Eth Burn vs Staking：以太坊的經濟模型如何努力尋找平衡

通過以太坊改善提案（EIP）1559在2021年8月實施的以太坊改善提案（EIP）銷毀了總價值153億美元的450萬個以太坊代幣。

A total of 4.5 million Ethereum (CRYPTO: ETH) tokens were burned through Ethereum Improvement Proposal (EIP) 1559 in August 2021. The eventual objective was to make Ethereum a "deflationary token" by decreasing the total number of tokens.

2021年8月，通過以太坊改善提案（EIP）1559燃燒了450萬以太坊（加密：ETH）令牌。最終的目標是通過減少代幣總數使以太坊成為“放氣令牌”。

However, the supply of Ethereum (CRYPTO: ETH) continues to grow despite an “Ethereum deflation dilemma” which occurred due to the business.

但是，儘管由於業務造成的“以太元素放氣的困境”，以太坊（Crypto：ETH）的供應仍在不斷增長。

ETH Burn Vs Staking: How Ethereum’s Economic Model Is Struggling to Find Balance

Eth Burn vs Staking：以太坊的經濟模型如何努力尋找平衡

With EIP-1559 a part of transaction fees are burnt as burn payments which helps in reducing the ETH supply. The designers of Ethereum wanted the burn mechanism to cancel out its existing inflationary feature while promoting scarcity of ETH which potentially enhances its market price over time.But the ongoing ETH burn vs staking issue highlights the challenges that Ethereum faces in balancing its token supply with increasing staking rewards.

借助EIP-1559，一部分交易費用被燒毀，作為燃燒付款，有助於減少ETH供應。以太坊的設計師希望燃燒機制取消其現有的通貨膨脹功能，同時促進ETH的稀缺性，這可能會隨著時間的流逝而來，這可能會提高其市場價格。但是，持續的ETH燃燒與Staking問題突出了以太坊在平衡其代幣供應隨著穩定量增加的挑戰方面所面臨的挑戰。

The system worked exactly as the designers had planned when there were a large number of transactions. After the initial implementation of this approach decreased Ethereum’s supply increase to a point where some individuals began believing the system was deflationary. But the real scenario turned out to be drastically different from the original setup.

當大量交易時，該系統完全按照設計師的計劃工作。在最初實施這種方法後，以太坊的供應量降低到某些人開始認為該系統是通縮的地步。但是，實際情況與原始設置大不相同。

Ethereum Deflation Problem: Can EIP-1559 and Staking Rewards Coexist?

以太坊通縮問題：EIP-1559和Staking Rewards可以共存嗎？

Proof-of-Stake replaced proof-of-work as Ethereum’s consensus algorithm when the platform transitioned in September 2022. The network transition to proof-of-stake decreased energy consumption significantly but it led to an increased issuance of new ETH because validators received ETH rewards through staking. The ongoing expansion of Ethereum’s supply is due to a steady growth despite the operation of its burning mechanism.The Ethereum deflation problem is getting worse as staking rewards continue to outpace the burning mechanism, which raises concerns about the long-term value.

當該平台在2022年9月過渡時，列出的證明是以太坊共識算法的代替。網絡過渡到銷售證明大大降低了能源消耗，但導致了新的ETH的發行，因為驗證者通過Staking獲得了ETH Rewards。以太坊供應的持續擴展是由於其燃燒機制的運行，但由於積分獎勵繼續超過燃燒機制，這引起了人們對長期價值的關注，因此以太坊通氣的問題越來越嚴重。

A Deeper Look into Ethereum’s Inflationary Trend

更深入地了解以太坊的通貨膨脹趨勢

The Ethereum network went into an inflationary state for the first time after EIP-1559 implementation during Q2 2024. The staking rewards distributed 228,543 ETH to validators but they destroyed only 107,725 ETH in this period. The number of ETH in circulation increased by about 120,818 from the shifts in supply and demand at that time. This shift happened mainly because the staking reward issuance rates exceeded the total amount burned.

在第2季度2024年EIP-1559實施之後，以太坊網絡首次進入通貨膨脹狀態。攤銷獎勵分配給驗證者228,543 ETH，但在此期間，它們僅銷毀了107,725 ETH。當時的供應和需求變化，流通中的ETH數量增加了約120,818。這次轉變之所以發生，主要是因為股票獎勵發行率超過了燃燒的總金額。

Ethereum continues to increase its supply as the program issues rewards for staking even though it has successfully destroyed millions of ETH tokens. To maintain its deflationary structure, Ethereum needs adjustments because rewards from staking exceed burning activities which creates an imbalance in the economic model. Future protocol enhancements or modifications to the staking rewards might be required to achieve this desired economic model.

以太坊繼續增加供應，因為該計劃已成功銷毀了數百萬個ETH代幣，但該計劃就會獎勵積累。為了維持其縮水結構，以太坊需要調整，因為從積累中獲得的獎勵超過了燃燒的活動，這在經濟模型中造成了不平衡。未來的協議增強或對積分獎勵的修改可能需要實現這種期望的經濟模型。

How the Ethereum Deflation Dilemma Could Impact Ethereum Price in the Long RunThe price of Ethereum remains highly sensitive to these deflationary and inflationary dynamics, and the market trends reflect the uncertainty surrounding the network’s future.Recent momentum changes from the Relative Strength Index (RSI) indicator corresponded with key price movements at the $1,630 mark. Price momentum became bullish whenever the currency plunged into over sold levels and these events supported the bullish crossover of the MACD signs (Golden Crosses) throughout upward price action. Despite the RSI showing a decreased overbought reading, we can still see that the preferred momentum is bullish due to the recent MACD crossover. Ethereum shows a strong resilience to bear trends but a strong breakout of the $1,630 threshold would lower the risk to either the $1,600 or $1,585 levels.

從長遠來看，以太坊的價格如何影響以太坊的價格，以太坊的價格仍然對這些通貨膨脹和通貨膨脹動態仍然高度敏感，並且市場趨勢反映了網絡未來的不確定性。相對強度指標（RSI）指標與關鍵價格變化相對應，與關鍵價格變化相對應。每當貨幣陷入銷售水平過高時，價格勢頭就會看漲，這些事件都支持在整個上升價格行動中的MACD標誌（Golden Crosses）的看漲跨界。儘管RSI顯示出了過多的讀數，但由於最近的MACD跨界，我們仍然可以看到，首選動量是看好的。以太坊表現出對熊趨勢的強烈彈性，但$ 1,630門檻的強烈突破將降低1,600美元或1,585美元水平的風險。