以太坊的未來並不取決於政策，而是在相關L2之間實現無摩擦資本運動。

以太坊空間中一些著名思想家最近提出的一個想法是為了收回主網的價值。

The idea of taxing Ethereum (ETH) Layer-2s to reclaim value for the mainnet has been mooted by some prominent thinkers in the crypto space recently. However, the future of Ethereum does not depend on policy but on enabling frictionless capital movement between the L2s in question.

最近，加密貨幣空間中一些著名的思想家對以太坊（ETH）徵稅以恢復主網的價值。但是，以太坊的未來並不取決於政策，而是在相關L2之間實現無摩擦資本運動。

Tariffing rollups may appear a neat way to reclaim value for the mainnet. In practice, it would fragment the ecosystem, drain liquidity, push users toward centralized platforms, and avoid decentralized finance altogether. In a permissionless system, capital flows to where it is treated best, and Ethereum's rollups mistreat it.

關稅匯總可能是一種整潔的方式來恢復主網的價值。實際上，它將破壞生態系統，消耗流動性，將用戶推向集中式平台，並避免完全分散的財務。在無許可的系統中，資本流向其最佳處理的地方，以太坊的匯總會虐待它。

Liquidity fragmentation is Ethereum's real threat

流動性分裂是以太坊的真正威脅

In traditional finance, the link between fluidity and growth is well established. Lower barriers to capital inflows lead to higher investment. For example, economists tracking cross-border activity noted how investment flows slowed when the European Union's pre-Brexit single market was fragmented by the United Kingdom's exit.

在傳統的金融中，流動性與增長之間的聯繫已建立。較低的資本流入障礙會導致更高的投資。例如，跟踪跨境活動的經濟學家指出，當歐盟的脫歐單一市場被英國退出分散時，投資流量如何減慢。

Ethereum faces a decentralized parallel. Rollups, particularly those that are optimistic and ZK-based, impose delays of up to a week on withdrawals and offer only patchy cross-rollup liquidity. The result is a fragmented system in which adoption slows, and capital is underused.

以太坊面臨分散的平行。滾動，尤其是那些基於ZK的樂觀的滾動，在提款中延長了長達一周的延遲，並且僅提供斑駁的交叉滾動流動性。結果是一個分散的系統，在該系統中，採用速度放慢了，資本不足。

Developers are left with two poor choices. Either they focus on one rollup and limit their audience or fragment liquidity across several and accept inefficiencies. Neither option serves the ecosystem's long-term interests. A significant opportunity lies, therefore, with protocols that remove these frictions. They will attract more capital, operate more efficiently, and deliver better experiences.

開發人員有兩個不良的選擇。他們要么專注於一次匯總，限制受眾群體，要么在幾個人中流動性，並接受效率低下。兩種選擇都無法滿足生態系統的長期利益。因此，一個很大的機會在於消除這些摩擦的協議。它們將吸引更多的資本，更有效地運作並提供更好的體驗。

Capital movement must be abstracted away from the end-user. Bridges and withdrawal queues should become protocol-level concerns, not user problems. It is feasible for liquidity deployed on one rollup to satisfy demand on another, with background rebalancing ensuring solvency and efficiency. What today seems complex can be made invisible.

資本運動必須從最終用戶中抽像出來。橋樑和提取隊列應成為協議級別的問題，而不是用戶問題。在一個匯總中部署的流動性是可行的，以滿足對另一種的需求，背景重新平衡可確保償付能力和效率。如今，似乎很複雜的是看不見。

This design shift from reactive bridging to intent-based liquidity coordination would restore composability and preserve decentralization. More importantly, it would uphold Ethereum's core principles of building open systems without central gatekeepers. Without it, users will continue to rely on centralized exchanges to bypass friction, compromising self-custody for convenience. This is not just a technical challenge — it is a philosophical one.

從反應性橋接到基於意圖的流動性協調的這種設計轉變將恢復合成性並保留權力下放。更重要的是，它將維護以太坊的核心原則，即沒有中央門戶的開放系統。沒有它，用戶將繼續依靠集中式交流來繞過摩擦，為方便起見，損害了自我顧客。這不僅是一個技術挑戰，而且是哲學上的挑戰。

Designing around friction is the competitive edge

圍繞摩擦設計是競爭優勢

Designing around capital efficiency is becoming a competitive edge. Tomorrow's DeFi protocols will not simply compete on fees or yield. They will compete on how well they can access liquidity across a fractured landscape. The winners will be those that can fulfill a user's request wherever the user is without requiring them to move funds manually. The result will be better UX, more productive capital, and higher network stickiness.

圍繞資本效率進行設計已成為競爭優勢。明天的DEFI協議不會簡單地競爭費用或收益率。他們將競爭如何在破裂的景觀中獲得流動性。獲獎者將是可以在用戶在哪裡不需要他們手動移動資金的情況下滿足用戶請求的人。結果將是更好的UX，更有生產力的資本和更高的網絡粘性。

Some underlying technologies are beginning to address the problem. Ethereum-native rollups, planned after a hard fork in 2026, promise closer integration, and while they are still not ready for deployment, based rollups offer tighter alignment with Ethereum by sharing sequencing and improving settlement while sacrificing some independence. In the meantime, optimistic rollups are racing to implement zero-knowledge proofs to speed up exits.

一些基本技術開始解決問題。以太坊的本地匯總，計劃在2026年堅硬的叉子之後，承諾緊密整合，儘管它們仍未準備好部署，但基於基於的匯總可以通過共享測序和改善定居點，同時犧牲某些獨立性，從而更加與以太坊保持一致。同時，樂觀的匯總正在競爭以實現零知識證明以加快出口的速度。

These innovations reduce friction, but they are not enough on their own. We will see the greatest gains in scalability from applications designed around these constraints, not from the base layers alone.

這些創新減少了摩擦，但它們本身還不夠。我們將看到圍繞這些約束設計的應用，而不是僅在基本層中，我們將看到可伸縮性的最大增長。

Zk-Rollups are particularly well suited for this. Their cryptographic structure allows for low-latency and trust-minimized messaging between chains. This makes them ideal for applications like payments, decentralized trading, and real-time financial products, all of which demand speed and certainty.

ZK滾動特別適合這一點。它們的加密結構允許鏈之間的低延遲和信任最小的消息傳遞。這使它們非常適合付款，分散交易和實時金融產品等應用程序，所有這些都需要速度和確定性。

If Ethereum can make such cross-rollup flows seamless, it will not just scale. It will become the backbone of a more efficient financial system.

如果以太坊可以使這種交叉流動無縫，則不僅會擴展。它將成為更有效的金融體系的骨幹。

That outcome is not guaranteed. Tariffing rollups may serve short-term goals, but in the long run, they would weaken the very network Ethereum aims to strengthen. Solana, for example, already offers composability within a single domain. While Ethereum's modular approach is arguably more robust, it cannot afford to ignore the usability cost of fragmentation.

不能保證這種結果。關稅匯總可能會實現短期目標，但從長遠來看，它們將削弱以太坊的旨在加強的網絡。例如，Solana已經在單個域內提供了合成性。儘管以太坊的模塊化方法可以說更強大，但它不能忽略分裂的可用性成本。

Ethereum's greatest strength is its neutrality. That should include the ability of capital to move freely within its ecosystem. The future will not be built by taxing rollups. It will be built by enabling them to function as one economic engine.

以太坊的最大優勢是中立。這應該包括資本在其生態系統中自由移動的能力。未來不會通過徵稅匯總來建立。它將通過使他們能夠充當一個經濟引擎來建立。