以太坊的代币供应现在高于预合并水平

以太坊的代币供应已达到自2023年1月以来的最高水平，在2022年9月15日的合并更新之前看到的匹配数字。

Data from ultrasound.money shows that the total supply of ETH has reached 120,521,523 ETH, which is higher than the supply on the day of The Merge (September 15, 2022). Astaria co-founder and CEO Justin Bram highlighted this development on Twitter, sharing a screenshot of the current ETH supply from ultrasound.money.

超声波的数据表明，ETH的总供应已达到120,521,523 ETH，该ETH比合并当天（2022年9月15日）高。阿斯塔里亚（Astaria）联合创始人兼首席执行官贾斯汀·布拉姆（Justin Bram）在Twitter上强调了这一开发项目，分享了当前来自Ultrasound.money的ETH供应的屏幕截图。

According to Presto Research analyst Jaehyun Ha, this development coincides with the impact of the Dencun upgrade on Ethereum’s inflation trend. This development raises concerns about the narrative of Ethereum being “ultrasound money” in the context of a deflationary asset that is meant to outshine Bitcoin in terms of store-of-value properties.

根据普雷斯托研究分析师Jaehyun HA的说法，这种发展与Dencun升级对以太坊通货膨胀趋势的影响相吻合。这一发展引起了人们对以太坊的叙述为“超声货币”的关注，而在存储资产的背景下，这意味着要从价值商店的储存属性来胜过比特币。

This development marks a shift in the post-Merge tokenomics, with implications for ETH's status as "ultrasound money." However, it is important to note that the transition to proof-of-stake has still brought significant benefits compared to the proof-of-work system.

这一发展标志着合并后的令牌学的转变，对ETH作为“超声资金”的地位产生了影响。但是，重要的是要注意，与工作证明系统相比，向验证证明的过渡仍然带来了巨大的好处。

After facing challenges in the aftermath of the FTX collapse, Ethereum's post-Merge deflationary vision began to take hold. Initially, low activity levels resulted in insufficient ETH being burned relative to new issuance, delaying its transition to deflation. However, as activity picked up, ETH entered deflationary territory by mid-January 2023.

在FTX崩溃之后面临挑战之后，以太坊的合并后通往愿景开始持续下去。最初，低活动水平导致相对于新发行的ETH燃烧不足，从而延迟了其过渡到放气。但是，随着活动的启动，ETH到2023年1月中旬进入通缩领域。

By early 2024, the post-Merge supply had decreased by over 450,000 ETH, valued at nearly $1.6 billion at the time. This trend, however, began to shift around the time of the Dencun upgrade.

到2024年初，合并后的供应量减少了450,000多个ETH，当时价值接近16亿美元。然而，这种趋势开始在Dencun升级时期发生变化。

One key aspect of this change was EIP-4844, which introduced the concept of "blobs" to optimize Layer 2 transaction processing. Unlike the way traditional calldata is stored, blobs are designed to be kept temporarily and expire after 18 days.

此更改的一个关键方面是EIP-4844，它引入了“斑点”的概念以优化第2层交易处理。与传统的Calldata存储方式不同，斑点被设计为暂时保存并在18天后到期。

This mechanism differs from the way gas is calculated for regular transactions, where a portion of the gas fee is burned. Instead, blob transactions utilize a separate fee unit known as "blob gas." The introduction of blobs in the Dencun upgrade impacted the overall ETH fee structure.

该机制与定期交易计算气体的方式不同，该交易的一部分被燃烧。取而代之的是，BLOB交易使用一个称为“ Blob Gas”的单独费用单元。 Dencun升级中的斑点引入影响了整体ETH费用结构。

Before the Dencun upgrade, ETH transaction fees were calculated using both gas price and gas amount, with a portion of these fees being burned. However, with the introduction of blob transactions, which are optimized for large data payloads in Layer 2s, a separate fee unit called "blob gas" was introduced.

在Dencun升级之前，使用气价和气体量同时计算ETH交易费用，其中一部分这些费用被烧毁。但是，随着对第2层中大型数据有效载荷进行优化的BLOB交易，引入了一个称为“ Blob Gas”的单独的费用单元。

This shift in fee structure affected the proportion of ETH that was burned, ultimately impacting ETH supply trends. Notably, the gas limit also increased during this period, further influencing ETH supply dynamics.

收费结构的这种转变影响了被烧毁的ETH的比例，最终影响了ETH供应趋势。值得注意的是，在此期间，气体极限也增加了，进一步影响了ETH供应动态。

This development comes as a result of changes introduced by the Dencun upgrade, which was implemented in March 2024. Additionally, some ETH liquidity has shifted towards Solana amid the ongoing memecoin rally and the introduction of multiple Layer 2 solutions.

这一发展是由于Dencun升级引入的变化而导致的，该升级于2024年3月实施。此外，在持续的Memecoin Rally和引入多层第2层解决方案的过程中，某些ETH流动性已转向Solana。

Despite the increase in ETH supply, network activity remained strong, reducing concerns over inflationary pressures. According to Presto's Jaehyun Ha, this development affects ETH burning, but overall ecosystem growth is crucial for the network's sustainability.

尽管ETH供应量增加，但网络活动仍然很强，从而减少了对通货膨胀压力的关注。根据普雷斯托（Presto）的Jaehyun Ha，这种发展会影响ETH燃烧，但总体生态系统增长对于网络的可持续性至关重要。