从实时证明到原生 Rollup:ZK 驱动下的以太坊扩容终局

marsbitPublished on 2025-08-08Last updated on 2025-08-09

以太坊正在迈向 1 万 TPS 的扩容新时代,而零知识证明(ZK)技术正成为关键驱动力,本文是我们整理的《以太坊 1万 TPS 路线图》第二篇,将聚焦于实时证明的技术难点、Prover 的参与逻辑、L1 切换过程中的安全挑战,以及「原生 Rollup」如何成为 ZK 扩容的终极形态。

如果说 ZK 化是以太坊技术重构的起点,那么「实时证明」与「原生 Rollup」则是这场扩容革命的核心落地环节。

本篇我们将继续深入探讨以太坊主网上如何实现 12 秒级的 ZK 实时证明、成为 Prover 的硬件门槛与激励机制是怎样的、原生 Rollup 将如何改写以太坊 L2 的格局。

01、实时证明:以太坊扩容的关键拼图

在以太坊迈向 1 万 TPS 的路线图上,有一个不可或缺的技术突破点:实时证明(real-time proving)。

Succinct 联合创始人 Uma Roy 如此解释:「实时证明,指的是能够在不到 12 秒内,对以太坊主网的一个区块完成 ZK 证明的生成过程」。

这意味着什么?一旦实现实时证明,以太坊就能将其区块验证逻辑纳入协议本身,并在不牺牲可验证性的前提下,几乎「任意」地提高 Gas 上限,从而实现 L1 的大规模扩容(编者注:以太坊主网每个区块的生成时间为 12 秒,因此「实时」是指在每个区块周期内完成证明)。

不过要实现实时证明,仅靠 zkVM 技术本身还不够,还需要对以太坊协议层进行变更。

以太坊基金会的 Ladislaus 指出,预计将在明年 Glamsterdam 升级中引入一个关键机制——「区块验证与立即执行的解耦」,这将为 Prover(证明者)提供更充裕的时间,在一个完整 slot 内生成 zkEVM 证明,从而实现真正意义上的实时处理。

技术实现方面,Succinct 已发布其最新的 SP1 Hypercube zkVM,在 200 张 GPU 的集群下,能够对 1 万个主网区块中的 93% 实时生成证明。

Roy 表示他们有信心在今年年底前,将这个成功率提升到 99%。尽管一些难以处理的区块仍可能导致极少数区块无法及时生成证明,但协议设计中已考虑容错机制,例如允许跳过该区块,进入下一个区块继续处理。

更进一步,以太坊还在考虑将区块时间从 12 秒缩短至 6 秒(作为 Glamsterdam 的另一潜在提案),这将显著提升用户体验和交易确认速度,但这也给 ZK Prover 带来了额外压力——对于证明者来说,任务的难度增加了一倍。

不过 Roy 并不担心,毕竟 ZK 技术每年性能都能提升 10 倍,就算区块时间减半,也能应对。

6 月 Linea 也宣布其网络上已能实现 100% 的链上活动由 ZK 证明覆盖,虽然 Linea 当前 TPS 仅为 2,但这并非性能限制,而是受限于使用需求。

值得注意的是,Linea 区块间隔仅 2 秒,ZK 证明通过智能合约上传至以太坊 L1 验证,这一模型,或许正是未来主网「ZK 化」的先行版本。


02、以太坊 ZK 证明者的硬件门槛高么?

想要实时生成 ZK 证明,当然离不开强大的计算资源。

以太坊基金会目前为 Prover 设定的初步技术目标是:硬件成本控制在 10 万美元以内,电力消耗低于 10 千瓦,大约相当于一台特斯拉 Powerwall 家用电池的耗电水平。

这个数字听起来并不「轻量」,以太坊批评者 Justin Bons(Cyber Capital 创始人)就称其为「远超 Solana 验证节点的疯狂硬件要求」,但这其实是混淆了两种完全不同的角色。

以太坊基金会协议协调团队的 Ladislaus 指出:Prover 和 Validator(验证者)的职责不同,不能混为一谈——验证者运行节点,参与共识;而 Prover 的任务是生成 ZK 证明,一旦某笔交易的 ZK 证明被正确生成,网络中只需验证该证明是否正确即可,而不需要重复执行交易。

正因为此,Ladislaus 表示乐观,「只要能找到一个满足硬件条件的诚实证明者,以太坊就能继续安全运行,我们故意将门槛压在数据中心以下,甚至即使不是大型机构或数据中心,只要是有技术能力的个人开发者,也能在家中运行 Prover」。

目前这个 10 万美元的硬件配置只是初始目标,以太坊基金会研究员 Sophia Gold 预计,到今年 11 月 Devconnect 阿根廷开发者大会之前,主流 Prover 有望达标。

Succinct 联合创始人 Roy 预计到明年初,可以将 GPU 需求降低至 16 张显卡左右,总成本也将控制在 1 万至 3 万美元之间。

与此同时,Succinct 已经在测试网上搭建了一个由「数百个 Prover」组成的去中心化网络,累计生成了数百万份证明。

这个系统的核心逻辑是竞争式证明,即所有 Prover 参与竞标,每轮选择一个中标者来执行 zk 证明,目标是让时间更短、成本更低的参与者胜出,形成类算力竞价机制。

这意味着,在 ZK 驱动的以太坊未来中,矿工精神将以另一种形式重现——只是角色从算区块,变成了算证明。


03、主网切为 ZK 架构:一场高难度系统迁移

将以太坊 L1 主网切换为零知识证明(ZK)架构,是继 2022 年从工作量证明(PoW)过渡到权益证明(PoS)之后,又一次几乎同等级别的技术挑战,整个过程不仅需要对协议层进行重构,还必须严密考虑各种潜在的边缘场景和安全风险,以防网络运行中断。

在今年 7 月的一次 EthProofs 会议中,研究员 Justin Drake 就提到了多个可能的风险隐患。例如恶意攻击者可能会向区块中插入所谓的「prover killer(证明者杀手)」,从而导致整个网络验证机制失效;又或者网络活跃度骤降,产生的交易手续费收入不足以支付生成 ZK 证明的成本,从而影响网络可持续性。

以太坊基金会协议协调团队的 Ladislaus 表示,整个过渡过程可能需要几年时间,尤其要关注安全方面的隐患。ZK 虚拟机(zkVM)作为一项仍处于早期阶段的复杂技术,极有可能会出现各种漏洞。但随着生态成熟,我们可以通过引入多样化的证明系统(proof diversity)、激励机制的完善、以及形式化验证等手段,逐步提升其在以太坊 L1 上的可行性与鲁棒性。

与此同时,以太坊还计划对其共识层进行根本性的架构重构,即构建名为「Beam Chain」的新型结构,目标是在设计之初就为 ZK 优化友好,Drake 甚至表示,未来整个以太坊的数据验证工作将可以在一台普通笔记本电脑的 CPU 上完成。


04、主网「Snark 化」:原生 Rollup 要来了

在以太坊主网集成 zkEVM 的同时,另一个长期设想也开始逐步浮现:原生 Rollup(Native Rollup)。

目前的 Rollup(无论是 Optimistic 还是 ZK 类型)都采用独立的证明系统,其安全性依赖于自身的验证者或排序器机制,与以太坊主网之间存在一定的信任假设。

而「原生 Rollup」的愿景则是完全不同的——通过将 zkEVM 集成至主网,让以太坊 L1 验证者直接验证 Rollup 的状态转换证明,从而实现真正由主网验证、主网保障安全的 L2。

这需要在以太坊 L1 客户端中新增一段关键代码「execute precompile」,允许验证者直接校验 L2 生成的 ZK 状态转移证明,正如以太坊基金会协议协调员 Ladislaus 所说,「L1 验证者将消费这些 Rollup 的执行证明,并验证其正确性」。

换句话说,如果原生 Rollup 成真,那么未来无论是一笔发生在 L1 的交易,还是一笔发生在原生 Rollup 上的交易,其最终结算与安全性都由同一组以太坊验证者保障,信任级别将完全等同。

这意味着在原生 Rollup 上存入 1000 万美元,其安全性将等同于直接存入以太坊主网。

Linea 项目负责人 Declan Fox 表示,他们的长期目标就是成为一个原生 Rollup,他认为这是 ETH 2.0 分片方案的「升级版」——不再是硬性运行 64 个结构相同的分片链,而是以高度可编程、可定制的方式构建异构 Rollup 系统,服务不同场景与用户需求。

与过去 ETH 2.0 的同构分片架构不同,原生 Rollup 可以是异构的,为最终用户提供更多样化和差异化的应用体验。

尽管原生 Rollup 尚未正式写入以太坊路线图,但随着 zkEVM 正式启动、L1 架构逐步重构,为其预设接口与预编译逻辑,显然已经成为可预见的技术趋势。

以太坊

Ladislaus 总结道,「在将 EVM Snark 化(即集成 ZK 证明能力)与推进原生 Rollup 上,以太坊存在高度的技术协同,因为这两者共享底层 ZK 技术堆栈」,当然这一进程仍需通过以太坊社区治理,形成 EIP(以太坊改进提案),并最终在一次硬分叉中落地部署。

乐观预期的话,如果一切顺利,也许年底就能提交相关 EIP,并在 Glamsterdam 升级后的分叉中上线。

不过这一时间表仍具有高度不确定性,需谨慎看待。

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The technical implementation introduces multiple layers of security, compliance, and operational efficiency to meet institutional standards while enhancing accessibility. The tokenisation process begins by acquiring actual Salesforce stock through U.S.-registered broker-dealers, ensuring each CRMON token maintains direct correlation with the underlying equity performance. Smart contracts automate operational processes, including dividend reinvestment and corporate action processing, facilitating a streamlined user experience. The Minting and redemption processes allow authorised participants to manage CRMON tokens effectively. During U.S. trading hours, institutions can mint new tokens by depositing stablecoins that are used to purchase corresponding Salesforce equity. This structure maintains a tight correlation with underlying assets, enhancing liquidity and price discovery. Additionally, the infrastructure supports twenty-four-hour token transfer capabilities, providing CRMON holders with operations outside traditional market hours. This represents a significant advantage over conventional securities ownership, thus promoting integration with decentralised finance applications. Plans for cross-chain compatibility through partnerships signal further ambitions for CRMON's market reach. By expanding to other blockchain networks, Ondo Finance aims to enhance accessibility and user engagement with tokenised equity products. Timeline and Historical Development of Tokenized Equity Innovation The timeline of CRMON's development and Ondo Finance's broader tokenised capabilities demonstrates a systematic innovation process beginning with the company's founding in 2021. 2021: Ondo Finance is founded by Nathan Allman and co-founders, launching initial products focused on structured vault offerings on the Ethereum blockchain. 2022: The company completes substantial funding rounds—both equity and token sales—totaling significant capital and launching initial tokenised U.S. Treasury products. 2023-2024: Ondo Finance experiences substantial growth, establishing partnerships with major financial institutions while expanding its product offerings beyond fixed-income securities. February 2025: Ondo Global Markets is announced, marking the transition into equity tokenisation with plans for accessing over one hundred U.S. stocks and ETFs. September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

4.8k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is CRMON

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.

4.7k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

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