效地使小玩家无法保护网络。以太坊的信标链已经有一组验证器来说明网络在合并后的样子。
信标链上的大多数验证者都是大型实体,从已建立的交易所到持有大量 ETH 的新成立的质押提供商。以太坊的大部分验证者都是在美国和欧盟注册的法人实体,因此受制于每个地区的法规。

图表显示信标链存款人及其股份规模(来源:@TheEylon)

游戏状态:合并前
仅 11 家供应商在信标链上质押的总额中,不到 69% 的质押。总共 60% 的质押供应由四家供应商质押,而单一供应商 Lido 占质押供应的 31%。
在没有负担的牛市中,这种集中化程度往往会被忽视。然而,宏观不确定性进一步动摇的动荡市场揭示了所有这些缺陷。
围绕 Tornado Cash 和其他去中心化隐私服务制裁的争议使许多人相信政府可以向以太坊的验证者施压,让他们自己成为制裁者。 来源:金色财经 |
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