以太坊的未来并不取决于政策，而是在相关L2之间实现无摩擦资本运动。

以太坊空间中一些著名思想家最近提出的一个想法是为了收回主网的价值。

The idea of taxing Ethereum (ETH) Layer-2s to reclaim value for the mainnet has been mooted by some prominent thinkers in the crypto space recently. However, the future of Ethereum does not depend on policy but on enabling frictionless capital movement between the L2s in question.

最近，加密货币空间中一些著名的思想家对以太坊（ETH）征税以恢复主网的价值。但是，以太坊的未来并不取决于政策，而是在相关L2之间实现无摩擦资本运动。

Tariffing rollups may appear a neat way to reclaim value for the mainnet. In practice, it would fragment the ecosystem, drain liquidity, push users toward centralized platforms, and avoid decentralized finance altogether. In a permissionless system, capital flows to where it is treated best, and Ethereum's rollups mistreat it.

关税汇总可能是一种整洁的方式来恢复主网的价值。实际上，它将破坏生态系统，消耗流动性，将用户推向集中式平台，并避免完全分散的财务。在无许可的系统中，资本流向其最佳处理的地方，以太坊的汇总会虐待它。

Liquidity fragmentation is Ethereum's real threat

流动性分裂是以太坊的真正威胁

In traditional finance, the link between fluidity and growth is well established. Lower barriers to capital inflows lead to higher investment. For example, economists tracking cross-border activity noted how investment flows slowed when the European Union's pre-Brexit single market was fragmented by the United Kingdom's exit.

在传统的金融中，流动性与增长之间的联系已建立。较低的资本流入障碍会导致更高的投资。例如，跟踪跨境活动的经济学家指出，当欧盟的脱欧单一市场被英国退出分散时，投资流量如何减慢。

Ethereum faces a decentralized parallel. Rollups, particularly those that are optimistic and ZK-based, impose delays of up to a week on withdrawals and offer only patchy cross-rollup liquidity. The result is a fragmented system in which adoption slows, and capital is underused.

以太坊面临分散的平行。滚动，尤其是那些基于ZK的乐观的滚动，在提款中延长了长达一周的延迟，并且仅提供斑驳的交叉滚动流动性。结果是一个分散的系统，在该系统中，采用速度放慢了，资本不足。

Developers are left with two poor choices. Either they focus on one rollup and limit their audience or fragment liquidity across several and accept inefficiencies. Neither option serves the ecosystem's long-term interests. A significant opportunity lies, therefore, with protocols that remove these frictions. They will attract more capital, operate more efficiently, and deliver better experiences.

开发人员有两个不良的选择。他们要么专注于一次汇总，限制受众群体，要么在几个人中流动性，并接受效率低下。两种选择都无法满足生态系统的长期利益。因此，一个很大的机会在于消除这些摩擦的协议。它们将吸引更多的资本，更有效地运作并提供更好的体验。

Capital movement must be abstracted away from the end-user. Bridges and withdrawal queues should become protocol-level concerns, not user problems. It is feasible for liquidity deployed on one rollup to satisfy demand on another, with background rebalancing ensuring solvency and efficiency. What today seems complex can be made invisible.

资本运动必须从最终用户中抽象出来。桥梁和提取队列应成为协议级别的问题，而不是用户问题。在一个汇总中部署的流动性是可行的，以满足对另一种的需求，背景重新平衡可确保偿付能力和效率。如今，似乎很复杂的是看不见。

This design shift from reactive bridging to intent-based liquidity coordination would restore composability and preserve decentralization. More importantly, it would uphold Ethereum's core principles of building open systems without central gatekeepers. Without it, users will continue to rely on centralized exchanges to bypass friction, compromising self-custody for convenience. This is not just a technical challenge — it is a philosophical one.

从反应性桥接到基于意图的流动性协调的这种设计转变将恢复合成性并保留权力下放。更重要的是，它将维护以太坊的核心原则，即没有中央门户的开放系统。没有它，用户将继续依靠集中式交流来绕过摩擦，为方便起见，损害了自我顾客。这不仅是一个技术挑战，而且是哲学上的挑战。

Designing around friction is the competitive edge

围绕摩擦设计是竞争优势

Designing around capital efficiency is becoming a competitive edge. Tomorrow's DeFi protocols will not simply compete on fees or yield. They will compete on how well they can access liquidity across a fractured landscape. The winners will be those that can fulfill a user's request wherever the user is without requiring them to move funds manually. The result will be better UX, more productive capital, and higher network stickiness.

围绕资本效率进行设计已成为竞争优势。明天的DEFI协议不会简单地竞争费用或收益率。他们将竞争如何在破裂的景观中获得流动性。获奖者将是可以在用户在哪里不需要他们手动移动资金的情况下满足用户请求的人。结果将是更好的UX，更有生产力的资本和更高的网络粘性。

Some underlying technologies are beginning to address the problem. Ethereum-native rollups, planned after a hard fork in 2026, promise closer integration, and while they are still not ready for deployment, based rollups offer tighter alignment with Ethereum by sharing sequencing and improving settlement while sacrificing some independence. In the meantime, optimistic rollups are racing to implement zero-knowledge proofs to speed up exits.

一些基本技术开始解决问题。以太坊的本地汇总，计划在2026年坚硬的叉子之后，承诺紧密整合，尽管它们仍未准备好部署，但基于基于的汇总可以通过共享测序和改善定居点，同时牺牲某些独立性，从而更加与以太坊保持一致。同时，乐观的汇总正在竞争以实现零知识证明以加快出口的速度。

These innovations reduce friction, but they are not enough on their own. We will see the greatest gains in scalability from applications designed around these constraints, not from the base layers alone.

这些创新减少了摩擦，但它们本身还不够。我们将看到围绕这些约束设计的应用，而不是仅在基本层中，我们将看到可伸缩性的最大增长。

Zk-Rollups are particularly well suited for this. Their cryptographic structure allows for low-latency and trust-minimized messaging between chains. This makes them ideal for applications like payments, decentralized trading, and real-time financial products, all of which demand speed and certainty.

ZK滚动特别适合这一点。它们的加密结构允许链之间的低延迟和信任最小的消息传递。这使它们非常适合付款，分散交易和实时金融产品等应用程序，所有这些都需要速度和确定性。

If Ethereum can make such cross-rollup flows seamless, it will not just scale. It will become the backbone of a more efficient financial system.

如果以太坊可以使这种交叉流动无缝，则不仅会扩展。它将成为更有效的金融体系的骨干。

That outcome is not guaranteed. Tariffing rollups may serve short-term goals, but in the long run, they would weaken the very network Ethereum aims to strengthen. Solana, for example, already offers composability within a single domain. While Ethereum's modular approach is arguably more robust, it cannot afford to ignore the usability cost of fragmentation.

不能保证这种结果。关税汇总可能会实现短期目标，但从长远来看，它们将削弱以太坊的旨在加强的网络。例如，Solana已经在单个域内提供了合成性。尽管以太坊的模块化方法可以说更强大，但它不能忽略分裂的可用性成本。

Ethereum's greatest strength is its neutrality. That should include the ability of capital to move freely within its ecosystem. The future will not be built by taxing rollups. It will be built by enabling them to function as one economic engine.

以太坊的最大优势是中立。这应该包括资本在其生态系统中自由移动的能力。未来不会通过征税汇总来建立。它将通过使他们能够充当一个经济引擎来建立。