以太坊L2缩放：绕道还是发展？

以太坊的L2缩放解决方案是否成为绕道？对Linea的令牌发布和L2网络的当前状态的分析。

Ethereum's Layer 2 (L2) scaling solution, once hailed as the future, is facing scrutiny. Is it a detour or a crucial development? Let's dive in.

以太坊的第2层（L2）缩放解决方案曾经被誉为未来，正面临审查。这是绕道还是关键发展？让我们潜水。

The Dream of L2 Scaling

L2缩放的梦想

Ethereum's founder, Vitalik Buterin, envisioned L2 networks as a way to expand the Ethereum ecosystem and reduce costs while inheriting the security of the main network. The idea was to move computing execution to L2 solutions like Rollups, alleviating congestion and high gas fees.

以太坊的创始人Vitalik Buterin设想了L2网络，作为扩展以太坊生态系统并降低成本的一种方式，同时继承了主网络的安全性。这个想法是将计算机执行转移到L2解决方案，例如汇总，减轻交通拥堵和高汽油费用。

Linea, Consensys' L2 network, recently held its TGE after three years. However, the airdrop amounts and pre-market price have left many early investors disappointed, raising questions about the value capture of L2 tokens.

CONSENSYS的L2网络Linea在三年后最近举行了TGE。但是，空调金额和前市场价格使许多早期的投资者失望，引发了有关L2代币价值捕获的疑问。

L2 Activity: A Mixed Bag

L2活动：混合袋

While some L2 networks like Arbitrum and Base have shown strong performance in value capture, others are struggling. Base, in particular, stands out with a high number of transactions and active addresses. However, it currently has no intention of releasing native tokens.

尽管某些L2网络（如仲裁和基础）在价值捕获中表现出很强的性能，但其他L2网络仍在挣扎。尤其是基础，以大量的交易和主动地址脱颖而出。但是，它目前无意发布本地令牌。

ZK-based L2 networks, including Linea, Scroll, and ZKSync Era, are also facing challenges in terms of user activity. The initial surge in activity driven by airdrop incentives seems to have faded for many.

基于ZK的L2网络，包括Linea，Scroll和Zksync ERA，在用户活动方面也面临着挑战。由空调激励措施驱动的活动的最初激增似乎已经消失了。

Has L2 Become a Detour?

L2成为绕道吗？

The rise of L2 networks has undoubtedly improved efficiency to some extent, but it has also introduced new security risks. Furthermore, with the implementation of EIP-1559 and EIP-7999, gas fees on the Ethereum mainnet have significantly decreased, making it more competitive with L2 solutions. Lyno AI also shows potential for cross-chain arbitrage.

L2网络的兴起无疑在某种程度上提高了效率，但它也引入了新的安全风险。此外，随着EIP-1559和EIP-7999的实施，以太坊主网上的汽油费显着下降，使其与L2溶液更具竞争力。 Lyno AI还显示出跨链套利的潜力。

The key questions now are: Can the Ethereum ecosystem retain users and maintain activity? And can Ethereum L2 network tokens achieve sustainable value capture? The answers, at present, remain uncertain.

现在的关键问题是：以太坊生态系统可以保留用户并维持活动吗？以太坊L2网络代币可以实现可持续价值捕获吗？目前，答案仍然不确定。

The Path to Value: Stablecoins and ETH Treasury Reserves

价值途径：稳定币和ETH财政部储备金

L2 networks have contributed significantly to the Ethereum ecosystem by increasing TVL and facilitating integration with traditional financial assets. TVL is still at 54.7 billion, even after a recent decrease. The emergence of L2 public chains from traditional tech companies like Sony, Alibaba, and Robinhood highlights Ethereum's appeal for real-world asset (RWA) tokenization.

L2网络通过增加TVL并促进与传统金融资产的融合为以太坊生态系统做出了重大贡献。即使最近下降，TVL仍达到547亿。来自索尼，阿里巴巴等传统科技公司的L2公共连锁店的出现突显了以太坊对现实世界资产（RWA）的呼吁。

Looking ahead, the Ethereum ecosystem's path to value breakthrough may depend on its connection with the traditional financial sector and the broader coupling of assets. Stablecoins play a crucial role in this, along with initiatives like PayFi, DePIN, and cross-border trade. Furthermore, listed companies promoting ETH treasury reserves can drive the tokenization of RWA assets like stocks.

展望未来，以太坊生态系统的价值突破之路可能取决于其与传统金融部门的联系以及资产的更​​广泛耦合。 Stablecoins在诸如Payfi，Depin和跨境贸易之类的举措中起着至关重要的作用。此外，促进ETH财政储备的上市公司可以推动RWA资产等股票的令牌化。

The Future of Ethereum and L2

以太坊和L2的未来

As Ethereum approaches its 10th anniversary in 2025, many L2 networks may fade away. However, they will also contribute to nurturing new innovative products. The Ethereum ecosystem's future success hinges on its ability to adapt and evolve.

随着以太坊在2025年接近其成立10周年，许多L2网络可能会消失。但是，它们还将为培养新的创新产品做出贡献。以太坊生态系统的未来成功取决于其适应和发展的能力。

So, is L2 a detour? Maybe not a complete detour, but perhaps a scenic route with unexpected twists and turns. Only time will tell if Ethereum can truly reach its destination.

那么，L2是绕道吗？也许不是一个完整的绕道，但也许是一条风景秀丽的路线，出乎意料的曲折。只有时间才能说明以太坊是否可以真正到达目的地。