Dencun 升级后以太坊的通货紧缩状况受到质疑

CryptoQuant 研究人员对 Dencun 升级后以太坊作为“超音速货币”的概念提出了质疑，理由是代币燃烧放缓和向第 2 层解决方案的转变，导致以太坊通货紧缩趋势可能逆转并增加通胀压力。

Emerging Concerns: Ethereum's Deflationary Status Challenged Post-Dencun Upgrade

新出现的担忧：以太坊的通货紧缩状况在 Dencun 升级后受到挑战

A recent report from CryptoQuant, a leading cryptocurrency analytics platform, has cast doubt on the widely held belief that Ethereum is "ultra-sound money," particularly in light of the highly anticipated Dencun Upgrade implemented in mid-March.

领先的加密货币分析平台 CryptoQuant 最近的一份报告对人们普遍认为的以太坊是“超级货币”这一观点提出了质疑，特别是考虑到 3 月中旬实施的备受期待的 Dencun 升级。

Dencun's Impact on Coin Supply and Deflation

Dencun 对货币供应和通货紧缩的影响

Analysts at CryptoQuant note that the Dencun Upgrade has led to a slowdown in the number of coins being burned, a process known as "burning" within the Ethereum ecosystem. This has resulted in a decrease in Ethereum's deflationary nature, which had been evident due to the rising daily supply over the past weeks.

CryptoQuant 的分析师指出，Dencun 升级导致被销毁的代币数量减少，这一过程在以太坊生态系统中被称为“销毁”。这导致以太坊的通货紧缩性质减弱，由于过去几周每日供应量的增加，这一点已经很明显。

Gas Fee Reduction and Its Consequences

天然气费减少及其后果

The Dencun Upgrade was intended to introduce proto-danksharding, a technique designed to enhance transaction processing efficiency and reduce gas fees, particularly on layer-2 platforms such as Arbitrum. While the upgrade has successfully contributed to gas fee reduction, it has also led to a decrease in the number of coins being sent to Ethereum's "furnace," the mechanism used to burn ETH.

Dencun 升级旨在引入原始 danksharding，这是一种旨在提高交易处理效率并降低 Gas 费用的技术，特别是在 Arbitrum 等第 2 层平台上。虽然升级成功地降低了汽油费，但也导致发送到以太坊“熔炉”（用于燃烧 ETH 的机制）的代币数量减少。

Shift in Activity: Layer-2 Adoption and Mainnet Impact

活动转变：第 2 层采用和主网影响

Despite the reduction in layer-2 gas fees, activity on platforms such as Arbitrum, Optimism, and Base has increased. However, this increased activity has not been accompanied by a proportional increase in Ethereum coin burns. This is because layer-2 transactions are bundled and confirmed on the mainnet, reducing the overall number of coins sent to the furnace.

尽管第 2 层 Gas 费用减少，但 Arbitrum、Optimism 和 Base 等平台上的活动有所增加。然而，这种活动的增加并没有伴随着以太币销毁的比例增加。这是因为第二层交易在主网上被捆绑和确认，减少了发送到熔炉的硬币总数。

Inflationary Trend Emerges

通胀趋势出现

Previously, Ethereum's rapid supply reduction had supported the narrative of it being "ultra-sound money," comparable to Bitcoin or gold as a potential store of value. However, CryptoQuant's data now indicates that the supply is no longer decreasing as rapidly as before. In fact, the ETH supply has recently been growing at the fastest daily rate since the Merge.

此前，以太坊供应量的迅速减少支持了其作为“超级货币”的说法，可与比特币或黄金作为潜在的价值储存手段。然而，CryptoQuant 的数据现在表明供应量不再像以前那样迅速减少。事实上，ETH 供应量最近正以合并以来最快的日增长率增长。

ETH Burning Rate Declines

ETH 燃烧率下降

The report highlights a sharp decline in ETH burning post-Dencun. If the current trend continues, Ethereum may no longer be on track to become deflationary. This is particularly concerning if activity continues to shift towards competing networks such as Solana and Avalanche, which offer low fees and scalable solutions.

该报告强调了 Dencun 之后 ETH 燃烧量的急剧下降。如果目前的趋势继续下去，以太坊可能不再走上通货紧缩的轨道。如果活动继续转向 Solana 和 Avalanche 等提供低费用和可扩展解决方案的竞争网络，这一点尤其令人担忧。

Compounding Effects of Price Decline

价格下跌的复合效应

Falling Ethereum and Bitcoin prices can further exacerbate the decline in burning rate. Historically, sharp price drops have led to a contraction in on-chain activity.

以太坊和比特币价格下跌可能会进一步加剧销毁率的下降。从历史上看，价格急剧下跌导致链上活动萎缩。

Conclusion

结论

The findings from CryptoQuant's report challenge the prevailing view of Ethereum as "ultra-sound money." The Dencun Upgrade has altered the supply dynamics of ETH, leading to a slowdown in the burning rate and a shift towards inflationary tendencies. The sustainability of Ethereum's potential value as a store of value remains uncertain, especially as the cryptocurrency market continues to evolve and face competition from alternative networks.

CryptoQuant 报告的调查结果挑战了以太坊作为“超级货币”的普遍观点。 Dencun 升级改变了 ETH 的供应动态，导致燃烧速度放缓并转向通胀趋势。以太坊作为价值存储的潜在价值的可持续性仍然不确定，特别是在加密货币市场不断发展并面临来自替代网络的竞争的情况下。