以太坊L2縮放：繞道還是發展？

以太坊的L2縮放解決方案是否成為繞道？對Linea的令牌發布和L2網絡的當前狀態的分析。

Ethereum's Layer 2 (L2) scaling solution, once hailed as the future, is facing scrutiny. Is it a detour or a crucial development? Let's dive in.

以太坊的第2層（L2）縮放解決方案曾經被譽為未來，正面臨審查。這是繞道還是關鍵發展？讓我們潛水。

The Dream of L2 Scaling

L2縮放的夢想

Ethereum's founder, Vitalik Buterin, envisioned L2 networks as a way to expand the Ethereum ecosystem and reduce costs while inheriting the security of the main network. The idea was to move computing execution to L2 solutions like Rollups, alleviating congestion and high gas fees.

以太坊的創始人Vitalik Buterin設想了L2網絡，作為擴展以太坊生態系統並降低成本的一種方式，同時繼承了主網絡的安全性。這個想法是將計算機執行轉移到L2解決方案，例如匯總，減輕交通擁堵和高汽油費用。

Linea, Consensys' L2 network, recently held its TGE after three years. However, the airdrop amounts and pre-market price have left many early investors disappointed, raising questions about the value capture of L2 tokens.

CONSENSYS的L2網絡Linea在三年後最近舉行了TGE。但是，空調金額和前市場價格使許多早期的投資者失望，引發了有關L2代幣價值捕獲的疑問。

L2 Activity: A Mixed Bag

L2活動：混合袋

While some L2 networks like Arbitrum and Base have shown strong performance in value capture, others are struggling. Base, in particular, stands out with a high number of transactions and active addresses. However, it currently has no intention of releasing native tokens.

儘管某些L2網絡（如仲裁和基礎）在價值捕獲中表現出很強的性能，但其他L2網絡仍在掙扎。尤其是基礎，以大量的交易和主動地址脫穎而出。但是，它目前無意發布本地令牌。

ZK-based L2 networks, including Linea, Scroll, and ZKSync Era, are also facing challenges in terms of user activity. The initial surge in activity driven by airdrop incentives seems to have faded for many.

基於ZK的L2網絡，包括Linea，Scroll和Zksync ERA，在用戶活動方面也面臨著挑戰​​。由空調激勵措施驅動的活動的最初激增似乎已經消失了。

Has L2 Become a Detour?

L2成為繞道嗎？

The rise of L2 networks has undoubtedly improved efficiency to some extent, but it has also introduced new security risks. Furthermore, with the implementation of EIP-1559 and EIP-7999, gas fees on the Ethereum mainnet have significantly decreased, making it more competitive with L2 solutions. Lyno AI also shows potential for cross-chain arbitrage.

L2網絡的興起無疑在某種程度上提高了效率，但它也引入了新的安全風險。此外，隨著EIP-1559和EIP-7999的實施，以太坊主網上的汽油費顯著下降，使其與L2溶液更具競爭力。 Lyno AI還顯示出跨鏈套利的潛力。

The key questions now are: Can the Ethereum ecosystem retain users and maintain activity? And can Ethereum L2 network tokens achieve sustainable value capture? The answers, at present, remain uncertain.

現在的關鍵問題是：以太坊生態系統可以保留用戶並維持活動嗎？以太坊L2網絡代幣可以實現可持續價值捕獲嗎？目前，答案仍然不確定。

The Path to Value: Stablecoins and ETH Treasury Reserves

價值途徑：穩定幣和ETH財政部儲備金

L2 networks have contributed significantly to the Ethereum ecosystem by increasing TVL and facilitating integration with traditional financial assets. TVL is still at 54.7 billion, even after a recent decrease. The emergence of L2 public chains from traditional tech companies like Sony, Alibaba, and Robinhood highlights Ethereum's appeal for real-world asset (RWA) tokenization.

L2網絡通過增加TVL並促進與傳統金融資產的融合為以太坊生態系統做出了重大貢獻。即使最近下降，TVL仍達到547億。來自索尼，阿里巴巴等傳統科技公司的L2公共連鎖店的出現突顯了以太坊對現實世界資產（RWA）的呼籲。

Looking ahead, the Ethereum ecosystem's path to value breakthrough may depend on its connection with the traditional financial sector and the broader coupling of assets. Stablecoins play a crucial role in this, along with initiatives like PayFi, DePIN, and cross-border trade. Furthermore, listed companies promoting ETH treasury reserves can drive the tokenization of RWA assets like stocks.

展望未來，以太坊生態系統的價值突破之路可能取決於其與傳統金融部門的聯繫以及資產的更​​廣泛耦合。 Stablecoins在諸如Payfi，Depin和跨境貿易之類的舉措中起著至關重要的作用。此外，促進ETH財政儲備的上市公司可以推動RWA資產等股票的令牌化。

The Future of Ethereum and L2

以太坊和L2的未來

As Ethereum approaches its 10th anniversary in 2025, many L2 networks may fade away. However, they will also contribute to nurturing new innovative products. The Ethereum ecosystem's future success hinges on its ability to adapt and evolve.

隨著以太坊在2025年接近其成立10週年，許多L2網絡可能會消失。但是，它們還將為培養新的創新產品做出貢獻。以太坊生態系統的未來成功取決於其適應和發展的能力。

So, is L2 a detour? Maybe not a complete detour, but perhaps a scenic route with unexpected twists and turns. Only time will tell if Ethereum can truly reach its destination.

那麼，L2是繞道嗎？也許不是一個完整的繞道，但也許是一條風景秀麗的路線，出乎意料的曲折。只有時間才能說明以太坊是否可以真正到達目的地。