加密世界发展得如此之快，以至于以太坊的合并让人感觉已经过去了很久。但距离网络完全过渡到使用权益证明（PoS）刚够一年而已。就价格而言，以太坊的交易价格与 2022 年 9 月合并时的价格大致相同，合并前一天 ETH 的交易价格约为 1, 600 美元。但这只是冰山的一角，有很多方面自以太坊改变以来发生了实质性的变化。本期， veDAO 研究院将就以太坊合并后的这一年发生的各种变化进行一个盘点。
The world of encryption has grown so fast that it feels like a long time ago that a complete transition from a network to a PoS has taken place. In terms of prices, the price of a Taiyo transaction is roughly the same as that at the time of the 2022 September merger, and the price of an ETH transaction the day before the merger was about $1,600. But this is just the tip of an iceberg, and many aspects have changed substantially since Taicha changed.
在转变之前，以太坊使用与比特币相同的共识机制来验证链上交易：工作量证明（PoW）。它要求矿工们竞争解决复杂的数学方程，作为参与能源密集型过程的交换，矿工因此获得奖励。但当以太坊转向 PoS 时，这意味着验证者而不是矿工需要质押以太坊来确保网络安全，从而换取奖励。最显着的影响之一便是以太坊能源消耗的减少。加密碳评级研究所（Crypto Carbon Ratings Institute，CCRI）的一份报告指出，以太坊现在使用的能源比合并完成之前减少了约 99.99% ，即以太坊网络*的碳足迹减少了 99.99% 。
Prior to the transition, the Tai shop used the same consensus mechanism as Bitcoin to validate transactions on the chain: workload proof (PoW). It required miners to compete for complex mathematical equations in exchange for participation in energy-intensive processes, and the miners were rewarded for this. But when it turned to Pos, this meant that the certifying firm, rather than the miners, needed to pledge to ensure safety in the web in exchange for incentives. One of the most significant effects was the reduction in the consumption of energy in the Taipan. A report by the Crypto Carbon Ratings Institute (CCRRI) indicated that the energy that it now uses was about 99.99% less than before the merger was completed, i.e., 99.99% less carbon footprint in the Telecom*.
加密货币因消耗大量能源而“扬名”于主流媒体。因此，包括 ESG 评级等环保相关因素都将是阻碍加密货币被采用的因素。由于对加密货币的环境问题，从贝莱德（ BlackRock ）到富达（ Fidelity ）等金融机构的加密货币举措也备受
As a result, environmental-related factors, including ESG ratings, will be an impediment to the adoption of encrypted currencies. As a result of environmental problems with encrypted currencies, financial institutions ranging from Black Rock to Fiddleity are also subject to encryption initiatives.
自以太坊合并以来，以太坊质押数量几乎翻了一番。根据 Dragonfly 数据分析师 @hildobby 在 Dune 上创建的 Dashboard 显示，当前以太坊存款合约中质押的 ETH 数量已超过 2696 万枚，质押率达 22.44% 。
Since the Etheria merger, the number of taupulega pledges has almost doubled. According to Dashboard, created by Dragonfly data analyst @hildobby on Dune, the number of ETH pledges in the current taupulega deposit contract is more than 2.696 million, with a pledge rate of 22.44 per cent.
但以太坊升级后也引发了集中化和审查制度的担忧。这是因为人们担心验证网络交易的控制权可能会被孤立在少数人手中，无论是像交易所这样的公司还是让用户更容易聚集资金并获得质押奖励的项目。由于 Coinbase 曾资助一群 Tornado Cash 用户对美国财政部和 OFAC（美国财政部海外资产控制办公室）的诉讼，在以太坊合并之前，一些人特别担心 Coinbase 等交易所因美国对混币服务 Tornado Cash 的制裁而参与质押。由于担心中心化实体会审查交易以保持合规性，因此像 Lido Finance 这样的应用在去中心化方面成为更好的选择。
Since Coinbase has funded a group of Tornado Cash users’ lawsuits against the US Treasury Department and OFAC (the U.S. Treasury Department Office of Overseas Assets Control), some are particularly concerned about Coinbase’s involvement in pledges due to US sanctions on currency-coating Tornado Cash. Given the fear that centralized entities would review transactions to maintain compliance, applications such as Lido Finance have become a better option for centralization.
然而，Lido 现在约占所有质押 ETH 的 32.3% ，它现在被认为是以太坊生态系统在去中心化方面的潜在弱点，这让一些社区成员感到担忧。他们说，Lido 日益增长的影响力正在削弱整个以太坊的去中心化特征。
However, Lido, which now accounts for about 32.3% of all pledges of ETH, is now perceived as a potential weakness of the Etherm ecosystem in decentralisation, which worries some community members. They say that the growing influence of Lido is weakening the decentralization character of the whole Etherm.
据 CoinGecko 数据，在流动性质押代币方面，STETH 表现突出，市值达 138 亿美元。而作为以太坊市值的第二大代币 Rocket Pool ETH (RETH)，市值则为 9.12 亿美元。
According to CoinGecko, STETH is outstanding in terms of currency deposits of a mobile nature, with a market value of $13.8 billion. As the second largest currency in the market value of Taiku, Rocket Pool ETH (RETH), the market value is $912 million.
尽管如此，流动性质押一直是去中心化金融增长的主要来源。流动性质押使 ETH 持有者能够质押他们的代币以获得奖励，并且仍然能够通过发行并与其价格挂钩的相应代币来利用以太坊的价值。尽管自合并以来，去中心化交易所的相关资产价值有所下降，但流动性质押仍在继续蓬勃发展。
Nevertheless, the nature of the flows has been the main source of decentralized financial growth. The nature of the flows has enabled the ETH holders to pledge their tokens to be rewarded, and has still been able to exploit the value of the etherms by issuing the corresponding tokens linked to their prices.
合并并不是为了提高以太坊的速度，因此，根据分析网站 L 2B eat 的数据，自去年 9 月以来，以太坊的平均 TPS（每秒交易量）大多徘徊在 10 左右。尽管如此，它还是为接下来的事情奠定了基础。根据 Vitalik Buterin 在去年 7 月合并前阐述的以太坊路线图愿景，此次“激增”是合并后计划进行的一系列升级，预计将提高以太坊的可扩展性。
The merger was not intended to increase the speed of the ETA, so, according to the analysis of the website L2B eat, since last September, the average TPS (transactions per second) has mostly hovered around 10. Nevertheless, it has laid the groundwork for the next move. According to Vitalik Buterin’s vision of the ETA road map, which was articulated before the merger last July, this & ldquo; a surge & rdquat; and a series of upgrades planned after the merger, which are expected to increase the expansion of the Ethio.
然而，旨在解决以太坊当前局限性的扩展解决方案也越来越多地出现在加密货币中。根据 L 2B eat 的数据可以看出，所有以太坊L2网络之间的平均 TPS 现已超过 50 笔，比去年有了显着改善。
However, extended solutions designed to address the current limitations of the Etherm are also increasingly found in encrypted currencies. According to L2B eat data, the average number of TPSs between all the Etherm L2 networks is now more than 50, a significant improvement over last year.
综合起来，知名的L2网络 zkSync Era、 Optimism 和 Arbitrum Nova 在过去 30 天内的交易总数总计超过 6100 万笔。这是同一时间段内以太坊交易数量的两倍。可以说以太坊底层安全性方面的合并，助长了最近 L2 技术的不断涌现。总体而言，这次合并确实为进一步增强可扩展性奠定了基础。
Taken together, the well-known L2 networks, zkSync Era, Optimism, and Arbitrum Nova, have together accounted for more than 61 million transactions over the past 30 days. This is twice as many transactions in the same time frame as in the Taikum.
与此同时，质押已成为美国的监管热点，SEC 对多家提供帮助用户赚取网络奖励服务的加密货币交易所进行了追查。
At the same time, the pledge has become a regulatory hotspot in the United States, and the SEC has followed up on a number of encrypted currency exchanges that help users earn online reward services.
Kraken 在 2 月份与 SEC 达成和解，涉及 3000 万美元的罚款，原因是其质押即服务计划构成未经注册的证券发行。在针对 Coinbase 和 Binance 各自质押产品的诉讼中，也提出了类似的索赔。尽管 SEC 在针对币安和 Coinbase 的诉讼中牵涉到一些代币，声称它们是未注册证券的例子，但一些人注意到并质疑为什么监管机构没有将使用 PoW 的代币列为非法发行的资产。
Kraken settled with the SEC in February, involving a fine of US$ 30 million because its pledge or service plan constituted an unregistered issue of securities. Similar claims were made in proceedings against Coinbase and Binance for their respective pledged products.
但美国监管机构对于如何对以太坊进行分类仍存在分歧。结果是两个最大的金融监管机构，SEC 和商品期货交易委员会（CFTC）之间发生了明显的地盘争夺战：CFTC 的主席 Rostin Behnam 在三月份表示 ETH 是一种商品；而在二月份，SEC 的主席 Gary Gensler 曾表示，“除了比特币之外的一切”都是证券，然后他在 4 月份却回避了有关以太坊的问题。
But US regulators still disagree on how to categorize Ether. As a result, there was a marked territorial battle between two of the largest financial regulators, SEC and the Commodity Futures Trading Commission (CFTC): in March, the president of the CFC, Rostin Behnam, stated that ETH was a commodity; in February, the chairman of SEC, Gary Gensler, said, “ everything except Bitco; and securities, and then he avoided the question of Etherms in April.
以太坊的核心开发人员一直在制定以太坊下一个重大升级计划，称为“Dencun 升级”。它包括引入一项名为 proto-danksharding 的功能，一旦完全实现，预计将把以太坊扩展到每秒超过 100, 000 笔交易。其他正在开发的其他功能，例如帐户抽象，将有效地使管理加密钱包像管理电子邮件帐户一样简单。本月初，Vitalk 在韩国区块链周期间的演讲中，谈到了一项名为“Stateless Clients”的功能，该功能将使在智能手机上运行以太坊节点成为可能。
The core developer of Tai Tai Pa has been developing a major upgrade plan called “ Dencun Upgrade & rdquo;. It includes the introduction of a feature called Proto-danksharding, which, once fully realized, is expected to expand it to more than 100,000 transactions per second. Other functions that are being developed, such as accounts abstraction, will effectively make the management of encrypted wallets as simple as the management of e-mail accounts. At the beginning of this month, Vitalk spoke during the Korean block chain cycle about a function called & & ldquao; Stateless Clitens&rdquao; and the function that will make it possible to operate on smartphones at a fare.
回想起来，与 2022 年加密市场的动荡和企业崩塌相比，这次合并似乎只是加密历史书中的一个平淡脚注。但就未来而言，这或许是照亮以太坊整体方向的灯塔，使人们重新相信以太”坊可以实现这些重大技术升级，并完成一些雄心勃勃的事；虽然以太坊可能比我们希望的要慢，但它最终会在忠于自己的价值观的同时不断向前发展。
In retrospect, this merger seems to be just a flat footnote to the encrypt history book, compared to the turmoil and collapse of the encryption market in 2022. But, in the future, it may be a lighthouse that lights the entire direction of the Tai Even, re-convincing the belief that the Ether & rdquo can achieve these major technological upgrades and accomplish some ambitious things; although it may be slower than we hoped, it will eventually move forward while remaining faithful to its values.
veDAO 是一个由 AI 技术驱动的Web3投资决策平台，通过情绪指标和链上链下指标进行大数据分析，发现趋势，精准捕获 Alpha。通过打造 AI 顾问，帮用户高效投资获益。
veDAO is a technology-driven Web3 investment decision-making platform that provides high-level data analysis on emotional indicators and indicators in the chain, discovers trends and captures Alpha accurately. By building an AI consultant, users benefit from efficient investment.
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