以太坊有可能成为“百年老字号”吗?浅析 L1 和 L2 的可持续性问题

PanewsPublished on 2022-11-25Last updated on 2022-11-25

Abstract

可持续性可以简单地定义为协议保持在线,能抵挡黑客攻击,并且在所有条件下都可以使用。可以说,它还需要具有相关性并跟上时代的需求。

可持续性可以简单地定义为协议保持在线,能抵挡黑客攻击,并且在所有条件下都可以使用。可以说,它还需要具有相关性并跟上时代的需求。

要达到这个目标,不同类型的项目要满足不同的要求。

当然,最具挑战性的是权益证明 / 工作共识的 Layer 1。

对于 Layer 1 而言:

经济方面:a) 资金支持>全网运营成本;b) 对基础资产的需求(需求驱动因素可能是多方面的)≥资金支持

技术方面:运营成本线性增长;验证成本是——恒定的。

社会层面:多个开发团队,大量有组织的可以推进改革的个体。

显然,社会可持续性是最重要的。一个强大的社会层可以克服技术和经济的不可持续性问题。但是,如果没有足够的社会参与,一个暂时强大的经济和技术项目会随着条件的变化而失败。

在可持续性之外,如果需求大于供应,网络便可以蓬勃发展——这会带来更好的经济安全。或者,验证的成本随着时间的推移而减少。或者,它出现令人难以置信的多样性,以至于大部分的开发者生态系统可以离开而不产生明显的影响。但是,最低限度的可持续性应该是一项基本要求。

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见文末。

如果一个 L1 能够在所有三个领域,并在所有可能的情况下达到可持续性,那就为不同类型的协议打开了大门。我们称它为可持续性逃离速度(sustainability escape velocity)。

你可以拥有像 WETH 这样不可更改的智能合约基础设施,它完全继承了以太坊的可持续性。

下一层是像 Uniswap 这样的不可更改的智能合约,但它们确实有两个额外的难题

a) 你需要前端的可持续,并且要有各种各样的前端

b) 它需要持续的(技术和商业)发展,以保持相关性

a) 和 b) 都有可能通过代币实现,尽管 UNI 目前显然是一个糟糕的例子,因为它没有明确的可持续需求驱动。这也是需要社会可持续性的原因——激励社区,努力使 UNI 代币可持续。

当然,相比之下,其他项目如 Aave, Lido, Maker, ENS 等目前的发展更好。因为他们是可以更改的,也许他们和你都需要保证代币足够安全。说白了,经济安全的需求并不像 L1 那样重要,因为你有额外的制衡,如时间锁,严格的审批 / 投票门槛等。

有大量的 dApp 会有不同的需求驱动力和不同的运营费用和资金支持。无论哪种方式,关键是他们需要确保满足需求或超量供应。

另外我想说明的是,当我在这里谈论可持续性时,我再一次鼓励加密协议创造利润——不仅仅是生存,而且是要繁荣发展。在加密世界中,有一种邪恶的螃蟹心理(注:西方谚语,形容「我没有,你也不能有」的心理),盈利的协议是不受欢迎的。如果没有反垄断法规和强大的规模经济,特别是对金融 dApp 来说,加密货币很容易形成寡头垄断——这只是加密世界开放性质的副作用。理想情况下,我们应该有足够强大的社会层来对抗来自寡头的压力(有效的隐性反垄断措施),虽然有点不现实。

现在,我们来看看 L2:

一个不可更改的 L2 几乎只需要一个排序器和一个诚实的验证者就可以活下来。但在现实中,大多数 L2 是可以更改的,有些会有多个排序器,并且要花大量的钱来补贴协议的发展。幸运的是,L2 可以尝试不同的收入模式,特别是特定应用的 L2/L3 等。我们已经有了有趣的案例,如 Immutable X 或 dYdX,他们的 gas 费用为零,但通过交易费用盈利;或 Sorare 是直接的特定应用商业模式。对于通用的 L2,他们当然需要考虑用户的交易费用和 MEV,但也要着眼于新的模式,例如已经投入使用的 L3,直接承包区块空间的 dApp 等等。

无论如何,同样的规则适用于 L2:他们的收入越多,就越能持续成长和繁荣进步。

当然还有许多其他类型的项目——预言机、公共基础设施等。然后还有一个很大的话题,即重塑如何将可持续性的逃离速度向前传播(在这里我不会涉及到这点,因为已经有很多的人写过了)——但我这篇文章就写到这了。

总结一下,不管怎么说,加密项目不会打破基本规则。就像几个世纪甚至几千年以前的企业和国家一样,没有什么价值是能凭空出现的 *。价值必须通过适合协议的方式来获得。

要明确的是——只要通货膨胀能产生更大的需求增长,它就没那么糟糕。

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可持续发展清单

长久以来,短期的解决方案和不可持续的设计一直主导着整个市场。现在,是时候摒弃类似的错误了,我们需要定义什么是这个行业的可持续性和价值。我写的大部分是关于 rollup 的,而且大部分是在 2021 年写的——但你会发现潜台词是社会、经济和技术的可持续性。虽然 Terra 区块链的灾难性失败(除了 UST 熔断之外)是个极端的案例,但冷酷的现实是,今天几乎所有的 L1 都面临着类似的借据——只是时候未到。本清单中的很多内容也将适用于应用程序和 rollup,但我在这里专注于 L1/ 结算层。

经济

低通货膨胀,<1%。

长期的可预测的安全预算(注意:硬上限可能是危险的)

基础资产有巨大的升值空间,最好能抵消大部分的通货膨胀(注意:高通货紧缩是一种异常现象,意味着低估,从长期来看会被市场纠正)。

像 PBS 这样的解决方案(提议者 - 建设者分离)是必要的,这样大部分 MEV 就会被基础资产所捕获

做到以上几点,就会获得货币溢价

货币溢价→更高的经济安全,更稳定的结算层和基础资产→更多的需求和更高的货币溢价的良性循环

执行层的有效性证明、无状态性和欺诈证明;数据层的数据可用性证明。这听起来可能不经济,但要扩展到数以百万计的节点,这可能是经济可持续性的必要条件。

社会

极为广泛的代币分布

容易验证交易(无状态性,有效性证明)。

极为广泛的节点网络,不受中心化实体的资助,具有地理、软件(包括客户端)和硬件多样性

健全的、协调良好的社会层,有应对分叉等紧急情况的具体计划

合理的交易费用(约 0.01 美元)

产出区块不太困难,有几万个独立质押者的长尾。

使用 PBS 的无许可区块建设

[附]加密质押的衍生品

[附]有害的 MEV 保护(由@bezzenberger 建议)。

技术

多个强大的客户端

有效性和欺诈证明、无状态性、数据可用性证明——这些是社会、经济和技术碰撞的关键因素

状态过期和历史过期

访问过期状态和历史的多种解决方案

僵化的结算层

平行的交易执行

单体链百分之百不可能实现其中任何一项。因此,如上所述,有效性、欺诈和证明是我们达成目标的重要工具。

有了上述证明,理论上讲,在 rollup 和数据层中实现最大的可持续性是可能的。到目前为止,还没有哪个结算层接满足清单中的所有项,这是一项艰巨的努力。我预计只有一个,也许最多两个,能够在任何合理的程度上实现所有内容。现在,也许有一两个人在努力做这件事。

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