为什么Tradfi使用以太坊L2s来代币化数万亿美元的现实资产

本月早些时候以太坊的震惊50％的价格上涨，当时对路线图的看跌

Shortly before Ethereum's shock 50% price surge earlier this month, when bearishness about its roadmap was reaching its zenith, Real Vision founder Raoul Pal was asked on a podcast if he thought Ethereum was cooked.

本月初，以太坊的震惊50％的价格飙升是在播客中，当时关于其路线图的看跌速度即将到达其顶峰时，真正的Vision创始人Raoul Pal在播客中被问到他是否认为以太坊是煮熟的。

The former Goldman Sachs executive said he'd heard that narrative a lot, but it was wrong — not least because TradFi considers Ethereum to be the "Microsoft" of blockchain.

这位前高盛（Goldman Sachs）的前任主管说，他听说过很多叙事，但这是错误的 - 尤其是因为Tradfi认为以太坊是区块链的“ Microsoft”。

"It clearly works very well for what the financial markets need," Pal said.

帕尔说：“显然，它对金融市场的需求非常有效。”

"If the finance system comes, they'll go there. There'll be stablecoins and SOL and SUI and all of this stuff — but is Goldman going to build in Solana? Highly unlikely. Is JPMorgan? Highly unlikely. And will they build their own Layer 2s? Highly likely."

“如果金融系统到了，他们会去那里。会有稳定的sol和sol and sui以及所有这些东西 - 但是高盛会在索拉纳（Solana）建造吗？极不可能。摩根大通（JPMorgan）是否极不可能？他们会建造自己的第2层吗？很可能吗？”

The growing awareness that TradFi has already tokenized billions worth of US Treasurys and commodities in the Ethereum ecosystem was cited by Bernstein analysts as a big factor in ETH's recent price recovery.

伯恩斯坦分析师认为，越来越多的意识已经使以太坊生态系统中数十亿美元的美国财政部和商品表示赞赏，这是伯恩斯坦分析师是ETH最近的价格恢复的重要因素。

And TradFi has plans to tokenize billions — if not trillions more — of real-world assets (RWAs) using custom-built L2s.

Tradfi计划使用定制的L2S将实际资产（RWAS）的数十亿美元（即使不是数万亿美元）代表。

The biggest tokenization firm in the world, Securitize, is collaborating with DeFi protocol Ethena to build an RWA-focused L2 called Converge. Alibaba affiliate Ant Digital has just announced its own RWA-focused rollup called Jovay, and last week, Robinhood bought WonderFi, which has just launched the Wonder L2 as part of ZKsync's Elastic chain network. The Bernstein analysts suggested the L2 may become Robinhood's new tokenized stock trading platform.

全球最大的标记公司证券化公司正在与Defi Protocol Ethena合作，建立了一个以RWA为重点的L2 Converge。阿里巴巴会员Ant Digital刚刚宣布了自己以RWA为重点的汇总Jovay，上周，Robinhood购买了Wonderfi，后者刚刚推出了Wonder L2作为ZKSYNC弹性链网络的一部分。伯恩斯坦分析师认为，L2可能成为Robinhood的新标记股票交易平台。

Converge and Ethena founder Guy Young tells Magazine that institutions believe Ethereum is the most censorship-resistant and secure base layer for settlement, and its appeal is only enhanced by a sophisticated DeFi ecosystem of protocols like Aave and Pendle. Ethereum L2s offer the chance to make these protocols more suitable for TradFi requirements.

Contryge和Ethena创始人Guy Young告诉杂志，机构认为以太坊是最具审查制度和安全的基础层来定居，并且只有通过AAVE和Pendle等复杂的协议生态系统才能增强其吸引力。 Ethereum L2S提供了使这些协议更适合TradFi要求的机会。

"It's hard to imagine an alternative layer 1 coming close to gaining the trust of issuers at scale," Young says. "When Converge launches, those financial primitives and apps will have permissioned versions where institutions can deploy assets in a regulatory-friendly manner, and that's a key differentiator that could see L2’s gain more market share of RWA’s."

扬说：“很难想象一个替代性的第1层即将大规模获得发行人的信任。” “当汇聚发布时，这些金融原始基本和应用程序将拥有允许的版本，在这些版本中，机构可以以监管友好的方式部署资产，这是一个关键的区别，可以看到L2在RWA的市场份额中获得更多的市场份额。”

As Young suggests, Ethereum's base layer is the undisputed leader for RWAs, accounting for 58% of the total $22.6 billion tokenized real-world assets. But surprisingly enough, in second place is zero-knowledge proof L2 ZKsync Era with $2.19 billion. That's more than 8x the value of the entire ZKsync market cap.

正如Young所暗示的那样，以太坊的基层是RWA的无可争议的领导者，占总计226亿美元的代币现实世界资产的58％。但令人惊讶的是，第二位是零知识证明L2 ZKSYNC时代，其21.9亿美元。这是整个ZKSYNC市值的价值8倍以上。

Why TradFi is using Ethereum L2s for RWAs

为什么Tradfi使用以太坊L2s进行RWAS

So what are the advantages for using Ethereum L2s for RWAs over competing L1s like Stellar, Aptos and Solana? And why are TradFi firms using a scaling solution widely derided by Ethereum's critics as a mistake?

那么，将以太坊L2用于RWA的优势与诸如Stellar，Aptos和Solana之类的L1相比，有什么优点？为什么使用缩放解决方案的tradfi公司被以太坊的批评者广泛嘲笑？

Although L2s aren't as uncallable or decentralized as Ethereum itself, they are relatively cheap to spin up and can be easily configured to comply with privacy and regulatory requirements. They also generate revenue via sequencer fees, and can theoretically enable speeds of 100,000 TPS or more — though only MegaETH on testnet has demonstrated anything within sight of that throughput to date.

尽管L2不像以太坊本身那样无适合或下放，但它们的旋转相对便宜，并且可以轻松配置以符合隐私和监管要求。它们还通过音序器费产生收入，理论上可以实现100,000 TP或更高的速度 - 尽管只有testnet上的Megaeth才证明了迄今为止的任何内容。

While ZKsync is focused on scaling this year with a view to making the sequencer capable of 10,000 TPS by the end of the year, it has been subject to criticism on social media recently for lagging retail user numbers. But clearly, ZKsync's tech holds appeal for big names in finance.

尽管ZKSYNC专注于今年的扩展，以期在今年年底之前使Sequencer能够获得10,000 TP的能力，但最近在社交媒体上批评零售用户数量滞后。但是很明显，Zksync的技术在金融中吸引了知名人士。

Tradable has tokenized a couple of billion dollars worth of private credit on zkSync Era, UBS has piloted a gold tokenization project there, and both Fidelity and Sygnum use the chain. Blockchain Capital is also an investor in ZKsync, and Securitize's private securities tokenization platform operates on zkSync Era.

在Zksync时代，瑞银（UBS）在Zksync时代拥有价值数十亿美元的私人信贷，在那里驾驶了一个金牌化项目，Fidelity和Sygnum都使用了链条。区块链资本还是ZKSYNC的投资者，证券化的私人证券令牌平台在ZKSYNC时代运行。

Deutsche Bank has also used ZKsync's tech to build its own rollup called the Memento ZK Chain Project, which is a core component in Singapore's massive Project Guardian tokenization effort.

德意志银行还使用ZKSYNC的技术来构建自己的汇总，称为Memento ZK Chain Project，这是新加坡庞大的Project Project Guardian守护者的核心组成部分。

"We've been more effective on Enterprize than they have been," says ZKsync Foundation director Marco Cora, referring to other L2s like Base, Optimism and Arbitrum. "We have been less effective on consumer — but we totally want to be more effective there."

ZKSYNC基金会主任马可·科拉（Marco Cora）说：“我们对发挥作用的效果比以前更有效。” “我们对消费者的有效性较低，但我们完全希望在那里提高效果。”

Cora explains that L2s are faster and cheaper and they can also offer the ability to keep transactions private — which has been a key impediment to institutions adopting blockchain to date. Companies that create their own L2s in the ZKsync Elastic Network can elect to store their data in a company-

Cora解释说，L2S更快，更便宜，它们还可以提供使交易私密的能力 - 这是迄今为止采用区块链的机构的关键障碍。在ZKSYNC弹性网络中创建自己的L2的公司可以选择将其数据存储在公司中 -