為什麼Tradfi使用以太坊L2s來代幣化數万億美元的現實資產

本月早些時候以太坊的震驚50％的價格上漲，當時對路線圖的看跌

Shortly before Ethereum's shock 50% price surge earlier this month, when bearishness about its roadmap was reaching its zenith, Real Vision founder Raoul Pal was asked on a podcast if he thought Ethereum was cooked.

本月初，以太坊的震驚50％的價格飆升是在播客中，當時關於其路線圖的看跌速度即將到達其頂峰時，真正的Vision創始人Raoul Pal在播客中被問到他是否認為以太坊是煮熟的。

The former Goldman Sachs executive said he'd heard that narrative a lot, but it was wrong — not least because TradFi considers Ethereum to be the "Microsoft" of blockchain.

這位前高盛（Goldman Sachs）的前任主管說，他聽說過很多敘事，但這是錯誤的 - 尤其是因為Tradfi認為以太坊是區塊鏈的“ Microsoft”。

"It clearly works very well for what the financial markets need," Pal said.

帕爾說：“顯然，它對金融市場的需求非常有效。”

"If the finance system comes, they'll go there. There'll be stablecoins and SOL and SUI and all of this stuff — but is Goldman going to build in Solana? Highly unlikely. Is JPMorgan? Highly unlikely. And will they build their own Layer 2s? Highly likely."

“如果金融系統到了，他們會去那裡。會有穩定的sol和sol and sui以及所有這些東西 - 但是高盛會在索拉納（Solana）建造嗎？極不可能。摩根大通（JPMorgan）是否極不可能？他們會建造自己的第2層嗎？很可能嗎？”

The growing awareness that TradFi has already tokenized billions worth of US Treasurys and commodities in the Ethereum ecosystem was cited by Bernstein analysts as a big factor in ETH's recent price recovery.

伯恩斯坦分析師認為，越來越多的意識已經使以太坊生態系統中數十億美元的美國財政部和商品表示讚賞，這是伯恩斯坦分析師是ETH最近的價格恢復的重要因素。

And TradFi has plans to tokenize billions — if not trillions more — of real-world assets (RWAs) using custom-built L2s.

Tradfi計劃使用定制的L2S將實際資產（RWAS）的數十億美元（即使不是數万億美元）代表。

The biggest tokenization firm in the world, Securitize, is collaborating with DeFi protocol Ethena to build an RWA-focused L2 called Converge. Alibaba affiliate Ant Digital has just announced its own RWA-focused rollup called Jovay, and last week, Robinhood bought WonderFi, which has just launched the Wonder L2 as part of ZKsync's Elastic chain network. The Bernstein analysts suggested the L2 may become Robinhood's new tokenized stock trading platform.

全球最大的標記公司證券化公司正在與Defi Protocol Ethena合作，建立了一個以RWA為重點的L2 Converge。阿里巴巴會員Ant Digital剛剛宣布了自己以RWA為重點的匯總Jovay，上週，Robinhood購買了Wonderfi，後者剛剛推出了Wonder L2作為ZKSYNC彈性鍊網絡的一部分。伯恩斯坦分析師認為，L2可能成為Robinhood的新標記股票交易平台。

Converge and Ethena founder Guy Young tells Magazine that institutions believe Ethereum is the most censorship-resistant and secure base layer for settlement, and its appeal is only enhanced by a sophisticated DeFi ecosystem of protocols like Aave and Pendle. Ethereum L2s offer the chance to make these protocols more suitable for TradFi requirements.

Contryge和Ethena創始人Guy Young告訴雜誌，機構認為以太坊是最具審查制度和安全的基礎層來定居，並且只有通過AAVE和Pendle等複雜的協議生態系統才能增強其吸引力。 Ethereum L2S提供了使這些協議更適合TradFi要求的機會。

"It's hard to imagine an alternative layer 1 coming close to gaining the trust of issuers at scale," Young says. "When Converge launches, those financial primitives and apps will have permissioned versions where institutions can deploy assets in a regulatory-friendly manner, and that's a key differentiator that could see L2’s gain more market share of RWA’s."

揚說：“很難想像一個替代性的第1層即將大規模獲得發行人的信任。” “當匯聚發佈時，這些金融原始基本和應用程序將擁有允許的版本，在這些版本中，機構可以以監管友好的方式部署資產，這是一個關鍵的區別，可以看到L2在RWA的市場份額中獲得更多的市場份額。”

As Young suggests, Ethereum's base layer is the undisputed leader for RWAs, accounting for 58% of the total $22.6 billion tokenized real-world assets. But surprisingly enough, in second place is zero-knowledge proof L2 ZKsync Era with $2.19 billion. That's more than 8x the value of the entire ZKsync market cap.

正如Young所暗示的那樣，以太坊的基層是RWA的無可爭議的領導者，佔總計226億美元的代幣現實世界資產的58％。但令人驚訝的是，第二位是零知識證明L2 ZKSYNC時代，其21.9億美元。這是整個ZKSYNC市值的價值8倍以上。

Why TradFi is using Ethereum L2s for RWAs

為什麼Tradfi使用以太坊L2s進行RWAS

So what are the advantages for using Ethereum L2s for RWAs over competing L1s like Stellar, Aptos and Solana? And why are TradFi firms using a scaling solution widely derided by Ethereum's critics as a mistake?

那麼，將以太坊L2用於RWA的優勢與諸如Stellar，Aptos和Solana之類的L1相比，有什麼優點？為什麼使用縮放解決方案的tradfi公司被以太坊的批評者廣泛嘲笑？

Although L2s aren't as uncallable or decentralized as Ethereum itself, they are relatively cheap to spin up and can be easily configured to comply with privacy and regulatory requirements. They also generate revenue via sequencer fees, and can theoretically enable speeds of 100,000 TPS or more — though only MegaETH on testnet has demonstrated anything within sight of that throughput to date.

儘管L2不像以太坊本身那樣無適合或下放，但它們的旋轉相對便宜，並且可以輕鬆配置以符合隱私和監管要求。它們還通過音序器費產生收入，理論上可以實現100,000 TP或更高的速度 - 儘管只有testnet上的Megaeth才證明了迄今為止的任何內容。

While ZKsync is focused on scaling this year with a view to making the sequencer capable of 10,000 TPS by the end of the year, it has been subject to criticism on social media recently for lagging retail user numbers. But clearly, ZKsync's tech holds appeal for big names in finance.

儘管ZKSYNC專注於今年的擴展，以期在今年年底之前使Sequencer能夠獲得10,000 TP的能力，但最近在社交媒體上批評零售用戶數量滯後。但是很明顯，Zksync的技術在金融中吸引了知名人士。

Tradable has tokenized a couple of billion dollars worth of private credit on zkSync Era, UBS has piloted a gold tokenization project there, and both Fidelity and Sygnum use the chain. Blockchain Capital is also an investor in ZKsync, and Securitize's private securities tokenization platform operates on zkSync Era.

在Zksync時代，瑞銀（UBS）在Zksync時代擁有價值數十億美元的私人信貸，在那裡駕駛了一個金牌化項目，Fidelity和Sygnum都使用了鏈條。區塊鏈資本還是ZKSYNC的投資者，證券化的私人證券令牌平台在ZKSYNC時代運行。

Deutsche Bank has also used ZKsync's tech to build its own rollup called the Memento ZK Chain Project, which is a core component in Singapore's massive Project Guardian tokenization effort.

德意志銀行還使用ZKSYNC的技術來構建自己的匯總，稱為Memento ZK Chain Project，這是新加坡龐大的Project Project Guardian守護者的核心組成部分。

"We've been more effective on Enterprize than they have been," says ZKsync Foundation director Marco Cora, referring to other L2s like Base, Optimism and Arbitrum. "We have been less effective on consumer — but we totally want to be more effective there."

ZKSYNC基金會主任馬可·科拉（Marco Cora）說：“我們對發揮作用的效果比以前更有效。” “我們對消費者的有效性較低，但我們完全希望在那裡提高效果。”

Cora explains that L2s are faster and cheaper and they can also offer the ability to keep transactions private — which has been a key impediment to institutions adopting blockchain to date. Companies that create their own L2s in the ZKsync Elastic Network can elect to store their data in a company-

Cora解釋說，L2S更快，更便宜，它們還可以提供使交易私密的能力 - 這是迄今為止採用區塊鏈的機構的關鍵障礙。在ZKSYNC彈性網絡中創建自己的L2的公司可以選擇將其數據存儲在公司中 -