以太坊的通缩叙事似乎处于危险之中

2024 年第二季度，以太坊出现了自 9 月份网络通过合并过渡到权益证明共识以来最高的季度通胀率

Ethereum’s narrative of deflation appears to be coming under threat.

以太坊的通货紧缩叙述似乎正受到威胁。

The second quarter of 2024 played host to the highest quarterly inflation rate on Ethereum since the network transitioned to a Proof of Stake consensus with The Merge in September 2022, according to a new quarterly web3 report from CoinGecko.

根据 CoinGecko 的新季度 web3 报告，2024 年第二季度以太坊出现了自 2022 年 9 月通过 The Merge 过渡到权益证明共识以来最高的季度通胀率。

The report notes that 120,800 ETH were added to Ethereum’s supply ($421.3 million) after only 107,725 of the 228,500 newly issued coins were removed by Ethereum’s base transaction burning mechanism in Q2.

该报告指出，在第二季度以太坊的基本交易销毁机制仅删除了 228,500 个新发行的 ETH 中的 107,725 个之后，以太坊的供应量增加了 120,800 个 ETH（4.213 亿美元）。

The trend saw Ethereum’s quarterly burn rate drop by 66.7%, with the network trending deflationary for just seven days in Q2 — down from 66 days in Q1.

这一趋势使得以太坊的季度销毁率下降了 66.7%，网络在第二季度仅持续 7 天处于通货紧缩状态，低于第一季度的 66 天。

Low gas fees drive low burn rate

低天然气费导致低燃烧率

Ethereum’s plummeting burn rate was driven by a spate of very low gas prices, with the network currently charging just 3 gwei for a typical transaction, according to Ultra Sound Money. Last month, fees dropped to their lowest level since 2020 by briefly tagging 1.9 gwei.

据 Ultra Sound Money 称，以太坊的燃烧率直线下降是由一系列极低的 Gas 价格推动的，目前该网络对典型交易仅收取 3 gwei。上个月，费用一度降至 1.9 gwei，跌至 2020 年以来的最低水平。

Ethereum’s supply is now inflating at a rate of more than 50,000 ETH per week for the first time since early December, after flipping inflationary in early April. The network’s supply has now inflated by nearly 293,000 ETH since The Merge.

继 4 月初出现通货膨胀之后，以太坊的供应量自 12 月初以来首次以每周 50,000 ETH 的速度膨胀。自合并以来，该网络的供应量现已增加了近 293,000 ETH。

The trend poses a double-edged sword to Ethereum, with low transaction fees both paving the way for greater network adoption and answering one of the main criticisms levied against the network since on-chain activity took off with the emergence of DeFi Summer in 2020.

这一趋势对以太坊来说是一把双刃剑，低交易费用既为网络的更大采用铺平了道路，也回应了自 2020 年 DeFi Summer 出现以来链上活动起飞以来针对该网络的主要批评之一。

However, many investors were attracted to Ethereum by its post-merge deflationary promise, with fee and transaction data from 2022 suggesting that ETH’s supply would quickly shrink after The Merge’s activation.

然而，许多投资者被以太坊合并后的通货紧缩承诺所吸引，2022 年的费用和交易数据表明，合并激活后 ETH 的供应将迅速萎缩。

Burn rate slumps post-Dencun activation

Dencun 激活后燃烧率大幅下降

The network’s inflationary turn in April notably came just a few weeks after the activation of Ethereum’s Dencun upgrade on March 13.

值得注意的是，在 3 月 13 日以太坊 Dencun 升级激活几周后，该网络在 4 月份出现了通货膨胀。

The upgrade slashed the costs associated with Layer 2 transactions by replacing gas-intensive calldata with binary large objects (blobs), leading to fee savings of more than 90% on most of the top L2 networks, according to GrowThePie.

据 GrowThePie 称，此次升级通过用二进制大型对象（blob）替换耗用大量燃料的调用数据，大幅削减了与第 2 层交易相关的成本，从而在大多数顶级 L2 网络上节省了 90% 以上的费用。

Arbitrum, OP Mainnet, and Base each paid between $421,000 and $1 million in daily fees to validate transactions on the Ethereum mainnet amid a local high on March 5.

Arbitrum、OP Mainnet 和 Base 各自支付了 421,000 美元至 100 万美元的每日费用，以验证以太坊主网上的交易，并在 3 月 5 日创下当地最高点。

But Arbitrum’s Layer 1 costs have since slipped to between $1,000 and $10,000 daily during July, while Base and OP Mainnet are paying just a few hundred dollars each.

但自 7 月份以来，Arbitrum 的 Layer 1 成本已降至每天 1,000 美元至 10,000 美元之间，而 Base 和 OP 主网各只需支付几百美元。