区块链对加密市场至关重要

作者：硬币终端的创始人Hatu Sheikh。尽管区块链和DAPP至关重要，但加密行业利益相关者通常会优先考虑应用程序

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.

加密行业的利益相关者通常会根据采用原则和收入分配将申请优先于链条。但是，如果没有其基础链，DAPP将无法正常工作。此外，市场必须设置区块链以进行长期价值产生。

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

最近，代币终端的一份报告强调了收入产生参数如何翻转Joel Monegro的“脂肪方案”论文。

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，控制着加密行业总市值的70％的区块链（不包括比特币和Stablecoins），收取了60亿美元的费用。同时，Dapps仅占30％的市场份额，产生了33亿美元，产生了35％的OnChain费用。趋势在2025年第1季度继续进行，因为DAPPS的总费用为18亿美元，而区块链的总费用为14亿美元。

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

根据该报告，应用程序会产生实际价值和用户交互，因为较高的费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.”

“没有人登录仅仅是为了访问区块链。人们使用应用程序来交易，娱乐，投资，社交和花费时间。因此，应用程序正在产生价值和收入机会。”

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.”

由于应用程序是用户的第一个交互层，因此他们的需求和更多的增长渠道。该报告补充说：“区块链可能已经建造了道路，但是应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，如果没有“道路”，就不可能导航和访问“城市”。因此，这样的价值镜头以评估市场更喜欢链条还是应用程序是近视的观点。

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.

分析师和加密行业退伍军人必须了解区块链在运营加密行业中的关键作用。因此，加密货币市场必须始终支持区块链，无论其经济价值的潜力如何。

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.

区块链是通过透明和不可变的分类帐给分散申请的基本信托基金主持人仲裁交易。在多派对DAPP交互期间，区块链充当了防篡改记录的真实来源，使链条成为不可或缺的基础层。

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.

链与应用程序二进制参数是错误的，因为区块链本质上是DappData的计时员。此类时间戳数据有助于所有OnChain交易，并使人们能够不信任地使用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.

如果区块链的价值潜力基于收入和用户的采用，那是无关紧要的，因为这是游戏，社会和财务应用的任务。区块链是构建应用程序和其他产生资本回报的用户产品的基础层。

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，尽管有流动性和整合挑战，但模块化应用链的稳定上升是区块链体系结构重要性的另一个实例。当渴望资源的应用程序消耗网络容量时，应用程序链条通过充当独立区块链来提高性能并减少延迟来解决问题。

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.

使用应用程序链来解决网络的瓶颈，表明应用程序无法独立运行，需要相应的链体架构。因此，每个模块化应用程序都有自己的计算资源，存储能力和资源，以防止竞争应用程序减慢性能。

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

这些示例说明了为什么加密市场比独立应用更重视区块链。这是因为没有区块链将无法生存。

“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.

“价值”并不总是意味着经济激励和增长指标。有时，价值也来自市场对其在行业中的基本角色的认可。在这种市场情况下，无论收费和收入如何，区块链总是比单个应用程序更有价值。

Opinion by: Hatu Sheikh, founder of Coin Terminal

意见作者：硬币终端的创始人Hatu Sheikh