以太坊简史：因暴雪削弱术士而诞生的千亿美元巨兽

文｜Crypto labs Eric，Foresight News

Crypto labs and nbsp; Eric, Foresight News

2013 年 11 月，在比特币创世区块诞生近 5 年之后，以太坊白皮书问世。

In November 2013, nearly five years after the birth of the Bitcoin Founding Block, an Etherno White Paper was launched.

「这份初稿是我对我们称之为『密码学货币 2.0』领域长达几个月的思考和工作的结晶。」以太坊创始人 Vitalik Buterin 后来在自己的博客中写道。另外，Vitalik Buterin 曾透露，其开发以太坊的想法来源于暴雪将「魔兽世界」中术士角色的部分技能删除导致其被削弱，让他认识到了中心化可以随心所欲修改已有内容的可怕。

"This first draft is the culmination of months of thinking and work in what we call "the cryptography currency 2.0." Vitalik Buterin, the founder of the Tai shop, wrote in his blog. Moreover, Vitalik Buterin has revealed that the idea of developing Etheraya stems from a snowstorm that has weakened some of the skills of the magicians in the World of Monsters and made him realize that centralization can change what they already have.

在 Fenbushi Capital 沈波的邀请下，彼时 BitShares 团队成员「巨蟹」和后来创立了币乎的咕噜，用了一个多月的时间将以太坊白皮书翻译成了中文，咕噜 * 将 Ethereum 的中文名定为了以太坊。

At the invitation of Fenbushi Capital Shenbo, the members of the BitShares team, "Crabs" and the subsequent creation of a coiny groove, translated into Chinese over a month from the Taiyo White Paper and named Etherium as the Chinese name.

巨蟹曾解释称，「坊」的含义是工场、工作室。以太坊强调这是一个虚拟工场，玩家可以来此找工具和 DIY 组建自己想要的金融工具。

The crab once explained that the term "workshop" means a workshop, a workshop. Ether emphasized that it was a virtual workshop where players could find tools and DIY could form the financial instruments they wanted.

彼时加密货币市场的中心是比特币，以及莱特币、BitShares 等项目，智能合约还没有被大多数人接受，甚至很多人并不知道智能合约是什么。所以以太坊并没有获得太多的关注，甚至有人认为巨蟹等人宣传以太坊纯粹是为了「割韭菜」。

The center of the encrypted currency market is Bitcoin, and projects such as Letco and BitShares, where smart contracts have not been accepted by most people, and even many people do not know what smart contracts are. So Ether is not receiving much attention, and even some think that giant crabs and others are advocating that they are simply for “circumcision.”

但渐渐地，「以太坊」和 Ethereum 的字眼频繁出现在网络上，加密货币社区开始了对智能合约平台进行了探索，而以太坊的故事也就此展开。

But gradually, the words of Ether and Etherium appear frequently on the Internet, and the encrypt currency community has begun to explore smart contract platforms, as has the story of Ether.

巨额众筹

2014 年 5 月，Vitalik Buterin 首次到访中国，此行的目的被认为是宣传以太坊，并为以太坊众筹造势。值得一提的是，当时国内对于区块链的热情的确是比国外更加高涨，虽然被认为首次吸引了普通人参与了解的「大牛市」还在三年之后。

In May 2014, Vitalik Buterin visited China for the first time, and the purpose of the mission was considered to be to promote and build momentum for Etherom’s people. It is worth mentioning that domestic enthusiasm for block chains was indeed much higher than abroad, although the Great Bull City, which was thought to have attracted ordinary people for the first time, was three years later.

Vitalik 在博客里对此次中国行的看法是，看到了矿工和交易所，但是除了这几个公司以外没有很多有趣的东西。

Vitalik's view of this Chinese business in his blog is that he saw miners and exchanges, but there's nothing interesting but these companies.

在沈波的陪同下，Vitalik 第一次跟中国的加密货币社区碰面，地点是上海杨浦区淞沪路创智天地的 InnoSpace，活动主办方是比特币创业营。

Accompanied by Shen Bo, Vitalik met for the first time with the Chinese encrypt currency community at InnoSpace in Yangpo District, Shanghai, where the event was hosted by the Bitcoin Business Camp.

在这场活动上，Vitalik 做了近一个小时有关第二代加密货币相关的演讲，场下坐着达鸿飞、初夏虎、徐义吉等诸多后来推动区块链发展的重要人物。

During this event, Vitalik gave nearly an hour of lectures on the second generation of encrypted money, sitting in front of a number of important figures who later promoted the development of the block chain, such as Da Hong Fei, Chuxi Tiger and Xu Yiji.

2014 年 6 月，以太坊启动了 ICO，并在 42 天的时间里募集了 3 万多枚比特币，以当时的价格计算价值约 1800 多万美元。

In June 2014, Etheria launched the ICO and raised more than 30,000 bitcoins over 42 days, valued at about $18 million at that price.

这在当时引起了行业的轰动，以太坊也因此遭受了不小的非议，回看那一时期的微博或者论坛可以发现，很多人对以太坊的评价都是「骗子」、「圈钱」。但 2016 年老猫在一篇分析以太坊的文章中表示，「99% 的国内比特币圈的人都错过了这次机会」。

This provoked the industry’s excitement at the time, and as a result, Ether suffered a great deal of criticism, looking back at the time’s tweets or forums, it can be seen that many of the people’s comments on Ether were “swindlers” and “crowd money.” But, in an analysis of Ether’s article in 2016, the old cat said, “99% of the country’s Bitcoins missed this opportunity.”

国内对于以太坊的 ICO 正如上文所述并没有一致的看好，Neo 的创始人达鸿飞对投资显得有点顾虑，而万维链的创始人吕旭军等人却果断选择用手中的比特币投资了以太坊。吕旭军后来曾说，当时很多人认为这笔投资很不明智导致其本人都不敢过多透露这笔投资。

There is no consensus in the country about the ICO in Ethio, as noted above, and the founder of Neo, Da Hong Fei, seems concerned about the investment, while the founder of the VD chain, Lu Xu, and others, chose decisively to invest in Ether with the bitcoin in their hands. The Lu Xu army later said that many people at the time thought that the investment was unwise and that it led to their own reluctance to divulge it.

虽然以太坊的 ICO 受争议，但也正是争议让以太坊走向更广泛的大众视野，让大家开始研究究竟是怎样的故事可以让那么多人毫无保留的「梭哈」。

Although the ICO of the Etherm is controversial, it is precisely the controversy that has led Ether to a wider public view, starting to see how stories can leave so many people unreserved.

早期发展与国内环境

虽然通过 ICO 募集了大量的比特币，但 2014 年末比特币暴跌让很多人都担心以太坊是否有足够的资金支持发展。

Although a large amount of bitcoin was raised through the ICO, the fall in bitcoin in late 2014 raised concerns about whether the Ethio had sufficient funds to support development.

不过事实是这样的担心很多余。2015 年 7 月 30 日，以太坊成功地发布了 Frontier（前沿），也就是以太坊的第一个阶段，且并不是一个完全去中心化的网络。

But the truth is that this fear is superfluous. On July 30, 2015, the Etherms successfully released the Frontier, the first phase of the Etherm, and not a completely decentralised network.

作为创始人，Vitalik 在开发之于也在世界各地演讲。一时间，开发者、矿工、以太坊爱好者纷至沓来，开始为一个去中心化的互联网平台的发展贡献力量。鱼池（F2Pool）的神鱼就是国内最早的一批支持以太坊矿工。神鱼曾表示 2014 年夏天 Vitalik 特地来拜访过国内的矿工。因为以太坊是 PoW 机制，必须要争取矿工的支持，而中国显然是其必争之地。

Vitalik, as founder, spoke at the same time on developments around the world. At one point, developers, miners, and Ether fans began to contribute to the development of a decentralised Internet platform. The fish ponds (F2Pool) were the first to support Ether miners in the country. The fish had said that Vitalik had come to visit miners in the summer of 2014. Because Ether was a PoW mechanism, it was necessary to enlist the support of miners, and China was clearly the site of competition.

神鱼表示，当时他对于以太坊没有太大的感觉，不过隐约感觉智能合约可能代表着未来，因此在以太坊上测试网时，也贡献了很多显卡算力。现实是直至 2021 年的禁令之前，国内的矿工和矿池仍一直是保护以太坊安全的中坚力量。

The fish said he didn't have much to feel about Etheria at the time, but it was implicit that smart contracts might represent the future, and thus contributed a lot of credit cards when testing the Internet in Ether. The reality was that until the 2021 ban, miners and ponds in the country remained the backbone of Ether’s security.

除了利益之上的矿工，以太坊也吸引了不少很早就认识到其价值的人。

In addition to the miners whose interests lie above them, Ether also attracts a large number of people who have recognized their value at a very early stage.

秘猿科技的创始人谢晗剑早年与其他爱好者一起创立了以太坊的中国社区以太坊爱好者，但可惜目前以太坊爱好者已经停止了运营。当在还在运营时，以太坊爱好者内容负责人阿剑称，虽然 imtoken 创始人何斌、谢晗剑等人之后陆续离开了该社区，但仍然坚持出资资助社区发展。

The founder of Secret Apes Science and Technology, Xie Xiaoqian, who created the Ether neighbourhood of the Chinese community with other fans early in the year, is unfortunately currently out of business. When he was still in operation, the owner of the Xie Xia Xian, said that although his founder Hobin, Xie Xian, and others, had left the community, he insisted on funding the development of the community.

在多年的努力下，以太坊发展的速度超乎了很多人的想象。在 2015 年底，以太坊提出了一个对后来加密货币行业发展产生巨大影响的标准——ERC-20，代币标准的统一为以太坊后续的发展奠定了重要基础，而一场大牛市也在酝酿之中。

With many years of effort, it has grown at a much faster pace than many would have imagined. At the end of 2015, the Taiyo proposed a standard that would have had a significant impact on the subsequent development of the crypto-currency sector – the ERC-20, the harmonization of the token standards, which provides an important basis for its follow-up, and a major cow market is in the making.

ICO 泡沫与疯狂的 2017

2017 年加密货币市场迎来了牛市，彼时稳坐加密货币的第二把交椅的以太坊，跟随大行情一起迎来了疯狂的一年。

In 2017, the market for encoded money ushered in a crazy year with the second chair of encrypted currency, Etha.

而那一年的牛市，主流的观点是 ICO 带来了大量的场外资金。事实上，2016 年不少 ICO 项目就开始悄悄萌芽，并在 2017 年成几何倍数增长。据 ICODATA.io 数据显示，2016 年 ICO 项目仅为 29 件，融资金额为 9 万多美元，等到 2017 年这两个数据已经分别增长至 876 件和 62 亿美元。

In fact, a number of ICO projects began to sprout in 2016 and increased geometrically in 2017. According to data from ICODATA.io, in 2016, ICO projects were only 29, with more than $9,000 in financing, and by 2017 the figures had grown to 876 and $6.2 billion, respectively.

ICO 的兴起和爆发在给创业者筹措资金提供便利的同时，也打开了一发不可收拾的潘多拉魔盒，发币成为融资渠道同样也变成了圈钱机器，不仅区块链创业公司发币，上市公司、传统互联网公司，甚至骗子和传销也走上发币的道路。

The emergence and outbreak of ICO, while facilitating the financing of entrepreneurs, has also opened an unmanageable Pandora box, and the issuance of coins as a source of finance has also become a money-centered machine, with not only companies that start up in chains, but also listed companies, traditional Internet companies and even liars and sellers on the road to currency.

虽然问题不少，但 ICO 确实让很多人对智能合约有了初步的认知，也让以太坊的用户有了爆发式的增长，以太坊地址数从年初的 100 万增长至年底的近 1800 多万。

Although there are a lot of questions, ICO does give a lot of people an initial understanding of smart contracts and an explosive growth in the number of users in Etheraya, from 1 million at the beginning of the year to nearly 18 million at the end of the year.

2017 年 5 月末，以太坊上线了 Huobi 等国内交易所，ETH 的价格在之后节节攀升，最终达到了 2018 年 1 月份的前高点 1430 美元左右，但随之而来的就是泡沫的破裂。

At the end of May 2017, domestic exchanges such as Huobi, the prices of ETH rose in the following week, reaching the pre-January high of $1430 in 2018, but with the bursting of the bubble.

2017 年的加密世界很精彩，但无法在此一一细说，彼时虽然有很多当前看来极度不靠谱的项目，但其中而不乏很多曾经辉煌过或为当前很多应用树立了很好模板的项目，例如 CryptoKitty、Augur 等，接下来所要讲到的 DeFi，其萌芽也始于 2017 年。

The world of encryption in 2017 was wonderful, but it cannot be said in this detail that while there are many projects that appear to be extremely unsound at present, many of them have been brilliant or have set up good templates for many of the current applications, such as CryptoKitty, Augur and so on, and that the beginning of the deFi, to which we are going to refer, began in 2017.

对以太坊而言，虽然其火爆的根本原因有些令人尴尬，但不得不说泡沫是事物发展过程中几乎必经的阶段。2017 年泡沫带来了资金和人才，也让大家亲身体会了以太坊的不足之处，这为 2020 年和 2021 年 Web3 概念的风靡埋下了伏笔。

For Etheria, although the underlying causes of its explosion are somewhat embarrassing, it has to be said that the bubble is an almost inevitable stage in the development of things. The 2017 bubble brought with it money and talent, and allowed everyone to learn about the shortcomings of Etheria, which created a dent in the 2020 and 2021 Web3 concepts.

DeFi Summer 与又一次的泡沫破裂

正如上文所说，泡沫同样带来了基础设施，而这些基础设施则是促成下一轮牛市的重要引擎。

As noted above, the bubbles have also brought about infrastructure, which is an important engine for the next round of cattle.

DeFi 事实上并非 2020 年才出现，而是早在 17 年就开始生根发芽。

DeFi actually didn't show up in 2020, but it started to grow in 17 years.

Gnosis 早在 2017 年就提出了 AMM 模型。同年，Bancor 融资 1.44 亿美元来做基于 AMM 的 DEX，比 Uniswap 更早上线了产品；然而却是工作一年就被裁员的电气工程师，自学代码不到一年的初级程序员 Hyden，拿着以太坊基金会给的 5 万美元做出的 Uniswap 成为了最终的龙头。

Gnosis presented the AMM model as early as 2017. In the same year, Bancor financed $144 million to produce DEX based on AMM, which was wired earlier than Uniswap; it was, however, an electrical engineer who had been laid off for one year at work, and Hyden, a junior programmer with a self-study code of less than one year, with $50,000 from the Taiwan Foundation, who made Uniswap the ultimate leader.

同样，借贷协议的龙头 Aave 也在 2017 年推出，彼时名为 ETHLend，于次年更名为 Aave。

Similarly, Aave, the leader of the loan agreement, was launched in 2017, then named ETHLend, and changed its name to Aave the following year.

Compound 与 MakerDAO，均是在 2018 年底前后发布了首个版本的产品。

Comboud and MakerDAO both released their first version of the product after the end of 2018.

这些现在看来重量级的产品，最初都反响平平，直到 2020 年 6 月，Compound 为了提高协议流动性，创新地推出了「流动性挖矿」，为提供可借资金与借款的用户分发治理代币奖励并将治理权交给代币持有者。之后，收益聚合器 Yearn 同样采取了这个策略，一场有关流动性的盛宴 DeFi Summer 就此开始。

These products, which now appear to be heavyweight, were initially resounding flat until June 2020, when Compound, in an effort to increase the liquidity of the agreement, innovatively introduced "mobility mining" to distribute a management indulgent reward to users who can borrow money and loans, and to give it to the money-bearer. After that, Yearn, a revenue polymer, also adopted this strategy, and a feast on liquidity, DeFi Summer, began.

交易、借贷、超额抵押稳定币、各种聚合器、Curve 创立的 ve 模型等各种金融基础设施，在流动性挖矿的激励下，进展神速。据 DefiLlama 数据显示，以太坊上 DeFi 总锁仓量于 2020 年 11 月 9 日突破 10 亿美元后，一路飙升，一年不到的 2021 年 5 月 11 日已经达到了近 884 亿美元，并于 2021 年 12 月初达到了接近 1080.7 亿美元的历史最高点。

Various financial infrastructures, such as trading, borrowing, over-collateralization of the currency, various polymers, and the v model created by Curve, are moving fast, inspired by mobile mining. According to Devillama, the total lock-up in DeFi in the Taihouse rose sharply after a breakthrough of $1 billion on November 9, 2020, reaching nearly $884 billion on May 11, 2021, and reached an all-time high of nearly $108.7 billion in early December, 2021.

DeFi Summer 中间，除了此起彼伏的「金矿」，还有例如 Uniswap 和 SushiSwap 的流动性之争这样精彩的市场竞争故事。经历过的人应该有切身体会，Uniswap 本可以独占鳌头，但由于没有「随大流」推出治理代币进行激励，被 Nomi fork 了代码并于 8 月底推出 SushiSwap 并直接启动流动性挖矿，公开表示将 Uniswap 流动性进行迁移的用户可以获得 SUSHI 代币奖励，成功抢走了 Uniswap 超过一半的流动性。

Among the DeFi Summers, in addition to the vagaries of the "gold mine" there are such wonderful market competition stories as Uniswap and SushiSwap's liquidity contest. People who have experienced it should have an incision, Uniswap could have taken the lead, but have been coded by Nomi fork and launched SushiSwap at the end of August, and directly started a liquid mine, publicly saying that users who move Uniswap can get a SUSHI bonus, and have been successful in stealing more than half of Uniswap's liquidity, due to the absence of an incentive to introduce a "go with the big stream".

之后，Uniswap 也迅速推出了治理代币 UNI，但直至前段时间，Uniswap 社区才正式提出了对 UNI 代币赋能的方案，虽然这对 Uniswap 的地位并未产生太多的影响。

Since then, Uniswap has also rapidly introduced UNI, but it was only during the previous period that the Uniswap community formally proposed an enabling programme for UNI, although this did not have much impact on Uniswap's status.

可以说，也正是 DeFi 的出现，让市场有了竞争的格局，项目方需要想尽办法吸引流动性来提供更低的滑点。之后，虽然遭遇了黑天鹅事件导致 DeFi 借贷协议短时间清算量超过 10 亿美元，但好在下半年市场逐渐复苏，并且流动性质押协议（例如 Lido Finance）、算法稳定币（例如 Frax Finance）等新 DeFi 玩法的大热，加之接下来要登场的 NFT，让很多人产生了「永恒牛市」的错觉，年中的黑天鹅事件似乎只是让他们对借贷协议的仓位管理更加小心而不是主动降低杠杆，而 DeFi 协议在基础设施已没有新故事可讲的情况下开始疯狂推出杠杆类产品，为之后的暴雷垒起了一根根兵不坚固的石柱。

It can be said that it was also the presence of DeFi, which allowed the market to compete, and that the project side needed to do everything it could to attract liquidity to provide lower slides. After the Black Swan incident, which led to a short-term liquidation of the DeFi loan agreement of more than $1 billion, the market recovered gradually in the second half of the year, and the mobility pledge agreement (e.g. Lido Finance), the algorithmic stabilization currency (e.g. Frax Finance), and the next NFT, which was about to come on the field, gave many people the false impression that the Black Swan event seemed merely to make their position management of the loan agreement more prudent rather than to reduce leverage, while the DeFi agreement began a flex-type campaign in the absence of new stories about the infrastructure, with an unstampered pillar for the subsequent thunderbolt.

接下来的故事大家想必很清楚了，UST 和 LUNA 的暴雷像是点燃了鞭炮的引线，Three Arrows Capital、Celsius 等大机构来领着一众小型机构纷纷炸响，机构之间的相互借贷都成了一笔笔烂账，连带着引发了 DeFi 的赎回潮和清算潮，虽然这次 DeFi 领域没有夸张的数字，但市值数百亿项目一夜归零，大机构数十亿美元的负债依然触目惊心。

The following story will be clear: UST and LUNA's thunderbolts have lit firecrackers, big institutions such as Three Arrows Capital and Celsius have come together to take over a small group of institutions, and mutual lending between them has become a bad deal, even with the foreclosures and liquidations that triggered DeFi. Although there are no exaggerations in the area of DeFi this time, billions of projects have fallen overnight, and billions of dollars of large institutions' liabilities remain alarming.

市场的崩塌中没有一片雪花是无辜的，比特币和以太坊双双跌破 2017 年的前高，大量 ERC-20 代币跌幅超过 90%，几乎回吐了 2020 年夏天以来的所有涨幅。这个故事也告诉我们，市场永远无法预测，DeFi 说到底依然是金融，要遵循金融的基本规律，过分沉迷其中的后果难以想象。

None of the snowflakes in the collapse of the market is innocent, and Bitcoin and Ether have fallen both ways up to 2017, with a large number of ERC-20 tokens falling by more than 90%, almost repulsing all the increases since the summer of 2020. The story also tells us that the market is never predictable, that DeFi is still finance, that the basic rules of finance must be followed, and that it is hard to imagine the consequences of excessive obsessiveness.

初识 NFT

有关 NFT 最早的「启蒙运动」，可以追溯到 CryptoKitties 引发以太坊网络严重堵塞。作为 ERC-721 格式代币的早期代表，CryptoKitties 给彼时区块 Gas 上限并不高的以太坊带来了严重的拥堵，甚至一度使得网络停滞，但也正是如此，让市场第一次对 NFT 留下了深刻的印象。

The earliest NFT " Enlightenment" can be traced back to CryptoKittys, the early representative of the ERC-721 proxies, which caused a serious crowding, even at one time stagnating the network, of the small-scale Gas neighbourhood of the ERC-721 format. This was the first time that the market was impressed with NFT.

彼时，大家只是对 CryptoKitties 中的稀有度以及猫之间相互交配这样一种游戏感到新奇，虽然仅仅是非常基础的玩法，但在 2017 年年底牛市氛围的加持下，Fomo 的情绪被无限放大。

At the end of 2017, Fomo's mood was magnified by the climate in the cattle market, although it was only a very basic game, and it was only curious about the rareness of CryptoKittys and the mating of cats.

无巧不成书，就在 CryptoKitties 引发以太坊网络停滞的数周之后，2017 年 12 月 20 日，目前全球最大的 NFT 交易市场 OpenSea 在美国成立。值得一提的是，于 2017 年提出了 ERC-721 格式提案的团队正是 CryptoKitties 背后的开发团队，也是公链 Flow 的开发团队——Dapper Labs。

Unfortunately, on December 20, 2017, the largest NFT trade market, OpenSea, was established in the United States a few weeks after CryptoKittys caused Ether's network to stagnate. It is worth mentioning that in 2017, the ERC-721 format proposal was put forward by the development team behind CryptoKittys, which is also the development team on the public chain, Dapper Labs.

虽然对大多数人而言，好像自那之后 NFT 的概念就销声匿迹了，直到 2021 年下半年才重回视野，但 Rome wasn't built in a day，在这四年间 NFT 一直在不断发展。作为「数字藏品」的最好载体，甚至很多 Web3 用户是通过 NFT 了解到了 Web3 和区块链，例如 Dapper Labs 推出的 NBA Top Shot 虽然在 Web3 领域的影响力不及 CryptoPunks、BAYC 等所谓蓝筹 NFT，但其用户基数仍是非常之大的。在很多人还沉浸在 DeFi Summer 带来的财富密码之中时，NFT 已经完成了积累，并在 2021 年年中的黑天鹅事件之后迎来了等待已久的舞台。

While the concept of NFT seems to have disappeared for most people since then, until the second half of 2021, Rome wasn't built in a day, and NFT has continued to evolve over the past four years. As the best vehicle for "digital collections", even many Web3 users have learned through NFT about the web3 and block chains, such as the NBA Top Short launched by Dapper Labs, although its influence in the area of Web3 is not as strong as the so-called blue NFTs, such as CryptoPunks, BAYC, but its user base is still very large. When many people are still immersed in the code of wealth produced by DeFi Summer, NFT has already accumulated and has come to a long-awaited stage after the Black Swan events of 2021.

PFP NFT 的“牛市”

2021 年下半年首当其冲引起了市场讨论的就是 CryptoPunks，这个诞生时间甚至早于 ERC-721 标准的 NFT，在相当长的一段时间内地板价都没有超过 1 ETH，加之此前以太坊价格较低，CryptoPunks 系列 NFT 并未引发过多的关注。而进入 2021 年之后，CryptoPunks 系列 NFT 地板价一路飙升，并在 2021 年 8 月首次突破了 100 ETH，从一张简单的像素图片变成了几十万美元的奢侈品。除了地板价的飙升之外，该系列 NFT 也曾数次进入佳士得、苏富比等拍卖行，部分形象特殊的 NFT 以数百万甚至上千万美元的价格成交。

The first part of the market debate in the second half of 2021 was CryptoPunks, which was born even before the ERC-721 standard NFT, where floor prices did not exceed 1 ETH for a considerable period of time, and the formerly low prices in the Tai shop, where NFT of the CrystalPunks series did not attract much attention. After entering 2021, the price of NFTs in the CrystalPunks series rose sharply, and in August 2021, when it first broke 100 ETHs, from a simple photo of pixels to hundreds of thousands of dollars in luxury. In addition to rising floor prices, the series also entered several times into auctions such as Jazz, Sufby, and some of the special NFTs were sold at millions or even hundreds of millions of dollars.

一款简单的像素风头像动辄以数十万美元的价格成交也引发了不少的讨论，二市场普遍接受的一种观点是：CryptoPunks 已经成为了一种精神的象征，无关图片本身。

There has also been much discussion about a simple pixel head that can easily be traded for hundreds of thousands of dollars. One widely accepted view of the second market is that CryptoPunks has become a symbol of spirituality, irrelevant to the picture itself.

在 CryptoPunks 的成功之后，各类 NFT 项目开始如雨后春笋般冒出，已发行 NFT 的项目也开始了趁热打铁，其中最具有代表性的莫过于 Bored Ape Yacht Club（BAYC）。BAYC 系列 NFT 发行于 2021 年 5 月，或许是受市场环境的影响，0.08 ETH 的铸造价格也并没有赢得过多的青睐，直到一位名为 Pranksy 的 KOL 公开「喊单」之后，才最终被全数铸造。

After the success of CryptoPunks, various NFT projects began to emerge as rain and the distribution of NFT projects began to hit iron, the most representative of which was Bored Ape Yacht Club (BAYC). The BayC series of NFTs was released in May 2021, perhaps under the influence of the market environment, and the 0.08 ETH found prices did not win much interest until after a public " shout list " by a KOL named Planksy was published.

之后，随着加密货币市场整体回暖，BAYC 一路高歌猛进，在宣布了对 BAYC、MAYC、BAYC 持有者空投 APE 代币以及基于 BAYC 的元宇宙 Otherland 将启动地块 NFT Otherdeed 铸造之后，BAYC 地板价在今年 4 月达到了 150 ETH 的历史新高。其中 Otherdeed 地块 NFT 的铸造合约短短 1 小时的时间内销毁了超过 2.6 万枚以太坊，链上 Gas 费用一度飙升至近万 GWei。

Then, with the overall warming of the crypto-currency market, BayC went all the way up to an all-time high of 150 ETH in April of this year. Of these, more than 2.6 million jeopardises were destroyed in a short period of one hour by announcing an air drop of APE coins by BAYC, MAYC, BAYC holders, and the BayC-based meta-cosmos Otheland, which started the formation of the plot NFT. The cost of the BayC floors rose to nearly 10,000 Gweis in the chain.

在这段「牛市」中间，行业也对 NFT 就其属性本身也进行了一定程度的探索，例如曾经风光一时如今却鲜有问津的 Loot。这个曾经被定义为「新范式」的 NFT 系列最终也没能掀起太大的波澜，而反倒是 Azuki、Doodles 一类的头像类 NFT 热度不减。这也更坚定了 NFT 是一种身份、精神和人群认同和象征的主旋律。

In the middle of the cow market, the industry has also explored the properties of NFT to some extent, such as Loot, which used to be a rare feature of the past. The NFT series, once defined as the new paradigm, has not finally been able to create much more than the head group, such as Azuki, Doodles and others, whose heat remains constant. This has also been reinforced by the fact that the NFT is the main rhythm of identity, spirituality, and popular identity and symbolism.

NFTFi、POAP 与权益类 NFT

在 NFT 概念开始席卷市场时，除了层出不穷的头像之外，大家也开始研究 NFT 的其他用例。

When the NFT concept began to sweep the market, other examples of NFT were also being studied, in addition to emerging images.

或许是受到了 DeFi 的影响，NFT 最能引发市场关注的还是与金融的结合。与金融结合的项目无非交易、借贷、衍生品等。交易方面，除了中心化的交易平台 OpenSea、Magic Eden、Zora 等之外，还出现了利用代币通胀激励方式吸引用户的 LooksRare 和 X2Y2 等；借贷协议则被分为了点对点和点对池的模式，点对点的借贷协议包括了 NFTfi、Arcade 等，点对池的借贷协议包括了 JPEG'd 以及近期因蓝筹 NFT 地板价下跌而面临清算危机的 BendDAO。

Perhaps under the influence of DeFi, the NFT is the most important source of market concern or a combination of finance. There are no transactions, loans, derivatives, etc. in connection with financial integration. In addition to the centralized trading platform OpenSea, Magic Eden, Zora, etc., there is also the appearance of LoksRare and X2Y2, which attract users using a proxy inflation incentive; the lending agreement is divided into a point-to-point and point-to-pool model, with point-to-point lending agreements including NFTfi, Arcade, etc., and point-to-pool lending agreements including JPEG'd and, more recently, BendDAO, which is facing a liquidation crisis as a result of the fall in the price of the NFT floor.

至于衍生品，与 ERC-20 的期货、杠杆合约等不同，NFT 需要转换为 ERC-20 代币才能被赋予更多的交易功能，于是「碎片化」协议成为了 NFT 衍生品的主流，其中就包括了 Fractional、Tessera等协议。其中 Fractional 最为人津津乐道的就是在 2021 年将 Doge 原图碎片化之后将这张 meme 图片的总价值推上了上亿美元。

As for derivatives, unlike ERC-20’s futures, leverage contracts, and so on, NFT needs to be converted to ERC-20 in order to be given more trading functions, so the “debris” agreement has become the mainstream of NFT derivatives, including the Fractional, Tessera, and so on. Of these, Fractional’s greatest pleasure was to add the total value of this meme to the billions of dollars after the fragmentation of Doge’s original map in 2021.

但仅仅是金融化，似乎并不代表 NFT 全部的价值，非同质化的特征让项目方开始思考能否将其作为一种特有的「凭证」进行发放。由此，诸如 Project Galaxy、RabbitHole 等项目开始被市场关注，其通过完成特定任务后向用户发放 NFT 形式的证明来帮助项目方宣传推广项目的模式赢得大众的认可，也使得此类 NFT 成为了又一个主流的用例。

But financialization alone does not seem to represent the full value of NFT, and non-homogenous features have enabled project participants to begin to wonder whether they can issue it as a unique "certificate." As a result, projects such as Project Galaxy, Rabbit Hole, among others, have begun to receive market attention, and have helped project participants to promote the project’s model by issuing certificates in the form of NFTs to users after a given task, and have made such NFTs another mainstream example.

与 POAP 类似，以 ERC-1155 格式为主的权益类 NFT 也是 NFT 的又一个主要用例。与 ERC-721 不同，这个由 Enjin 首先提出的方案包含了批量转移等功能，可用于门票、入场券、特殊身份等功能特殊却又并不是独一无二的 NFT 上。举例来说，当前很多 NFT 项目方会发行一份入场券，持有该入场券 NFT 的用户可以访问其之后发行的所有 NFT 以及其他体验，这类入场券就是一种权益类 NFT，其需求的功能比 ERC-20 代币更为复杂，但也并不是每一枚 NFT 都是独一无二的。例如将于以太坊合并时推出的 EtherPOAP，用户可以通过持有该 NFT 来解锁之后活动的参与资格。

Similar to POAP, NFT is another major example of NFT, an equity class dominated by ERC-1155. Unlike ERC-721, the first proposed scheme by Enjin includes bulk transfers, etc., which can be used for special but not unique functions such as ticketing, ticket entry, special identity, etc. NFT. For example, many NFT project parties currently issue an entry ticket, which users of NFT can access all NFT and other experiences that they have since issued. This type of entry ticket is an interest category NFT, which is more complex than ERC-20 tokens, but not every NFT is unique. For example, the EtherPOAP, which will be launched in the near future, can be used by users to unlock their participation in subsequent activities by holding the NFT.

除了上述的 NFT 应用之外，当前包括 Uniswap V3 的 LP 代币以及一些代表着流动性、头寸的代币都采用 NFT 的方式呈现，展现了投资者头寸的参数。虽然这些资产是拥有可交易属性的，但目前并未出现专门的交易平台，实际的交易也并不活跃。此外，包括 ENS 在内的域名也是 NFT 的重要应用之一。

In addition to the above-mentioned NFT applications, LP tokens, including Uniswap V3, as well as some of the currencies representing liquidity and position, are presented in the form of NFTs, showing the parameters of investors’ positions. While these assets are tradable, there is no dedicated trading platform and the actual transactions are not active. In addition, domain names, including ENS, are one of the important applications of NFT.

本质上，非同质化代币依然是代币，但 ERC-721 以及 ERC-1155 为以太坊上的非同质化代币增加了更多额外的功能，很多带有特殊属性的虚拟物品都可以通过 NFT 的形式呈现，进一步增加了 Web3 向现实生活领域扩展的可能性。

In essence, non-homogenous tokens are still tokens, but ERC-721 and ERC-1155 add additional functions to non-homogenous tokens in the Tails, and many virtual objects with special attributes can be presented in the form of NFTs, further increasing the likelihood that Web3 will expand into real-life areas.

链游与元宇宙

从本质上来说，链游和元宇宙是随着 NFT 的发展而随之进入主流视野的产物。

Essentially, chains and meta-cosmos are the products of the mainstream view that follows the development of NFTs.

这二者相比于其他产品和概念更多地被 Web3 以外的传统主流市场所接受和关注。或许是因为起步尚早，又或许是因为市场环境影响，这二者虽然在融资上捷报频传，但并未像 DeFi 那样引发市场极其高涨的热情。

These two are more accepted and focused than other products and concepts in traditional mainstream markets outside of Web3. Perhaps because of the early start, and perhaps because of the environmental impact of the market, both of which, while well-received in terms of financing, do not generate as much enthusiasm in the market as in the case of DeFi.

虽然链游中的现象级产品 Axie Infinity 同样成立于 2018 年，并在 2021 年一度火遍全球，尤其是东南亚。在 AXS 代币价格一路高涨时，很多越南民众甚至依靠该游戏生活，因为游戏收益已经超过了当地很多普通职业的工资水平，但潮水褪去后，很多越南民众还是只能依靠打工度日。

Although the phenomenon-based product Axie Infinity in the chain was also established in 2018, and in 2021 it became a hotfire all over the world, particularly in South-East Asia. At a time when the price of AXS tokens was rising, many Vietnamese even depended on the game, because the proceeds of the game had exceeded the wages of many ordinary occupations in the country, but after the tide had faded, many Vietnamese had to rely on working days.

本质上，大多数链游的设计必须依靠持续不断的用户加入才能保持活力，先入者没有持续付费的必要和意愿，这导致游戏本身很难在用户数量边际增长趋向于 0 时实现良好的游戏内经济循环，从而使得以赚钱为目的前来的人加速流失。

In essence, most chains must be designed to remain dynamic by continuous user participation, without the need and willingness to continue paying, which makes it difficult for the game itself to achieve a good economic cycle within the game at a time when the marginal growth in the number of users tends to be 0, thereby accelerating the loss of those who come to make money.

目前大多游戏并未成功跳出类似的循环，今年年初大火的 STEPN 成功在短时间内吸引了如此流量的前提下依然遇到了瓶颈。而此前发行了代币却迟迟没有上线，被市场和社区给予厚望的自走棋类游戏 Illuvium，在今年上线后也同样表现平平。

At present, most games have not succeeded in getting out of a similar cycle, and STEPN’s success at the start of this year, which attracted such flows in a short period of time, continues to be a bottleneck. Prior to the issuance of the tokens, it has been too late to get online, and the self-portfolio game, which the market and the community have given high expectations, IlluVium, has also performed evenly since the beginning of the year.

元宇宙方面，代表性的项目当属 The Sandbox。最初 The Sandbox 并非是基于区块链的项目，而是于 2018 年转型至区块链并在 2021 年下半年搭上了元宇宙概念的快车，开启了加速模式。

In terms of meta-cosmology, the representative item is The Sandbox. The Sandbox was originally not a block-chain-based project, but was transformed into a block-chain in 2018 and picked up the fast car of the meta-cosm concept in the second half of 2021, which turned on the acceleration model.

虽然 The Sandbox 也属于现象级的产品，并吸引了众多大牌入驻，仅在今年就吸引了包括花花公子、马爹利等知名名牌的加入。但以其为代表的众多元宇宙项目仅仅是搭建了一个简单的虚拟世界，似乎离我们所畅想的元宇宙仍有一定的距离。

Although the Sandbox is also a phenomenon-like product, and attracts a lot of major players, it has attracted a number of well-known names, including Playboys and Maadeli, this year alone. But the many meta-cosm projects that represent it are simply building a simple virtual world, which seems to be some distance from the meta-cosm that we think of.

对于这两个概念下的应用，在此不做过多展开。笔者并非认为链游和元宇宙是「伪概念」，而是认为足以承载这样应用的区块链基础设施并不健全。仅仅将游戏或元宇宙内资产 NFT 化，流通虚拟货币代币化的意义不大，或许以 NFT 为基础的「高阶」应用并不像 DeFi 那样只需要不那么复杂的基础设施，而是需要区块链本身可以扩展出更多的功能，从底层上改变虚拟世界的逻辑，才会真正引发资本要素和市场的关注。

I do not think that the links and meta-cosm are “false concepts” but that the infrastructure of the grids is not sound enough to carry the applications. To merely monetize the game or the assets of the meta-cosmos NFT, it is of little significance to monetize the circulation of virtual currencies, perhaps the NFT-based “high-level” application is not as much a complex infrastructure as the DeFi-based one, but requires blocks that themselves can expand more functions and change the logic of the virtual world from the bottom to truly trigger capital elements and market concerns.

以太坊扩容网络

以太坊最为人诟病的一点就是在当交易量提高时也随之提高的交易成本，但由于其主网本身在扩容方面的进展缓慢，不得不使得社区思考其他扩容的方案。这其中，侧链和基于 Rollup 的二层网络是当前主流的两种扩容方案。

One of the most disillusioned aspects of Ether is that the transaction costs increase when the volume of transactions increases, but the slow pace of expansion of its main network itself has forced the community to think about other expansion options. Among these, the side chains and Rollup-based second-tier networks are two of the current mainstream expansion programmes.

在侧链中，桥接合约会接收关于独立网络的信息，但不会验证其正确性。一组掌控这个桥接合约的参与者会负责检查独立网络的状态（确保其未被攻陷），并向桥接合约表示相关的事实。而 Rollup 则是一组参与者（定序器）负责为独立网络的状态更新提供证据，并由桥接合约来验证这些证据的有效性（以及独立网络是否完整而未遭破坏）。总体来说，二者都是独立的区块链网络，但区别在于：主链上的桥接合约是否能强制保证独立网络上的交易的有效性，还是说，它只能依赖于一组受信任的参与方来表示这些交易是有效的。相比较而言，Rollup 方案由于需要验证独立网络上交易的有效性而可以获得和主链同级别的安全。

A group of participants in the bridge deal will be responsible for checking the status of the network (to ensure that it is not captured) and presenting the relevant facts to the bridge deal. Rollup is a group of participants (sequencer) who will be responsible for providing evidence for updating the status of the network and the bridge contract to verify the validity of the evidence (and whether the network is complete and undamaged). In general, both networks are independent, but the difference is whether the bridge contract on the chain will enforce the validity of transactions on the network, or whether it will only rely on a group of trusted participants to indicate that the transaction is valid.

侧链

侧链的概念最早由 Blockstream CEO Adam Back 于 2014 年提出，最初的目的是对比特币进行扩容，而之后 Blockstream 也的确开发了比特币侧链 Liquid。以太坊在经历了拥堵之后也开始研究基于侧链的扩容解决方案，而这其中最成功的当属 2020 年 5 月推出的 Polygon（过去名为 Matic）。

The concept of the side chain was first proposed by Blockstream CEO Adam Back in 2014, with the original aim of expanding the bitcoin, and then Blockstream did develop the bitcoin side chain Liquid. After experiencing congestion, Ether also began to study the side chain-based extension solution, the most successful of which was Polygon (formerly called Matic), which was launched in May 2020.

Polygon 包含两个组件，一个被 Polygon 称之为「commit chain」，可以支持智能合约开发，还有一个是基于 Plasma 的入口匝道，用于路由以太坊到 Polygon 的交易。Polygon 使用一套独立的验证器，不共享以太坊的安全性。这些验证器定期将 Polygon PoS 状态变化推送给以太坊以最终完成交易。虽然这种方法将以太坊作为一个结算层，但它并不能提供全面保护来防止恶意验证程序破坏检查点过程，正如上文所说。

Polygon consists of two components, one called "committee plan" by Polygon, which can support intelligent contract development, and another entry route based on Plasma, which is used for route-to-Polygon transactions. Polygon uses an independent set of certifications that do not share Ether's security. These authentications regularly send Pollygon Pos status changes to Etheria to finalize the transaction. While this approach will serve as a clearinghouse, it does not provide comprehensive protection against malicious certification procedures disrupting the inspection point process, as noted above.

在 Polygon 刚推出时，DeFi Summer 还未到来，并未掀起太多的波澜。而之后随着 DeFi 的爆发和以太坊价格的逐渐上涨，以太坊主网交易成本过高的问题就体现了出来，加之彼时 Polygon 是少有的已经投入使用的扩容网络，自然就成了流量外溢的首选「接收站」。

When Polygon was launched, DeFi Summer had not yet arrived and had not caused much. Then, with the outbreak of DeFi and the gradual rise in the prices of Etheria, the problem of the excessive cost of trading on the Tai Fan network became apparent, while Polygon was a rare and used extended network, and naturally became the preferred " receiving station " for overflows.

目前 Polygon 已上线了包括 Uniswap、SushiSwap、Aave、Curve 等主流 DeFi 协议，同时也有包括 Quickswap、Meshswap、Klima DAO 等原生协议。此外，原本在 Cronos 上的 DeFi 协议 MM Finance 近期上线了 Polygon，目前其 TVL 已超 3 亿美元，仅次于 Aave。据 DefiLlama 数据显示，在撰写本文时 Polygon 上 TVL 为 17.4 亿美元。

Polygon is now online, including mainstream DeFi agreements such as Uniswap, SushiSwap, Aave, Curve, and original protocols such as Quickswap, Meshswap, Klima Dao. Moreover, the DeFi protocol originally on Cronos was recently online, and its TVL is now over $300 million, after Aave. According to DefiLlama, TVL on Polygon was $17.4 billion at the time of writing.

基于 Rollup 的二层网络

以太坊创始人 Vitalik Buterin 曾发表了名为「以 Rollup 为中心的以太坊路线图」的文章，认为 Rollup 方案是当下最好的以太坊扩容方案。Rollup 又分为 Optimistic Rollup 与 ZK Rollup 两种方案，Vitalik Buterin 曾公开表示更推崇 ZK Rollup 方案，但当下更成熟的显然是 Optimistic Rollup，以及其代表项目 Optimism 和 Arbitrum。

Vitalik Buterin, the founder of the family, published an article entitled "Rollup-centred `Thai-Team Road Map', arguing that the Rollup program is now the best e-Team outreach program. Rollup is divided into Optimistic Rollup and ZK Rollup, and Vitalik Buterin has publicly stated that it is more popular with the ZK Rollup program, but it is clear that the more mature are the Optimistic Rollup and its representative projects, Optimism and Arbitrum.

Optimistic Rollup

Optimistic Rollup 由 John Adler 在以太坊基 会研究论坛上提出。 前使 Optimistic Rollup 的除了 Optimism、Arbitrum，还有 Fuel Labs。Optimistic Rollup 由聚合者（Aggregator）和验证者（Validator）。在 Layer2 发 的交易被聚合者打包，并将打包的交易上传 以太坊主网。验证者则审查打包的交易，并给出欺诈证明（fraud proof）。

Optimistic Rollup was proposed by John Adler at the Etherm Foundation Research Forum. Before, Optimistic Rollup, in addition to Optimism, Arbitrum, and Fuel Labs. Optimistic Rollup was presented by the conglomerator (Aggregator) and the certifier (Validador). The transactions in Layer2 were packaged by a conglomerator and the packaged transactions were uploaded to the Taibo network. The certifying officer reviewed the packaged transactions and gave a fraud certificate (fraud proof).

所谓的欺诈证明，即验证者可以审查被聚合打包的交易，若出现虚假交易则验证者可以提出质疑并更改从该区块到之后的所有区块（区块在从二层网络上传 主网后会有 1-2 周的质疑时间，若此时间内 质疑则该区块将被承认）。

The so-called fraud certificate, i.e., that the certifying officer may review the transaction packaged by the polymer, and in the event of a false transaction, the certifying officer may challenge and change all blocks from the block to the following (the block will have a period of one to two weeks of challenge after uploading the main network from the second level, at which time the challenge will be recognized).

采用了 Optimistic Rollup 方案的两个二层网络项目 Optimism、Arbitrum 也各有千秋。

Two two-tier network projects, Optimism and Arbitrum, have been introduced under the Optimistic Rollup programme.

于 2021 年 7 月上线主网的 Optimism 最大的特点莫过于 EVM 等效性，而 EVM 等效性意味着以太坊上的智能合约可以将代码直接复制粘贴到 Optimism 上而无需过多的修改。虽然有着更加低的迁移成本，也更早实现了主网的启动，但 Optimism 生态并未像想象中的爆发，除了 Synthetix 与其深度绑定之外，其他项目仅仅是支持该网络而没有通过流动性挖矿等激励来提高其生态活跃程度。

Optimism, which went online in July 2021, has the greatest feature than EVM equivalency, and EVM equivalency means that it can be replicated directly in a telecentre smart contract to paste the code to Optimism without much modification. While there are lower transport costs and the main network started earlier, the Optimism ecology does not appear as an outbreak, except for Synthetix and its depth, other projects simply support the network and do not increase its ecological activity through incentives such as mobile mining.

之后，Optimism 于今年 6 月正式启动代币 OP 的空投，并密集进行了一系列生态发展的激励措施，让其生态相较未推出代币前有了极大的改善。据 L2Beat 数据显示，在撰写本文时，Optimism 上 TVL 为 14.9 亿美元。

After that, Optimism officially launched a proxy OP airdrop in June of this year, and intensive incentives for eco-development have led to a significant improvement in its ecology compared to the absence of a token. According to L2Beat, at the time of writing, the TVL on Optimism was $1.490 billion.

至于比 Optimism 晚了一个月左右上线主网的 Arbitrum，在争议解决中采用了链下处理的方式，虽然用时较 Optimism 更长，但成本更低。似乎 Arbitrum 比较受市场推崇的重要原因就是其在降低成本的路上越走越远，Arbitrum 目前已完成了从 One 到 Nitro 的升级，成本得到了进一步的降低。

As for Arbitrum, who was online about a month or so later, a chain-based approach was used in dispute resolution, although it was more time-consuming than Optimism, but less costly. It seems that Arbitrum’s main reason for being market-famous is that it is moving further away on its path to lower costs, and Arbitrum has now completed the upgrade from One to Nitro, which has further reduced costs.

ZK Rollup

相较于 Optimistic Rollup 的欺诈证明使用经济激励来保护网络安全性，ZK Rollup 通过密码学模型来保护网络安全可以实现几乎「绝对」的安全，同时 ZK 自带数据压缩属性也可以进一步提高交易确认速度并降低手续费。但也正因如此，其开发难度要更高，当前基于 ZK Rollup 方案的，以 zkSync、StarkNet 为代表的二层网络几乎都还在停留在测试网状态。

Compared to Optimistic Rollup’s fraud, which proves the use of economic incentives to protect cybersecurity, ZK Rollup can provide almost “absolute” security through cryptography models, and ZK’s own data compression properties can further increase the speed of transaction recognition and reduce transaction fees. This is why it is more difficult to develop, and the current ZK Rollup-based two-tier network, represented by zkSync, StarkNet, is almost still in test network status.

与 Optimistic Rollup 相同，ZK Rollup 也是将网络上交易打包验证真实性后提交给主网，不同的是其采用了零知识证明的方案利用密码学来确认交易的正确性。据 L2 Fees 数据显示，当前 zkSync 的 Gas 费用要明显低于 Optimism 和 Arbitrum。

As is the case with Optimistic Rollup, ZK Rollup has also submitted to the main network a packaged transaction on the Internet, unlike a zero-knowledge proof scheme that uses cryptography to confirm the correctness of the transaction. According to L2 Fees, the current cost of zkSync's Gas is significantly lower than that of Optimism and Abitrum.

此前，zkSync 宣布了大概的主网上线时间，距今还有仅两个月的时间。

Prior to that, zkSync announced the approximate main line time, which is only two months from now.

事实上，扩容网络的探索远不止上文提到的这些，还有包括 Polygon Hermez 的 zkEVM 方案、Loorping、Boba Network、Aztec、Metis 以及基于 StarkWare 解决方案的 dYdX（已开始向 Cosmos 生态迁移）、Immutable X 等等，由于篇幅所限不做一一介绍。

Indeed, the exploration of the extended network goes well beyond what has been mentioned above, including the zakEVM programme of Polygon Hermez, Loorping, Boba Network, Aztec, Metis and dYdX based on the StarkWare solution (which has begun to migrate to Cosmos), Immutable X, etc., which is not available due to space constraints.

以太坊的安全

对于以太坊乃至任何一个去中心化网络而言，由于网络状态很难在全球范围内达成回滚的共识，一旦资产被盗很可能是永久丢失，安全就成了重中之重。然而无奈的是，从以太坊诞生至今，安全事件从未停止，尤其是当 DeFi 协议发展壮大之后，大额资金被盗事件频发，令人触目惊心。

For Etheria, or indeed for any decentralized network, since it is difficult to reach a global consensus, security becomes a top priority when assets are stolen, which is likely to be permanently lost. However, security incidents have never stopped since the birth of Etheria, especially when the DeFi agreement has grown, and it is alarming that large sums of money have been stolen.

代码漏洞

代码漏洞是以太坊生态项目发生的安全事件中占比最高的一类。以太坊历史上最大的代码漏洞导致的黑客事件还要属 2016 年 6 月 17 日发生的「The DAO」事件。

Code holes are among the highest number of safety incidents that occurred in the Taiwan ecological project. The hacker incident that resulted from the largest code holes in the history of the district is the "The DAO" incident of June 17, 2016.

The DAO 则是区块链公司 Slock.it 发起的一个众筹项目，并在第一届以太坊开发者大会 Devcon 上进行了演示。彼时 DAO 这个超前的概念轰动一时，以至于当其发起众筹时共收到了超过 1200 万枚以太坊，占到了彼时以太坊总量的 14% 左右。然而之后黑客利用了该项目合约代码中的递归漏洞成功盗取了 360 万枚以太坊。

The DAO is a crowd-raising project initiated by Block Chain Slock.it and demonstrated at Devcon, the first conference of Ether developers. At the same time, DAO, an over-the-counter concept, was so powerful that when it started, it received more than 12 million ethers, accounting for about 14% of the total number of ethers at the same time. After that, hackers successfully stole 3.6 million ethers in the project's contract code.

之后，以太坊社区就如何解决此次问题形成了严重的分歧，一方觉得应该通过分叉的方式回滚区块，另一方则觉得去中心化的精神就是已经发生的事不容更改。最终在少数服从多数的原则下，以太坊成功分叉为 ETH 和 ETC 两条链，两方的支持者也就此分道扬镳。

After that, serious differences arose between the Taiyan community on how to solve the problem, with one side feeling that the block should be rolled back by a fork, while the other side felt that the spirit of de-centralization was immutable. Ultimately, under the principle of a few submissive majority, the fork was successfully divided between ETH and ETC, and the supporters of both sides were divided.

在这之后，再次出现大规模的黑客攻击事件除了 2017 年 Parity 多签钱包被盗了 15.3 万枚以太坊（当时价值约 3000 万美元），就是在 DeFi 热潮到来之后，早期的 DeFi 项目因只是简单的交易或借贷所以代码不容易出现严重的漏洞，但之后随着 DeFi 的复杂程度逐渐提高，代码出现漏洞的可能性也不断加大。

In addition to the 153,000 Etheria (at that time valued at about $30 million) stolen from Parity's oversigned wallet in 2017, the early DeFi project, after the advent of the DeFi boom, did not allow for serious holes in the code because it was simply a transaction or a loan, but as the complexity of the DeFi gradually increased.

2021 年最「昂贵」的黑客事件当属 Poly Network 被黑事件，彼时 Poly Network 遭到黑客攻击并总共损失了超 6.1 亿美元资产，好在之后黑客主动归还了大部分资产，但此次事件也使得 Poly Network 和 O3 Swap 一蹶不振。

The most expensive hacker incident in 2021, when PolyNetwork was hacked, was hit by hackers and lost more than $610 million in total, and then the hackers offered to return most of the assets, but the incident also left Polly Network and O3 Swap dead.

DeFi 领域被攻击最多的协议类别就是跨链，一方面跨链协议较为复杂，可能出现漏洞的模块非常多；另一方面，跨链更加容易聚集大量的流动性，黑客攻击的「性价比」更高。

The category of agreements most attacked in the area of DeFi is cross-linkages, on the one hand, where cross-chain agreements are more complex and there may be a large number of missing modules; on the other hand, cross-links are easier to gather large amounts of liquidity and hacker attacks are more “value-for-money”.

2022 年至今最大的两起黑客事件，Ronin Network 和 Nomad 被攻击事件也均是跨链领域的黑客事件。

Two of the largest hackers since 2022, the attack on Ronin Network and Nomad, were also cases of hackers across the chain.

钓鱼攻击

相比于代码漏洞一次性清空协议流动性的攻击行为，钓鱼攻击则不需要太高的「技术造诣」，大多是通过劫持项目前端、黑掉项目社媒来发布虚假链接，在用户上钩之后就通过恶意合约转移受害者资产从而达到目的。

Compared to the one-time clean-up of the agreement's fluidity of the code gap, fishing attacks do not require too high a “technical build-up”, mostly by hijacking the front end of the project, blacking out the project's social media, and transferring the victim's assets through malicious contracts after the user's hook-up.

此类攻击一般较容易被发现，很难通过持续较长时间来骗取高额资金，一般只会产生较小的损失且大部分发生在 NFT 领域，通过用户对白名单等的渴望来诱导其授权可以随意支配用户资产的合约来完成诈骗。但尽管如此，也有相当一部分用户因遇到此类攻击而损失惨重。

Such attacks are generally relatively easy to detect, and it is difficult to steal high amounts of money over a longer period of time, usually only causing minor losses and most of them in the NFT field, leading to contracts in which users’ aspirations, such as white lists, can freely dispose of their assets. Nevertheless, a significant proportion of users suffer from such attacks.

其他

针对虚拟世界的黑客事件五花八门，上文中提到的 Ronin Network 被攻击事件中，黑客通过向 Sky Mavis 开发人员发送带有病毒的假 offer 来控制验证节点最后实现了对网络的攻击。如果说代码层面的漏洞和钓鱼攻击还可以通过谨慎来防止，那这样的黑客攻击事件实在是「防不胜防」。

In response to the multiplicity of hackers in the virtual world, the attack on Ronin Network referred to above, hackers managed to achieve a network attack by sending virus-bearing fake offers to Sky Mavis developers. If code-level holes and fishing attacks can be prevented by caution, such hacker attacks are simply "insurable".

我们不得不承认的一点是，安全性的不断提高似乎只能通过堵漏来实现，虽然当下我们拥有了众多的智能合约审计公司以及漏洞赏金平台，但新兴技术的发展总是会经历这样的阵痛。Web2 领域时至今日依然安全问题频出，无法避免的问题只能万事小心为上。

One thing we have to admit is that increasing security seems to be achieved only by closing the gap. Although we now have a large number of smart contract auditing firms and leaky reward platforms, the development of emerging technologies will always experience such pains.

最后，作为黑客在以太坊链上的「洗钱」集中地，Tornado Cash 此前被美国财政部列入了制裁名单。此举利弊几何，或许只能让时间给出答案。

Finally, Tornado Cash, a “money-laundering” concentration of hackers in the Etherkom chain, was previously listed for sanctions by the United States Treasury Department. This would have been counterproductive, perhaps only to allow time to give answers.

以太坊的重要更新

除了上文所提到了 Frontier 阶段，以太坊在 2016 年至今经历了数次重要的升级，包括：

In addition to the Frontier phase mentioned above, the Ethio has undergone several important upgrades since 2016, including:

Homestead 升级。Homestead 是以太坊进行的第一次硬分叉升级，也是以太坊第一次执行 EIP 改进提案。本次升级于区块高度 1,150,000（2016 年 3 月 14 日）激活，包括了三项重要改进：移除了 Canary 合约，去除了网络中的中心化部分；在以太坊的合约编程语言 Solidity 中引入了新代码；引入了 Mist 钱包，让用户能持有 / 交易以太坊并编写 / 部署智能合约。

Homestead is the first hard fork upgrade in the Taiku and the first EIP improvement proposal to be implemented in Etheria. The upgrade was activated at block height 1,150,000 (14 March 2016) and included three important improvements: the removal of the Canary contract to remove the centralization part of the network; the introduction of new codes in the Ether's contract programming language Solidity; and the introduction of a Mist wallet to enable users to hold/ trade the Instagram and to write/ deploy smart contracts.

此外，Homestead 升级还引入了数个 EIP，包括明确规定了如果一个合约没有收到足够的 Gas 来完成整个操作过程，合约创建将会失败，而非创建一个空白合约；取消了对用户创建难度值较高的区块的激励，将出块时间稳定在 10 秒到 20 秒，并将整个网络恢复到大约 15 秒的目标出块时间等基础的「设定」。

In addition, Homestead upgrades have introduced several EIPs, including a clear provision that if a contract does not have enough Gas to complete the entire operation, the contract creation will fail rather than create a blank contract; remove the incentive for users to create blocks with a higher difficulty value, stabilize the release time from 10 seconds to 20 seconds, and restore the entire network to a " setting" based, for example, on a target release time of about 15 seconds.

拜占庭升级。本次升级于区块高度 4,370,000（2016 年 7 月 20 日）激活，首次引入「难度炸弹」概念，并调整区块难度评估公式，将叔块纳入参考范围，使得代币增发率变得更加稳定，并确保无法通过操纵叔块来强制提高发行率。同时，以太坊区块奖励从 5 ETH 降为了 3 ETH。

Byzantium upgrades. This upgrade was activated at block height of 4,370,000 (20 July 2016), introducing the concept of a " difficulty bomb " for the first time, and adjusting the block difficulty assessment formula to include uncles in the frame of reference, making it possible to stabilize the growth rate of the currency and to ensure that it is not forced to increase distribution through the manipulation of the uncles. At the same time, the Taiwan incentives were reduced from 5 ETH to 3 ETH.

君士坦丁堡升级。大都会升级的第二阶段君士坦丁堡升级原定于 2019 年 1 月中旬在区块高度 7,080,000 上线，但在 1 月 15 日，一家名为 ChainSecurity 的独立安全审计公司发布了一份报告，指出有一项系统升级可能会让攻击者有盗窃资金的机会。收到报告后，以太坊核心开发者和社区的其他成员投票决定暂缓升级，直到该安全问题得到解决。在 1 月末，核心开发者们宣布将于区块高度 7,280,000 上激活升级。2 月 28 日，君士坦丁堡升级正式激活。

The second phase of the Metropolis upgrade was scheduled to go online at block height of 7,080,000 in mid-January 2019, but on January 15, an independent security audit firm called Chain Security issued a report stating that a system upgrade might give the attackers an opportunity to steal money. After receiving the report, the core developer and other members of the community voted to suspend the upgrade until the security issue was resolved. At the end of January, the core developers announced that the upgrade would be activated at block height 7,280,000.

这次时隔近 3 年的又一次硬分叉升级引入了很多重要的改进提案，包括智能合约能够通过检查另一个智能合约的哈希值来验证其本身；增强状态通道的可实施性；将区块奖励进一步下调至 2 ETH 等。

Another hard fork upgrade, close to three years away, has introduced a number of important proposals for improvement, including the ability of smart contracts to verify themselves by checking the Hashi value of another smart contract; enhancing the enforceability of the state channel; and further downscaling block incentives to 2 ETH, etc.

伊斯坦布尔升级。本次升级于区块高度 9,069,000（2019 年 10 月 8 日）激活，除了再一次推迟难度炸弹外以及降低交易数据的 Gas 消耗量外，本次升级为以太坊扩容网络提供了大量降低费用、提高性能、便于验证的改进，促进了扩容网络的快速发展。

Istanbul Upgrade. This upgrade was activated at block height of 9,069,000 (8 October 2019), and, in addition to further delaying difficult bombs and reducing the consumption of transactional data, this upgrade has provided a significant cost reduction, improved performance and easy-to-validation improvements to the Etherm network and has contributed to the rapid development of the extended network.

缪尔冰川升级。本次升级于区块高度 9,200,000（2020 年 1 月 2 日）激活，本次升级的主要内容就是将难度炸弹再度推迟 400 万个区块。

Muir glacier upgrades. This upgrade was activated at block height of 9.2 million (2 January 2020), and the main element of this upgrade is to delay 4 million blocks again.

柏林升级。本次升级于区块高度 12,244,000（2021 年 4 月 15 日）激活，升级内容偏向开发方面，包括了对合约的各种优化，涵盖 Gas 效率、对以太坊虚拟机（EVM）读取代码方式的更新以及防范 DDOS 攻击的其他更改等。

Berlin upgrades. The upgrade was activated at block height 12,244,000 (15 April 2021), and the upgrades were biased towards development, including various optimizations of the contracts, including Gas efficiency, updates to the EVM reading replacement code, and other changes to protect against DDOS attacks.

伦敦升级。本次升级于区块高度 12,965,000（北京时间 2021 年 8 月 5 日）激活，如果说之前的升级仅仅是「改进」，那么这一次升级是对以太坊的一次「改革」。伦敦硬分叉升级包含了 5 个核心改进，分别是 EIP-1559（手续费市场改革）、EIP-3198（BaseFee 操作码）、EIP-3529（降低 Gas 退款，使 Gas Token 失效，服务于 EIP-1559）、EIP-3541（拒绝以 0xEF 开头的新合约）和 EIP-3554（难度炸弹推迟到 2021 年 12 月第一周）。

This upgrade was activated at block height 12,965,000 (5 August 2021 Beijing time), and if the previous upgrade was merely an “improvement”, this upgrade was a “reform” for Ether. The London hard-fork upgrade contains five core improvements: EIP-1559 (reform of the fee market), EIP-3198 (BaseFee code), EIP-3529 (reducing Gas refunds, rendering Gas Token invalid, serving EIP-1559), EIP-3541 (refusal of new contracts starting with 0xEF) and EIP-3554 (deferred to the first week of December 2021).

其中 EIP-1559 对手续费市场的改革对以太坊的经济模型产生了深远的影响，据 ultrasound.money 数据显示，在撰写本文时，以太坊销毁量已超 261 万枚，以太坊过去一年的通胀率下降至 2.5%。

Among them, EIP-1559 has had far-reaching effects on the Etherm’s economic model as a result of the reform of the fee market, which, according to the data from the urrasound.money, at the time of writing, had destroyed more than 2.61 million units in the Etherm, reducing the rate of inflation to 2.5 per cent over the past year.

接下来，摆在眼前的就是以太坊的合并。此次升级是以太坊难度炸弹在多次延迟后第一次正式派上用场，以太坊的共识机制也将正式告别 PoW，转向 PoS。此外，转为 PoS 后，区块奖励会骤降 90% 左右，如果继续保持去年的以太坊销毁速度，以太坊将会成为通缩资产。而作为以太坊史上最重要的时刻之一，众多项目方及 Web3 公司都推出了纪念活动，包括了 EtherPOAP NFT 系列，将向参加以太坊众筹的 8893 个地址进行空投，并还将通过白名单方式进行 Free Mint 活动。

This upgrade was officially deployed for the first time after a number of delays, and the Taipan consensus mechanism will officially bid farewell to Pow and shift to PS. Moreover, the block awards will drop by about 90% after the transition to PS, and if the destruction rate continues last year, it will become a deflationary asset. And, as one of the most important moments in Taipan’s history, many project participants and Web3 companies have launched a commemorative event, including the EtherPOAP NFT series, which will be dropped to 8893 addresses sponsored by the House and will be used as a white list for Free Mint.

转为 PoS 之后，以太坊为分片打下了基石，未来以太坊会成为怎样的一个去中心化网络，其上会诞生怎样现象级的应用，目前相对比较热门的 DAO、社交等概念能否引爆下一轮牛市，我们将有幸共同见证！

After the transition to Pos, the Tai Pa has laid the foundation for the film, and what kind of de-centralized network will it become in the future, and what kind of phenomenon-level application will it produce, and whether the relatively popular concepts of DAO, socialism and so on will set off the next round of cattle, which we will all be privileged to witness!

* 经初夏虎本人确认，Ethereum 中文名以太坊命名者为咕噜

*The name of Etheeum in Chinese is Gollum */em *

参考文献：

References :

《以太坊五年》

♪ Ether-Five ♪ ♪ Ether-Five ♪ ♪ Ether-Five ♪ ♪ Ether-Five ♪ ♪ Ether-Five ♪ ♪ Ether-Five ♪ ♪ Ether-Five ♪

Wikipedia：Ethereum

《以太坊分叉的缘由：著名的 The DAO 事件》

Ether's Reasons: The DAO's Famous Events

Wikipedia：NFT

Hacker Uses Parity Wallet Vulnerability to Steal $30 Million Worth of Ethereum

A Short History of Ethereum

《以太坊伦敦升级一周年，EIP-1559 带来了哪些故事？》

What's the story of Etherford London's First Anniversary, EIP-1559?