关于以太坊合并，你需要了解这10点

DeFi之道Pubblicato 2022-07-14Pubblicato ultima volta 2022-07-14

Introduzione

以太坊正逐渐走向工作量证明（PoW）机制的终局。

以太坊合并是加密历史上最强大的催化剂之一，它的到来正在迅速逼近。

随着以太坊逐渐走向工作量证明（PoW）机制的终局，我们有必要了解一下以太坊合并后的 PoS 时代的 10 个重要特征：

1. 合并后，ETH L1 费用不会下降

以太坊合并（The Merge）的目的是弃用以太坊的 PoW 共识机制，用 PoS 代替。费用是区块空间需求决定的函数，而不是共识机制。如需更低的费用，请使用 L2（已上线）执行交易。

2. 在合并后的 6-12 个月窗口期，不会有来自 ETH 发行的结构性抛售压力

在启用以太坊 2.0 质押提款之前，用户还无法提取质押的 ETH 和对验证者的发行/区块奖励。但是，费用小费（basefee 被烧掉）和 MEV 可以被提取。

3. 合并后 ETH 通胀率从 4.3% 降至 0.22%

如果我们假设每年的费用为 500,000 ETH，则合并后每日 ETH 发行量将从 14,250 ETH/天下降到 736 ETH/天。发行量减少了 95%——这意味着每天可以出售的 ETH 减少 95%（开放质押提款后）

4. PoS 下的 ETH 会比 PoW 下的 ETH 具有更好的安全性（攻击链的成本更高）

这个话题会一直被争论到死——但在数学上，PoS 下的 ETH 比 PoW 下的 ETH 攻击成本更高。

5. 由于 EIP-1559 的费用消耗，ETH 在大多数场景中具有通货紧缩的货币政策

简而言之，即使质押 1 亿枚 ETH 和 0 费用，ETH 通胀率也只有 1.51%

6. 合并后，ETH 质押收益率增加 50%（保守估计）

当前的 ETH 质押收益率为 4.2%。合并后，包括交易费用（费用小费）和 MEV 进入验证者，质押收益率将跃升至 6% 以上

7. 合并后，ETH 将作为原始抵押品和价值存储补充 BTC 的用例

BTC 巩固了其作为“数字黄金”的叙述——这很棒。

ETH 将既是“数字债券”（质押收益率 = 无风险利率），也是 DeFi 的主要抵押资产。

8. 合并后，以太坊区块链将比比特币区块链更具可持续性

除了 PoS 比 PoW 更节能（用电量减少 99%）之外，以太坊的成本也更低。

9. ETH 扩容来了！

合并将 ETH 的共识引擎换成 PoS 以提高安全性。安全的 L1 有利于 L2 Rollup 的发展。

Polygon、Arbitrum、StarkWare、Zksync 等的扩展正在全速前进。

10. 合并后，以太坊的升级旅程不会结束

虽然 L1 以太坊的技术规范在合并之后会大大僵化，但技术需要继续发展。

数据分片、轻客户端、质押提款、状态管理等 - 即将到来。

重复一遍：以太坊合并是区块链历史上最令人印象深刻的工程壮举之一。

在完全 PoS 制度下，以太坊将具有提高安全性、通过 L2 扩展、发展其 DeFi 和 NFT 平台并超越比特币的经济结构。

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