區塊鏈對加密市場至關重要

作者：硬幣終端的創始人Hatu Sheikh。儘管區塊鍊和DAPP至關重要，但加密行業利益相關者通常會優先考慮應用程序

Crypto industry stakeholders often prioritize applications over chains based on adoption principles and revenue distribution. However, without their underlying chains, DApps won't function. Moreover, the markets must hold up blockchains for long-term value generation.

加密行業的利益相關者通常會根據採用原則和收入分配將申請優先於鏈條。但是，如果沒有其基礎鏈，DAPP將無法正常工作。此外，市場必須設置區塊鏈以進行長期價值產生。

Recently, a report by Token Terminal highlighted how revenue generation parameters could flip the thesis of 'Fat Protocols' by Joel Monegro.

最近，代幣終端的一份報告強調了收入產生參數如何翻轉Joel Monegro的“脂肪方案”論文。

In 2024, blockchains, controlling 70% of the total crypto industry market cap (excluding Bitcoin and stablecoins), earned $6 billion in fees. Meanwhile, DApps, with just a 30% market share, generated $3.3 billion, generating 35% of total onchain fees. The trend continues in Q1 2025 as DApps recorded $1.8 billion in total fees compared to $1.4 billion for blockchains.

2024年，控制著加密行業總市值的70％的區塊鏈（不包括比特幣和Stablecoins），收取了60億美元的費用。同時，Dapps僅佔30％的市場份額，產生了33億美元，產生了35％的OnChain費用。趨勢在2025年第1季度繼續進行，因為DAPPS的總費用為18億美元，而區塊鏈的總費用為14億美元。

According to the report, apps generate real value and user interaction, as higher fees reflect increased usage rates.

根據該報告，應用程序會產生實際價值和用戶交互，因為較高的費用反映了使用率的提高。

“No one logs into an app just to access a blockchain. People use apps to trade, play, invest, socialise and spend time. So, apps are generating the value and revenue opportunities.”

“沒有人登錄僅僅是為了訪問區塊鏈。人們使用應用程序來交易，娛樂，投資，社交和花費時間。因此，應用程序正在產生價值和收入機會。”

As apps are users’ first interaction layer, they have higher demands and more growth channels. The report adds: “Blockchains may have built the roads — but the apps are building the cities.”

由於應用程序是用戶的第一個交互層，因此他們的需求和更多的增長渠道。該報告補充說：“區塊鏈可能已經建造了道路，但是應用程序正在建造城市。”

But without “roads,'’ it's impossible to navigate and access “cities.'’ Thus, such a value lens to evaluate whether the markets prefer chains or apps is a myopic perspective.

但是，如果沒有“道路”，就不可能導航和訪問“城市”。因此，這樣的價值鏡頭以評估市場更喜歡鏈條還是應用程序是近視的觀點。

Analysts and crypto industry veterans must understand blockchain's critical role in running the crypto industry. Consequently, the crypto markets must always support blockchains irrespective of their economic value potential.

分析師和加密行業退伍軍人必須了解區塊鏈在運營加密行業中的關鍵作用。因此，加密貨幣市場必須始終支持區塊鏈，無論其經濟價值的潛力如何。

Blockchains are the fundamental trust anchor arbitrating transactions for decentralized applications through transparent and immutable ledgers. During multiparty DApp interactions, blockchains act as a truth source for tamperproof records, making chains an integral infra layer.

區塊鍊是通過透明和不可變的分類帳給分散申請的基本信託基金主持人仲裁交易。在多派對DAPP交互期間，區塊鏈充當了防篡改記錄的真實來源，使鏈條成為不可或缺的基礎層。

The chain vs. app binary argument is false because blockchains are essentially timekeepers for dAppData. Such timestamped data facilitates all onchain transactions and enables people to use DApps trustlessly.

鏈與應用程序二進制參數是錯誤的，因為區塊鏈本質上是DappData的計時員。此類時間戳數據有助於所有OnChain交易，並使人們能夠不信任地使用DAPP。

It's irrelevant if a blockchain's value potential is based on revenue and user adoption because that's the task of gaming, social and financial applications. Blockchains are the foundational layer for building applications and other user products that generate capital returns.

如果區塊鏈的價值潛力基於收入和用戶的採用，那是無關緊要的，因為這是遊戲，社會和財務應用的任務。區塊鍊是構建應用程序和其他產生資本回報的用戶產品的基礎層。

Furthermore, despite liquidity and integration challenges, the steady rise of modular app chains is another instance of the importance of blockchain architecture. When resource-hungry apps consume network capacities, app chains solve the issue by functioning as independent blockchains to enhance performance and reduce latency.

此外，儘管有流動性和整合挑戰，但模塊化應用鏈的穩定上升是區塊鏈體系結構重要性的另一個實例。當渴望資源的應用程序消耗網絡容量時，應用程序鏈條通過充當獨立區塊鏈來提高性能並減少延遲來解決問題。

Using app chains to solve a network's bottlenecks demonstrates that apps won't function independently and require the corresponding chain architecture. Each modular appchain thus has its own computational resources, storage capacities and resources to prevent competing applications from slowing down performance.

使用應用程序鏈來解決網絡的瓶頸，表明應用程序無法獨立運行，需要相應的鏈體架構。因此，每個模塊化應用程序都有自己的計算資源，存儲能力和資源，以防止競爭應用程序減慢性能。

These examples illustrate why crypto markets value blockchains more than standalone applications. It's because apps won't survive without blockchains.

這些示例說明了為什麼加密市場比獨立應用更重視區塊鏈。這是因為沒有區塊鏈將無法生存。

“Value” doesn't always mean financial incentives and growth metrics. Sometimes, value also comes from the market's recognition of their cardinal role within the industry. In this market scenario, blockchains will always be much more valuable than individual applications, regardless of fees and revenue.

“價值”並不總是意味著經濟激勵和增長指標。有時，價值也來自市場對其在行業中的基本角色的認可。在這種市場情況下，無論收費和收入如何，區塊鏈總是比單個應用程序更有價值。

Opinion by: Hatu Sheikh, founder of Coin Terminal

意見作者：硬幣終端的創始人Hatu Sheikh