# ETH\u4ef7\u503c\u8bba\u6218\uff1a\u4ee5\u592a\u574a\u662f\u5426\u4ecd\u5177\u5907\u6295\u8d44\u4ef7\u503c<\/p>\n
## \u5f15\u8a00<\/p>\n
2024\u5e743\u670813\u65e5\uff0c\u4ee5\u592a\u574a\u5b8c\u6210Dencun\u5347\u7ea7\uff0c\u6807\u5fd7\u7740\u5176\u6269\u5bb9\u8def\u7ebf\u56fe\u8fc8\u5165\u65b0\u9636\u6bb5\u3002\u6b63\u5f53\u5e02\u573a\u671f\u5f85ETH\u4ef7\u683c\u7a81\u78345000\u7f8e\u5143\u5386\u53f2\u9ad8\u70b9\u65f6\uff0c\u5374\u88abSolana\u3001Sui\u3001Avalanche\u7b49\u65b0\u5174\u516c\u94fe\u56f4\u527f\u3002Solana\u51ed\u501f\u9ad8TPS\u548c\u4f4e\u624b\u7eed\u8d39\uff0c\u65e5\u6d3b\u7528\u6237\u4e00\u5ea6\u8d85\u8fc7\u4ee5\u592a\u574a\u4e3b\u7f51\uff1bLayer 2\u89e3\u51b3\u65b9\u6848\u867d\u7136\u7e41\u8363\uff0c\u5374\u5bfc\u81f4ETH\u4e3b\u7f51\u624b\u7eed\u8d39\u6536\u5165\u66b4\u8dcc90%\u3002<\/p>\n
\u4e0e\u6b64\u540c\u65f6\uff0c\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u6301\u7eed\u629b\u552eETH\uff0c2024\u5e74\u5168\u5e74\u629b\u552e\u7ea670\u4e07\u679aETH\uff08\u6309\u5f53\u65f6\u5e02\u4ef7\u7ea621\u4ebf\u7f8e\u5143\uff09\u3002\u521b\u59cb\u4ebaVitalik Buterin\u66f4\u662f\u516c\u5f00\u8868\u793a\uff1a”\u6211\u4e0d\u5173\u5fc3ETH\u7684\u4ef7\u683c\uff0c\u6211\u5173\u5fc3\u7684\u662f\u751f\u6001\u7684\u5065\u5eb7\u53d1\u5c55\u3002”<\/p>\n
\u8fd9\u756a\u8a00\u8bba\u5f7b\u5e95\u5f15\u7206\u4e86\u52a0\u5bc6\u793e\u533a\u7684”ETH\u4ef7\u503c\u8bba\u6218”\u3002\u770b\u591a\u6d3e\u8ba4\u4e3a\uff0c\u4ee5\u592a\u574a\u62e5\u6709\u6700\u6210\u719f\u7684\u751f\u6001\u3001\u6700\u6d3b\u8dc3\u7684\u5f00\u53d1\u8005\u793e\u533a\uff0c\u901a\u7f29\u673a\u5236\u548c\u673a\u6784\u91c7\u7528\u5c06\u63a8\u52a8ETH\u7a81\u783410000\u7f8e\u5143\uff1b\u770b\u7a7a\u6d3e\u5219\u6307\u51fa\uff0c\u6027\u80fd\u74f6\u9888\u72b9\u5728\u3001\u7ade\u4e89\u5bf9\u624b\u5484\u5484\u903c\u4eba\u3001\u901a\u80c0\u538b\u529b\u91cd\u73b0\uff0cETH\u53ef\u80fd\u6ca6\u4e3a”\u6570\u5b57\u94dc”\u800c\u975e”\u6570\u5b57\u77f3\u6cb9”\u3002<\/p>\n
\u672c\u6587\u5c06\u5ba2\u89c2\u5206\u6790\u53cc\u65b9\u89c2\u70b9\uff0c\u7ed3\u5408\u94fe\u4e0a\u6570\u636e\uff0c\u4e3a\u8bfb\u8005\u63ed\u793a\u4ee5\u592a\u574a\u7684\u771f\u5b9e\u4ef7\u503c\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e00\u7ae0\uff1a\u770b\u591a\u6d3e\u2014\u2014\u4ee5\u592a\u574a\u7684\u62a4\u57ce\u6cb3\u4f9d\u7136\u575a\u4e0d\u53ef\u6467<\/p>\n
### 1.1 \u5347\u7ea7\u540e\u7684\u901a\u7f29\u673a\u5236\uff08Deflationary\uff09<\/p>\n
2022\u5e749\u6708\u4ee5\u592a\u574a\u5b8c\u6210The Merge\uff08\u5408\u5e76\uff09\uff0c\u4ecePoW\u8f6c\u5411PoS\uff0c\u5f7b\u5e95\u6539\u53d8\u4e86ETH\u7684\u4f9b\u5e94\u52a8\u6001\uff1a<\/p>\n
**\u5173\u952e\u6570\u636e**\uff1a
\n– **\u5408\u5e76\u524d\uff08PoW\u65f6\u4ee3\uff09**\uff1aETH\u65e5\u5747\u65b0\u589e\u7ea613000\u679a\uff08\u5e74\u901a\u80c0\u7387\u7ea64.5%\uff09
\n– **\u5408\u5e76\u540e\uff08PoS\u65f6\u4ee3\uff09**\uff1aETH\u65e5\u5747\u65b0\u589e\u7ea61600\u679a\uff08\u5e74\u901a\u80c0\u7387\u7ea60.5%\uff09
\n– **2023\u5e74EIP-1559\u9500\u6bc1**\uff1a\u65e5\u5747\u9500\u6bc1\u7ea61800\u679aETH\uff0c\u51c0\u901a\u7f29\u7ea6200\u679a\/\u5929
\n– **2024\u5e74Dencun\u5347\u7ea7\u540e**\uff1a\u7531\u4e8eL2\u5206\u6d41\uff0c\u65e5\u5747\u9500\u6bc1\u964d\u81f3\u7ea6800\u679a\uff0c\u4f9b\u5e94\u8f6c\u4e3a\u5fae\u901a\u80c0\uff08+0.2%\/\u5e74\uff09<\/p>\n
**\u770b\u591a\u6d3e\u8bba\u70b9**\uff1a
\n\u5c3d\u7ba1Dencun\u5347\u7ea7\u5bfc\u81f4\u77ed\u671f\u901a\u80c0\uff0c\u4f46\u968f\u7740L2\u751f\u6001\u7684\u7206\u53d1\uff08Arbitrum\u3001Optimism\u3001Base\u7b49\uff09\uff0c\u4ee5\u592a\u574a\u5b9e\u9645\u4e0a\u5728\u626e\u6f14”\u7ed3\u7b97\u5c42”\u7684\u89d2\u8272\u3002\u672a\u6765\u7684ETH\u9500\u6bc1\u5c06\u4e3b\u8981\u6765\u81eaL2\u6279\u91cf\u63d0\u4ea4\u4ea4\u6613\uff0c\u9884\u8ba12026\u5e74ETH\u5c06\u91cd\u65b0\u8fdb\u5165\u901a\u7f29\u901a\u9053\u3002<\/p>\n
**\u6570\u636e\u652f\u6491**\uff1a
\n– 2026\u5e74Q1\uff0cL2\u7684\u65e5\u5747\u4ea4\u6613\u91cf\u5df2\u8fbe1200\u4e07\u7b14\uff0c\u662f\u4ee5\u592a\u574a\u4e3b\u7f51\u768415\u500d
\n– \u8fd9\u4e9b\u4ea4\u6613\u6700\u7ec8\u90fd\u9700\u8981\u5728\u4e3b\u7f51\u7ed3\u7b97\uff0c\u6bcf\u5e74\u5c06\u9500\u6bc1\u7ea650\u4e07\u679aETH
\n– \u5982\u679cETH\u4ef7\u683c\u7a81\u783410000\u7f8e\u5143\uff0c\u9500\u6bc1\u91cf\u8fd8\u5c06\u5927\u5e45\u589e\u52a0\uff08\u56e0\u4e3a\u624b\u7eed\u8d39\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u540e\u66f4\u9ad8\uff09<\/p>\n
### 1.2 Layer 2\u751f\u6001\u7e41\u8363\u2014\u2014\u4ee5\u592a\u574a\u7684”\u5e1d\u56fd\u6269\u5f20”<\/p>\n
\u770b\u591a\u6d3e\u8ba4\u4e3a\uff0c\u4ee5\u592a\u574a\u7684\u6218\u7565\u662f”\u727a\u7272\u4e3b\u7f51\uff0c\u6210\u5c31\u751f\u6001”\u3002\u901a\u8fc7L2\u6269\u5bb9\uff0c\u4ee5\u592a\u574a\u6b63\u5728\u6784\u5efa\u4e00\u4e2a\u8986\u76d6\u5168\u573a\u666f\u7684”\u533a\u5757\u94fe\u5e1d\u56fd”\uff1a<\/p>\n
**L2\u751f\u6001\u6570\u636e\uff082026\u5e745\u6708\uff09**\uff1a
\n| L2\u7f51\u7edc | TVL\uff08\u4ebf\u7f8e\u5143\uff09 | \u65e5\u6d3b\u7528\u6237\uff08\u4e07\uff09 | \u4e3b\u8981\u7279\u70b9 |
\n|——–|————-|————–|———|
\n| Arbitrum One | \u7ea6180 | \u7ea665 | DeFi\u751f\u6001\u6700\u6210\u719f |
\n| Base\uff08Coinbase\uff09 | \u7ea6120 | \u7ea685 | \u7f8e\u56fd\u5408\u89c4\u7528\u6237\u9996\u9009 |
\n| Optimism | \u7ea680 | \u7ea635 | Superchain\u6218\u7565 |
\n| Polygon zkEVM | \u7ea645 | \u7ea625 | \u4f20\u7edf\u4f01\u4e1a\u8fc1\u79fb |
\n| Starknet | \u7ea630 | \u7ea615 | ZK-Rollup\u6280\u672f\u9886\u5148 |
\n| **\u603b\u8ba1** | **\u7ea6455\u4ebf** | **\u7ea6225\u4e07** | – |<\/p>\n
**\u5173\u952e\u8bba\u70b9**\uff1a
\n– L2\u751f\u6001\u7684TVL\u5df2\u8fbe455\u4ebf\u7f8e\u5143\uff0c\u662f2023\u5e74\u76843\u500d
\n– Coinbase\u7684Base\u7f51\u7edc\u57282026\u5e74Q1\u5904\u7406\u4e86\u8d85\u8fc71.5\u4ebf\u7b14\u4ea4\u6613\uff0c\u8d85\u8d8aSolana\u5355\u5b63\u5ea6\u4ea4\u6613\u91cf
\n– \u4ee5\u592a\u574a\u4e3b\u7f51+ L2\u7684\u603bTVL\u8d85\u8fc7800\u4ebf\u7f8e\u5143\uff0c\u5360\u6574\u4e2aDeFi\u5e02\u573a\u768468%<\/p>\n
**\u770b\u591a\u6d3e\u7ed3\u8bba**\uff1a\u4ee5\u592a\u574a\u4e0d\u662f”\u88ab\u6dd8\u6c70”\uff0c\u800c\u662f\u901a\u8fc7L2\u5b9e\u73b0\u4e86”\u5e1d\u56fd\u6269\u5f20”\u3002\u4e3b\u7f51\u626e\u6f14”\u7ed3\u7b97\u5c42+\u5b89\u5168\u5c42”\uff0cL2\u626e\u6f14”\u6267\u884c\u5c42”\uff0c\u8fd9\u79cd\u5206\u5c42\u67b6\u6784\u662f\u957f\u671f\u53ef\u6301\u7eed\u7684\u3002<\/p>\n
### 1.3 \u673a\u6784\u91c7\u7528\u52a0\u901f\u2014\u2014ETH\u73b0\u8d27ETF\u7684\u5a01\u529b<\/p>\n
2024\u5e745\u6708\uff0c\u7f8e\u56fdSEC\u6279\u51c6\u4ee5\u592a\u574a\u73b0\u8d27ETF\uff0c\u6807\u5fd7\u7740ETH\u6b63\u5f0f\u8fdb\u5165\u4f20\u7edf\u91d1\u878d\u89c6\u91ce\uff1a<\/p>\n
**ETH ETF\u6570\u636e\uff082026\u5e745\u6708\uff09**\uff1a
\n– **\u603b\u6301\u4ed3**\uff1a\u7ea6450\u4e07\u679aETH\uff08\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u76843.75%\uff09
\n– **\u6700\u5927\u6301\u6709\u8005**\uff1aBlackRock ETHA\uff08\u7ea6180\u4e07\u679a\uff09\u3001Fidelity FETH\uff08\u7ea695\u4e07\u679a\uff09\u3001Grayscale ETHE\uff08\u7ea685\u4e07\u679a\uff09
\n– **\u65e5\u5747\u4ea4\u6613\u91cf**\uff1a\u7ea615\u4ebf\u7f8e\u5143
\n– **\u51c0\u6d41\u5165\u8d8b\u52bf**\uff1a2026\u5e74Q1\u51c0\u6d41\u5165\u7ea680\u4e07\u679aETH\uff0c\u663e\u793a\u673a\u6784\u6301\u7eed\u52a0\u4ed3<\/p>\n
**\u673a\u6784\u91c7\u7528\u6848\u4f8b**\uff1a
\n– **\u6469\u6839\u5927\u901a\uff08JPMorgan\uff09**\uff1a\u4f7f\u7528\u4ee5\u592a\u574a\u79c1\u6709\u94fe\uff08JPM Coin System\uff09\u5904\u7406\u8de8\u5883\u652f\u4ed8\uff0c\u65e5\u5747\u4ea4\u6613\u91cf\u8d85\u8fc720\u4ebf\u7f8e\u5143
\n– **\u5fae\u8f6f\uff08Microsoft\uff09**\uff1aAzure\u4e91\u5e73\u53f0\u63a8\u51fa”\u4ee5\u592a\u574a\u8282\u70b9\u6258\u7ba1\u670d\u52a1”\uff0c\u4f01\u4e1a\u53ef\u76f4\u63a5\u90e8\u7f72\u4ee5\u592a\u574a\u8282\u70b9
\n– **Visa**\uff1a\u5728\u4ee5\u592a\u574a\u4e3b\u7f51\u6d4b\u8bd5USDC\u81ea\u52a8\u652f\u4ed8\uff0c\u65e5\u5747\u5904\u7406\u7ea65\u4e07\u7b14\u4ea4\u6613
\n– **\u8010\u514b\uff08Nike\uff09**\uff1a\u5728Polygon\uff08\u4ee5\u592a\u574aL2\uff09\u53d1\u884cNFT\uff0c\u9500\u552e\u989d\u8d85\u8fc72\u4ebf\u7f8e\u5143<\/p>\n
**\u770b\u591a\u6d3e\u9884\u6d4b**\uff1a\u5982\u679cETH\u73b0\u8d27ETF\u7684\u6e17\u900f\u7387\u8fbe\u5230BTC ETF\u7684\u6c34\u5e73\uff08\u7ea65%\u7684\u6d41\u901a\u4f9b\u5e94\u91cf\uff09\uff0cETH\u4ef7\u683c\u5c06\u7a81\u78348000\u7f8e\u5143\u3002\u5982\u679c\u8fdb\u4e00\u6b65\u8fbe\u5230\u9ec4\u91d1ETF\u7684\u6e17\u900f\u7387\uff08\u7ea610%\uff09\uff0cETH\u5c06\u7a81\u783415000\u7f8e\u5143\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e8c\u7ae0\uff1a\u770b\u7a7a\u6d3e\u2014\u2014\u4ee5\u592a\u574a\u6b63\u5728\u5931\u53bb\u7ade\u4e89\u529b<\/p>\n
### 2.1 \u6027\u80fd\u74f6\u9888\u72b9\u5728\u2014\u2014L2\u65e0\u6cd5\u89e3\u51b3\u6240\u6709\u95ee\u9898<\/p>\n
\u5c3d\u7ba1L2\u751f\u6001\u7e41\u8363\uff0c\u4f46\u770b\u7a7a\u6d3e\u6307\u51fa\uff0c\u4ee5\u592a\u574a\u4e3b\u7f51\u7684\u6027\u80fd\u74f6\u9888\u6b63\u5728\u5bfc\u81f4\u7528\u6237\u6d41\u5931\uff1a<\/p>\n
**\u6027\u80fd\u5bf9\u6bd4\uff082026\u5e74\u6570\u636e\uff09**\uff1a
\n| \u516c\u94fe | TPS\uff08\u6bcf\u79d2\u4ea4\u6613\u6570\uff09 | \u786e\u8ba4\u65f6\u95f4 | \u624b\u7eed\u8d39\uff08$\uff09 | \u65e5\u6d3b\u7528\u6237\uff08\u4e07\uff09 |
\n|——|—————–|———|———–|————–|
\n| \u4ee5\u592a\u574a\u4e3b\u7f51 | \u7ea630 | 12-15\u79d2 | 5-20 | \u7ea635 |
\n| Solana | \u7ea665000 | 0.4\u79d2 | 0.001 | \u7ea685 |
\n| Sui | \u7ea6120000 | 0.3\u79d2 | 0.001 | \u7ea625 |
\n| Avalanche | \u7ea64500 | 1-2\u79d2 | 0.1 | \u7ea615 |
\n| Arbitrum\uff08L2\uff09 | \u7ea67000 | 0.5\u79d2 | 0.1 | \u7ea665 |<\/p>\n
**\u5173\u952e\u95ee\u9898**\uff1a
\n1. **L2\u788e\u7247\u5316**\uff1a\u7528\u6237\u5728Arbitrum\u4e0a\u7684\u8d44\u4ea7\u65e0\u6cd5\u76f4\u63a5\u7528\u4e8eOptimism\uff0c\u9700\u8981\u8de8\u94fe\u6865\uff0c\u589e\u52a0\u6469\u64e6\u548c\u6210\u672c
\n2. **\u4e3b\u7f51\u624b\u7eed\u8d39\u4f9d\u7136\u6602\u8d35**\uff1a\u5f53L2\u9700\u8981\u5411\u4e3b\u7f51\u6279\u91cf\u63d0\u4ea4\u4ea4\u6613\u65f6\uff0c\u5982\u679c\u4e3b\u7f51\u62e5\u5835\uff0cL2\u7684\u63d0\u73b0\u65f6\u95f4\u53ef\u80fd\u957f\u8fbe\u6570\u5c0f\u65f6
\n3. **\u5f00\u53d1\u590d\u6742\u5ea6**\uff1a\u5728\u4ee5\u592a\u574aL2\u4e0a\u5f00\u53d1\uff0c\u9700\u8981\u7406\u89e3Layer 1\u3001Layer 2\u3001\u8de8\u94fe\u901a\u4fe1\u7b49\u591a\u5c42\u67b6\u6784\uff0c\u6280\u672f\u95e8\u69db\u8fdc\u9ad8\u4e8eSolana\u7b49\u5355\u94fe<\/p>\n
**\u770b\u7a7a\u6d3e\u8bba\u70b9**\uff1a\u4ee5\u592a\u574a\u7684”\u6a21\u5757\u5316”\u6218\u7565\u770b\u4f3c\u9ad8\u660e\uff0c\u5b9e\u5219\u589e\u52a0\u4e86\u7cfb\u7edf\u590d\u6742\u6027\u3002\u5982\u679c\u672a\u6765\u51fa\u73b0\u6027\u80fd\u66f4\u5f3a\u3001\u5f00\u53d1\u66f4\u7b80\u5355\u7684\u516c\u94fe\uff0c\u4ee5\u592a\u574a\u53ef\u80fd\u91cd\u8e48MySpace\u7684\u8986\u8f99\u2014\u2014\u6280\u672f\u9886\u5148\u4f46\u7528\u6237\u4f53\u9a8c\u843d\u540e\uff0c\u6700\u7ec8\u88ab\u6dd8\u6c70\u3002<\/p>\n
### 2.2 \u7ade\u4e89\u5bf9\u624b\u5d1b\u8d77\u2014\u2014Solana\u7b49\u516c\u94fe\u7684\u5a01\u80c1<\/p>\n
2023-2026\u5e74\uff0cSolana\u6210\u4e3a\u4ee5\u592a\u574a\u6700\u5927\u7684\u7ade\u4e89\u5bf9\u624b\u3002\u5176\u9ad8TPS\u3001\u4f4e\u624b\u7eed\u8d39\u3001\u4ee5\u53caFTX\u66b4\u96f7\u540e\u7684\u5feb\u901f\u590d\u82cf\uff0c\u8d62\u5f97\u4e86\u5927\u91cf\u5f00\u53d1\u8005\u548c\u7528\u6237\u7684\u9752\u7750\uff1a<\/p>\n
**Solana vs \u4ee5\u592a\u574a\uff082026\u5e74Q1\u6570\u636e\uff09**\uff1a
\n| \u6307\u6807 | Solana | \u4ee5\u592a\u574a\uff08\u4e3b\u7f51+L2\uff09 | \u80dc\u51fa\u65b9 |
\n|——|——–|—————–|——–|
\n| \u65e5\u6d3b\u7528\u6237 | 85\u4e07 | 260\u4e07 | \u4ee5\u592a\u574a |
\n| \u65e5\u5747\u4ea4\u6613\u91cf | 4500\u4e07\u7b14 | 4800\u4e07\u7b14 | \u4ee5\u592a\u574a |
\n| TVL | \u7ea685\u4ebf\u7f8e\u5143 | \u7ea6800\u4ebf\u7f8e\u5143 | \u4ee5\u592a\u574a |
\n| \u5f00\u53d1\u8005\u6d3b\u8dc3\u5ea6\uff08GitHub commits\uff09 | \u7ea68500\/\u6708 | \u7ea612000\/\u6708 | \u4ee5\u592a\u574a |
\n| NFT\u4ea4\u6613\u91cf | \u7ea615\u4ebf\u7f8e\u5143\/\u5b63 | \u7ea625\u4ebf\u7f8e\u5143\/\u5b63 | \u4ee5\u592a\u574a |
\n| \u7a33\u5b9a\u5e01\u8f6c\u8d26\u91cf | \u7ea61200\u4ebf\u7f8e\u5143\/\u5b63 | \u7ea64500\u4ebf\u7f8e\u5143\/\u5b63 | \u4ee5\u592a\u574a |<\/p>\n
**\u770b\u7a7a\u6d3e\u8d28\u7591**\uff1a
\n\u5c3d\u7ba1\u4ee5\u592a\u574a\u5728\u603b\u91cf\u4e0a\u9886\u5148\uff0c\u4f46Solana\u7684\u589e\u957f\u901f\u5ea6\u66f4\u5feb\uff1a
\n– Solana\u65e5\u6d3b\u7528\u6237\u4ece2023\u5e74\u768415\u4e07\u589e\u81f32026\u5e74\u768485\u4e07\uff08+467%\uff09
\n– \u4ee5\u592a\u574a\uff08\u4e3b\u7f51+L2\uff09\u65e5\u6d3b\u7528\u6237\u4ece2023\u5e74\u7684180\u4e07\u589e\u81f3260\u4e07\uff08+44%\uff09
\n– \u5982\u679c\u6309\u6b64\u589e\u901f\uff0cSolana\u53ef\u80fd\u57282028\u5e74\u8d85\u8d8a\u4ee5\u592a\u574a\u7684\u7528\u6237\u89c4\u6a21<\/p>\n
**\u66f4\u4e25\u5cfb\u7684\u6311\u6218**\uff1a
\n– **Sui\/Aptos**\uff1aMove\u8bed\u8a00\u516c\u94fe\uff0c\u6027\u80fd\u4f18\u4e8eSolana\uff0c\u6b63\u5728\u5438\u5f15\u5927\u91cfWeb3\u6e38\u620f\u548c\u793e\u4ea4\u5e94\u7528
\n– **Monad**\uff1a\u627f\u8bfa\u8fbe\u5230100\u4e07TPS\u7684\u5e76\u884cEVM\uff0c\u5982\u679c\u6210\u529f\uff0c\u5c06\u76f4\u63a5\u5a01\u80c1\u4ee5\u592a\u574a\u7684\u5730\u4f4d
\n– **\u6bd4\u7279\u5e01\u751f\u6001**\uff1a2024-2026\u5e74\uff0c\u6bd4\u7279\u5e01L2\uff08\u5982Stacks\u3001Merlin\uff09\u5d1b\u8d77\uff0c\u90e8\u5206DeFi\u9879\u76ee\u5f00\u59cb\u8fc1\u79fb\u81f3\u6bd4\u7279\u5e01\u751f\u6001<\/p>\n
### 2.3 \u901a\u80c0\u538b\u529b\u91cd\u73b0\u2014\u2014ETH\u4e0d\u518d\u662f”\u8d85\u58f0\u6ce2\u8d27\u5e01”<\/p>\n
\u770b\u7a7a\u6d3e\u6700\u6709\u529b\u7684\u8bba\u70b9\u4e4b\u4e00\uff1aETH\u7684\u901a\u7f29\u53d9\u4e8b\u5df2\u7ecf\u7834\u706d\u3002<\/p>\n
**\u4f9b\u5e94\u53d8\u5316\u6570\u636e**\uff1a
\n– **2022\u5e749\u6708\u5408\u5e76\u524d**\uff1aETH\u603b\u4f9b\u5e94\u91cf\u7ea61.20\u4ebf\u679a
\n– **2023\u5e743\u6708\uff08\u5408\u5e76\u540e6\u4e2a\u6708\uff09**\uff1aETH\u603b\u4f9b\u5e94\u91cf\u7ea61.204\u4ebf\u679a\uff08+0.3%\uff0c\u5fae\u901a\u80c0\uff09
\n– **2024\u5e743\u6708Dencun\u5347\u7ea7\u524d**\uff1aETH\u603b\u4f9b\u5e94\u91cf\u7ea61.202\u4ebf\u679a\uff08-0.2%\uff0c\u5fae\u901a\u7f29\uff09
\n– **2026\u5e745\u6708\uff08Dencun\u5347\u7ea7\u540e2\u5e74\uff09**\uff1aETH\u603b\u4f9b\u5e94\u91cf\u7ea61.215\u4ebf\u679a\uff08+1.1%\uff0c\u660e\u663e\u901a\u80c0\uff09<\/p>\n
**\u539f\u56e0\u5206\u6790**\uff1a
\nDencun\u5347\u7ea7\u5927\u5e45\u964d\u4f4e\u4e86L2\u5411\u4e3b\u7f51\u63d0\u4ea4\u4ea4\u6613\u7684\u6210\u672c\uff0c\u5bfc\u81f4ETH\u9500\u6bc1\u91cf\u66b4\u8dcc\u30022023\u5e74\u65e5\u5747\u9500\u6bc1\u7ea61800\u679aETH\uff0c2026\u5e74Q1\u65e5\u5747\u9500\u6bc1\u4ec5\u7ea6800\u679aETH\u3002<\/p>\n
**\u770b\u7a7a\u6d3e\u7ed3\u8bba**\uff1a
\nETH\u4e0d\u518d\u662f”\u8d85\u58f0\u6ce2\u8d27\u5e01”\uff08Ultrasound Money\uff09\uff0c\u800c\u662f\u91cd\u65b0\u56de\u5230\u4e86\u901a\u80c0\u8f68\u9053\u3002\u5982\u679c\u672a\u6765L2\u8fdb\u4e00\u6b65\u6269\u5bb9\uff0c\u4e3b\u7f51\u624b\u7eed\u8d39\u6536\u5165\u53ef\u80fd\u964d\u81f3\u63a5\u8fd1\u96f6\uff0cETH\u5c06\u5f7b\u5e95\u5931\u53bb”\u901a\u7f29\u53d9\u4e8b”\u8fd9\u4e00\u6838\u5fc3\u6295\u8d44\u903b\u8f91\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e09\u7ae0\uff1a\u94fe\u4e0a\u6570\u636e\u5ba2\u89c2\u5206\u6790<\/p>\n
### 3.1 TVL\uff08\u603b\u9501\u4ed3\u4ef7\u503c\uff09\u8d8b\u52bf<\/p>\n
TVL\u662f\u8861\u91cfDeFi\u751f\u6001\u5065\u5eb7\u5ea6\u7684\u6838\u5fc3\u6307\u6807\u3002<\/p>\n
**\u4ee5\u592a\u574a\u4e3b\u7f51TVL\u53d8\u5316\uff082020-2026\uff09**\uff1a
\n– 2020\u5e741\u6708\uff1a\u7ea615\u4ebf\u7f8e\u5143
\n– 2021\u5e7411\u6708\uff08\u5cf0\u503c\uff09\uff1a\u7ea61080\u4ebf\u7f8e\u5143
\n– 2022\u5e7411\u6708\uff08\u718a\u5e02\u5e95\uff09\uff1a\u7ea6290\u4ebf\u7f8e\u5143
\n– 2023\u5e7412\u6708\uff1a\u7ea6520\u4ebf\u7f8e\u5143
\n– 2024\u5e7412\u6708\uff1a\u7ea6680\u4ebf\u7f8e\u5143
\n– 2026\u5e745\u6708\uff1a\u7ea6345\u4ebf\u7f8e\u5143\uff08\u4e3b\u7f51\uff09+ 455\u4ebf\u7f8e\u5143\uff08L2\uff09= \u7ea6800\u4ebf\u7f8e\u5143<\/p>\n
**\u5173\u952e\u89c2\u5bdf**\uff1a
\n1. 2026\u5e74Q1\uff0c\u4ee5\u592a\u574a\u4e3b\u7f51TVL\u4e0b\u964d\u7ea615%\uff0c\u4e3b\u8981\u539f\u56e0\u662fL2\u5438\u8840\uff08\u7528\u6237\u5c06\u8d44\u4ea7\u8fc1\u79fb\u81f3Arbitrum\u3001Base\u7b49\uff09
\n2. \u4f46\u4e3b\u7f51+ L2\u7684\u603bTVL\u4f9d\u7136\u7a33\u5b9a\u5728800\u4ebf\u7f8e\u5143\u5de6\u53f3\uff0c\u8bf4\u660e\u751f\u6001\u6574\u4f53\u5065\u5eb7
\n3. \u7ade\u4e89\u5bf9\u624b\u65b9\u9762\uff1aSolana TVL\u7ea685\u4ebf\uff08+20% YoY\uff09\uff0cAvalanche TVL\u7ea625\u4ebf\uff08-10% YoY\uff09<\/p>\n
### 3.2 \u624b\u7eed\u8d39\u6536\u5165\u4e0e\u71c3\u70e7\u91cf<\/p>\n
\u624b\u7eed\u8d39\u6536\u5165\u53cd\u6620\u4e86\u7f51\u7edc\u7684\u771f\u5b9e\u4f7f\u7528\u9700\u6c42\u3002<\/p>\n
**\u4ee5\u592a\u574a\u4e3b\u7f51\u65e5\u5747\u624b\u7eed\u8d39\uff08USD\uff09**\uff1a
\n– 2021\u5e74\uff08\u725b\u5e02\u9ad8\u5cf0\uff09\uff1a\u7ea64000\u4e07\u7f8e\u5143\/\u5929
\n– 2022\u5e74\uff08\u718a\u5e02\uff09\uff1a\u7ea6800\u4e07\u7f8e\u5143\/\u5929
\n– 2023\u5e74\uff1a\u7ea61200\u4e07\u7f8e\u5143\/\u5929
\n– 2024\u5e74\uff08Dencun\u524d\uff09\uff1a\u7ea61800\u4e07\u7f8e\u5143\/\u5929
\n– 2026\u5e74Q1\uff1a\u7ea6200\u4e07\u7f8e\u5143\/\u5929\uff08\u66b4\u8dcc90%\uff09<\/p>\n
**ETH\u9500\u6bc1\u91cf**\uff1a
\n– 2023\u5e74\uff1a\u65e5\u5747\u9500\u6bc1\u7ea61800\u679aETH
\n– 2024\u5e74\uff1a\u65e5\u5747\u9500\u6bc1\u7ea61500\u679aETH
\n– 2026\u5e74Q1\uff1a\u65e5\u5747\u9500\u6bc1\u7ea6800\u679aETH<\/p>\n
**\u7ed3\u8bba**\uff1aL2\u6269\u5bb9\u6210\u529f\u964d\u4f4e\u4e86\u7528\u6237\u624b\u7eed\u8d39\uff0c\u4f46\u4e5f\u5bfc\u81f4\u4e3b\u7f51\u624b\u7eed\u8d39\u6536\u5165\u66b4\u8dcc\u3002\u8fd9\u5bf9\u6295\u8d44\u8005\u800c\u8a00\u662f\u53cc\u5203\u5251\u2014\u2014\u7528\u6237\u4f53\u9a8c\u63d0\u5347\uff0c\u4f46ETH\u7684”\u901a\u7f29\u53d9\u4e8b”\u53d7\u635f\u3002<\/p>\n
### 3.3 \u5f00\u53d1\u6d3b\u8dc3\u5ea6\uff08GitHub\u6570\u636e\uff09<\/p>\n
\u5f00\u53d1\u6d3b\u8dc3\u5ea6\u662f\u8861\u91cf\u516c\u94fe\u957f\u671f\u7ade\u4e89\u529b\u7684\u5173\u952e\u6307\u6807\u3002<\/p>\n
**2026\u5e74Q1 GitHub\u6d3b\u8dc3\u5ea6\uff08\u6bcf\u6708commits\uff09**\uff1a
\n| \u516c\u94fe | \u4e3b\u4ed3\u5e93commits | \u751f\u6001\u9879\u76eecommits | \u603b\u8ba1 |
\n|——|————-|————–|——|
\n| \u4ee5\u592a\u574a | \u7ea61200 | \u7ea610800 | \u7ea612000 |
\n| Solana | \u7ea6800 | \u7ea64200 | \u7ea65000 |
\n| Polkadot | \u7ea6600 | \u7ea62800 | \u7ea63400 |
\n| Avalanche | \u7ea6400 | \u7ea61800 | \u7ea62200 |
\n| Cosmos | \u7ea6350 | \u7ea61500 | \u7ea61850 |<\/p>\n
**\u5173\u952e\u53d1\u73b0**\uff1a
\n\u4ee5\u592a\u574a\u7684\u5f00\u53d1\u6d3b\u8dc3\u5ea6\u4f9d\u7136\u9065\u9065\u9886\u5148\uff0c\u662fSolana\u76842.4\u500d\u3002\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\uff1a
\n1. \u5e9e\u5927\u7684\u5f00\u53d1\u8005\u793e\u533a\uff08\u7ea625\u4e07\u6d3b\u8dc3\u5f00\u53d1\u8005\uff09
\n2. \u4e30\u5bcc\u7684\u5f00\u53d1\u5de5\u5177\uff08Hardhat\u3001Foundry\u3001Remix\u7b49\uff09
\n3. \u5b8c\u5584\u7684\u6587\u6863\u548c\u6559\u7a0b\uff08\u4ee5\u592a\u574a\u5b98\u65b9\u6587\u6863\u6bcf\u6708\u8bbf\u95ee\u91cf\u8d85\u8fc7500\u4e07\u6b21\uff09<\/p>\n
**\u4f46\u9690\u5fe7**\uff1aSolana\u7684\u5f00\u53d1\u6d3b\u8dc3\u5ea6\u589e\u901f\u66f4\u5feb\uff082023-2026 CAGR\u7ea635%\uff0c\u4ee5\u592a\u574a\u7ea612%\uff09\uff0c\u5982\u679c\u6301\u7eed\u4e0b\u53bb\uff0c\u53ef\u80fd\u57282028\u5e74\u8ffd\u5e73\u4ee5\u592a\u574a\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u56db\u7ae0\uff1aETH\u4ef7\u683c\u5206\u6790\u2014\u2014\u6280\u672f\u6307\u6807\u4e0e\u5e02\u573a\u60c5\u7eea<\/p>\n
### 4.1 \u5386\u53f2\u4ef7\u683c\u56de\u987e<\/p>\n
**ETH\u4ef7\u683c\u5173\u952e\u8282\u70b9**\uff1a
\n– 2015\u5e747\u6708\u4e0a\u7ebf\uff1a0.75\u7f8e\u5143
\n– 2017\u5e74\u725b\u5e02\u9ad8\u70b9\uff1a\u7ea61400\u7f8e\u5143
\n– 2018\u5e74\u718a\u5e02\u4f4e\u70b9\uff1a\u7ea680\u7f8e\u5143
\n– 2021\u5e74\u725b\u5e02\u9ad8\u70b9\uff1a\u7ea64800\u7f8e\u5143\uff082021\u5e7411\u6708\uff09
\n– 2022\u5e74\u718a\u5e02\u4f4e\u70b9\uff1a\u7ea6880\u7f8e\u5143\uff082022\u5e746\u6708\uff09
\n– 2024\u5e74ETF\u83b7\u6279\u540e\uff1a\u7ea64000\u7f8e\u5143
\n– 2026\u5e745\u6708\uff1a\u7ea63200\u7f8e\u5143<\/p>\n
**\u5f53\u524d\u4f30\u503c\u5206\u6790**\uff1a
\n– \u5e02\u503c\uff1a\u7ea63850\u4ebf\u7f8e\u5143\uff08ETH\u6d41\u901a\u91cf1.215\u4ebf\u679a \u00d7 3200\u7f8e\u5143\uff09
\n– \u5e02\u503c\u6392\u540d\uff1a\u7b2c2\uff08\u4ec5\u6b21\u4e8eBTC\u76841.7\u4e07\u4ebf\u7f8e\u5143\uff09
\n– MVRV\u6bd4\u7387\uff1a\u7ea61.8\uff08\u5065\u5eb7\u6c34\u5e73\uff0c\u672a\u8fc7\u70ed\uff09
\n– 30\u5929\u6ce2\u52a8\u7387\uff1a\u7ea635%\uff08\u9002\u4e2d\uff09<\/p>\n
### 4.2 \u673a\u6784\u6301\u4ed3\u4e0eETF\u5f71\u54cd<\/p>\n
**ETH\u73b0\u8d27ETF\u6301\u4ed3\uff082026\u5e745\u6708\uff09**\uff1a
\n– \u603b\u6301\u4ed3\uff1a\u7ea6450\u4e07\u679aETH\uff08\u5360\u6d41\u901a\u91cf3.75%\uff09
\n– 2026\u5e74Q1\u51c0\u6d41\u5165\uff1a\u7ea680\u4e07\u679aETH
\n– \u5e73\u5747\u6210\u672c\uff1a\u7ea63500\u7f8e\u5143<\/p>\n
**\u673a\u6784\u6301\u4ed3\u6210\u672c\u5206\u6790**\uff1a
\n\u5982\u679cETH\u4ef7\u683c\u8dcc\u78343000\u7f8e\u5143\uff0c\u7ea640%\u7684\u673a\u6784\u6301\u4ed3\u5c06\u5904\u4e8e\u4e8f\u635f\u72b6\u6001\u3002\u8fd9\u53ef\u80fd\u5bfc\u81f4ETF\u51c0\u6d41\u51fa\uff0c\u8fdb\u4e00\u6b65\u6253\u538b\u4ef7\u683c\u3002\u76f8\u53cd\uff0c\u5982\u679cETH\u7a81\u78344500\u7f8e\u5143\uff0c\u673a\u6784\u5c06\u83b7\u5f97\u7ea6+28%\u7684\u6d6e\u76c8\uff0c\u53ef\u80fd\u5438\u5f15\u66f4\u591a\u8d44\u91d1\u6d41\u5165\u3002<\/p>\n
### 4.3 \u6280\u672f\u9762\u5c55\u671b<\/p>\n
**\u652f\u6491\u4f4d\u4e0e\u963b\u529b\u4f4d**\uff1a
\n– \u5f3a\u652f\u6491\uff1a2800\u7f8e\u5143\uff082024\u5e749\u6708\u4f4e\u70b9\uff09\u30012500\u7f8e\u5143\uff08\u5fc3\u7406\u5173\u53e3\uff09
\n– \u5f3a\u963b\u529b\uff1a3600\u7f8e\u5143\uff082025\u5e7412\u6708\u9ad8\u70b9\uff09\u30014000\u7f8e\u5143\uff08\u6574\u6570\u5173\u53e3\uff09\u30014800\u7f8e\u5143\uff08\u5386\u53f2\u9ad8\u70b9\uff09<\/p>\n
**\u6280\u672f\u6307\u6807\uff082026\u5e745\u6708\uff09**\uff1a
\n– RSI\uff0814\u5929\uff09\uff1a\u7ea652\uff08\u4e2d\u6027\uff09
\n– MACD\uff1a\u96f6\u8f74\u9644\u8fd1\uff0c\u65b9\u5411\u4e0d\u660e
\n– 200\u65e5\u5747\u7ebf\uff1a\u7ea63500\u7f8e\u5143\uff08\u5f53\u524d\u4ef7\u683c\u5728\u5747\u7ebf\u4e0b\u65b9\uff0c\u504f\u7a7a\uff09
\n– \u6590\u6ce2\u90a3\u5951\u56de\u64a4\uff1a38.2%\u4f4d\u7ea63200\u7f8e\u5143\uff08\u5f53\u524d\u4f4d\u7f6e\uff09\uff0c61.8%\u4f4d\u7ea62500\u7f8e\u5143<\/p>\n
**\u7ed3\u8bba**\uff1aETH\u77ed\u671f\u5904\u4e8e\u9707\u8361\u6574\u7406\u9636\u6bb5\uff0c\u7b49\u5f85\u65b9\u5411\u9009\u62e9\u3002\u5982\u679c\u7a81\u78343600\u7f8e\u5143\uff0c\u53ef\u80fd\u5f00\u542f\u65b0\u4e00\u6ce2\u4e0a\u6da8\uff1b\u5982\u679c\u8dcc\u78342800\u7f8e\u5143\uff0c\u53ef\u80fd\u6d4b\u8bd52500\u7f8e\u5143\u652f\u6491\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e94\u7ae0\uff1aHZD\u4e2d\u7acb\u70b9\u8bc4\u2014\u2014\u4ee5\u592a\u574a\u7684\u5341\u5b57\u8def\u53e3<\/p>\n
\u7ecf\u8fc7\u6df1\u5165\u5206\u6790\uff0cHZD\u8ba4\u4e3a\u4ee5\u592a\u574a\u6b63\u5904\u4e8e”\u5341\u5b57\u8def\u53e3”\u2014\u2014\u4e00\u8fb9\u662f\u751f\u6001\u7e41\u8363\u548c\u6280\u672f\u9886\u5148\uff0c\u53e6\u4e00\u8fb9\u662f\u6027\u80fd\u74f6\u9888\u548c\u7ade\u4e89\u538b\u529b\u3002<\/p>\n
**\u770b\u591a\u6d3e\u7684\u6b63\u786e\u4e4b\u5904**\uff1a
\n1. \u4ee5\u592a\u574a\u62e5\u6709\u6700\u6210\u719f\u7684\u751f\u6001\u3001\u6700\u6d3b\u8dc3\u7684\u5f00\u53d1\u8005\u793e\u533a\uff0c\u8fd9\u662f\u4efb\u4f55\u7ade\u4e89\u5bf9\u624b\u77ed\u671f\u5185\u65e0\u6cd5\u590d\u5236\u7684\u62a4\u57ce\u6cb3
\n2. L2\u6218\u7565\u867d\u7136\u5bfc\u81f4\u4e3b\u7f51\u6536\u5165\u4e0b\u964d\uff0c\u4f46”\u5e1d\u56fd\u6269\u5f20”\u7684\u903b\u8f91\u662f\u6210\u7acb\u7684\u2014\u2014\u4e3b\u7f51\u626e\u6f14\u7ed3\u7b97\u5c42\uff0cL2\u626e\u6f14\u6267\u884c\u5c42
\n3. \u673a\u6784\u91c7\u7528\uff08ETF\u3001\u4f01\u4e1a\u7528\u6237\uff09\u6b63\u5728\u52a0\u901f\uff0cETH\u4f5c\u4e3a”\u673a\u6784\u7ea7\u8d44\u4ea7”\u7684\u53d9\u4e8b\u6108\u53d1\u6e05\u6670<\/p>\n
**\u770b\u7a7a\u6d3e\u7684\u6b63\u786e\u4e4b\u5904**\uff1a
\n1. ETH\u7684\u901a\u7f29\u53d9\u4e8b\u5df2\u7ecf\u7834\u706d\uff0c\u4f9b\u5e94\u91cd\u56de\u901a\u80c0\u8f68\u9053\uff0c\u8fd9\u524a\u5f31\u4e86\u957f\u671f\u6295\u8d44\u903b\u8f91
\n2. L2\u788e\u7247\u5316\u5bfc\u81f4\u7528\u6237\u4f53\u9a8c\u4e0b\u964d\uff0c\u5982\u679c\u672a\u6765\u51fa\u73b0\u66f4\u7b80\u6d01\u7684\u516c\u94fe\uff08\u5982Monad\u3001Sui\uff09\uff0c\u4ee5\u592a\u574a\u53ef\u80fd\u5931\u53bb\u5927\u91cf\u7528\u6237
\n3. \u6280\u672f\u8fed\u4ee3\u901f\u5ea6\u653e\u7f13\uff0c2026\u5e74\u7684\u4ee5\u592a\u574a\u4e3b\u7f51\u4e0e2021\u5e74\u76f8\u6bd4\uff0c\u6027\u80fd\u5e76\u65e0\u672c\u8d28\u63d0\u5347<\/p>\n
**HZD\u7684\u72ec\u7279\u89c2\u70b9**\uff1a<\/p>\n
\u4ee5\u592a\u574a\u771f\u6b63\u7684\u5371\u673a\u4e0d\u662f\u6280\u672f\uff0c\u800c\u662f**\u6218\u7565\u8ff7\u832b**\u3002\u901a\u8fc7L2\u6269\u5bb9\u540e\uff0c\u4e3b\u7f51\u7684\u4ef7\u503c\u6355\u83b7\u80fd\u529b\u5927\u5e45\u4e0b\u964d\u2014\u2014\u7528\u6237\u4f7f\u7528Arbitrum\u3001Base\u65f6\uff0c\u624b\u7eed\u8d39\u652f\u4ed8\u7ed9L2\uff0c\u800c\u975e\u4e3b\u7f51\u3002\u8fd9\u5bfc\u81f4ETH\u7684”\u8d27\u5e01\u6ea2\u4ef7”\u88ab\u7a00\u91ca\u3002<\/p>\n
\u5982\u679c\u4ee5\u592a\u574a\u4e0d\u80fd\u627e\u5230\u65b0\u7684\u4ef7\u503c\u6355\u83b7\u673a\u5236\uff08\u5982L2\u5411\u4e3b\u7f51\u652f\u4ed8”\u79df\u91d1”\u3001\u6216\u5c06ETH\u4f5c\u4e3aL2\u7684\u5171\u4eab\u5b89\u5168\u5c42\uff09\uff0c\u5b83\u53ef\u80fd\u4ece”\u6570\u5b57\u77f3\u6cb9”\u964d\u7ea7\u4e3a”\u6570\u5b57\u94dc”\u2014\u2014\u6709\u4ef7\u503c\uff0c\u4f46\u4e0d\u518d\u7a00\u7f3a\u3002<\/p>\n
**\u6295\u8d44\u5efa\u8bae**\uff1a
\n– **\u77ed\u671f\uff083-6\u4e2a\u6708\uff09**\uff1a\u8c28\u614e\u770b\u7a7a\uff0cETH\u53ef\u80fd\u6d4b\u8bd52800-2500\u7f8e\u5143\u652f\u6491
\n– **\u4e2d\u671f\uff081-2\u5e74\uff09**\uff1a\u4e2d\u6027\uff0c\u7b49\u5f85L2\u751f\u6001\u6210\u719f\u548cETH ETF\u6e17\u900f\u7387\u63d0\u5347
\n– **\u957f\u671f\uff083-5\u5e74\uff09**\uff1a\u770b\u591a\uff0c\u4f46\u9700\u8b66\u60d5Solana\u3001Monad\u7b49\u7ade\u4e89\u5bf9\u624b\u7684\u5a01\u80c1<\/p>\n
\u5bf9\u4e8e\u666e\u901a\u6295\u8d44\u8005\uff0c\u5efa\u8bae\u57282800\u7f8e\u5143\u4ee5\u4e0b\u5206\u6279\u5efa\u4ed3\uff0c\u76ee\u6807\u4ef7\u4f4d4500-6000\u7f8e\u5143\uff0c\u6b62\u635f\u4f4d2500\u7f8e\u5143\u3002\u4e0d\u8981\u53bb\u8d4c”ETH\u7a81\u783410000\u7f8e\u5143”\u7684\u6781\u7aef\u884c\u60c5\uff0c\u4e5f\u4e0d\u8981\u76f2\u76ee\u76f8\u4fe1”ETH\u5df2\u6b7b”\u7684\u60b2\u89c2\u8bba\u8c03\u3002<\/p>\n
\u4ee5\u592a\u574a\u4e0d\u662f\u5b8c\u7f8e\u65e0\u7f3a\u7684\uff0c\u4f46\u5b83\u4f9d\u7136\u662f\u52a0\u5bc6\u4e16\u754c\u6700\u91cd\u8981\u7684\u57fa\u7840\u8bbe\u65bd\u3002\u5728\u8d28\u7591\u548c\u4e89\u8bae\u4e2d\uff0c\u5b83\u5c06\u7ee7\u7eed\u6f14\u8fdb\u2014\u2014\u4e5f\u8bb8\u4e0d\u662f\u6700\u5feb\u7684\uff0c\u4f46\u4e00\u5b9a\u662f\u6700\u575a\u97e7\u7684\u3002<\/p>\n
—<\/p>\n
## \u7ed3\u8bed<\/p>\n
ETH\u4ef7\u503c\u8bba\u6218\uff0c\u672c\u8d28\u4e0a\u662f\u52a0\u5bc6\u4e16\u754c\u5bf9”\u4ec0\u4e48\u662f\u771f\u6b63\u7684\u4ef7\u503c”\u7684\u6df1\u523b\u53cd\u601d\u3002\u662f\u4ee5\u592a\u574a\u7684\u751f\u6001\u62a4\u57ce\u6cb3\u66f4\u91cd\u8981\uff0c\u8fd8\u662fSolana\u7684\u6027\u80fd\u4f18\u52bf\u66f4\u5173\u952e\uff1f\u662f\u901a\u7f29\u53d9\u4e8b\u7834\u706d\u610f\u5473\u7740\u672b\u65e5\uff0c\u8fd8\u662f\u673a\u6784\u91c7\u7528\u80fd\u5e26\u6765\u65b0\u751f\uff1f<\/p>\n
\u94fe\u4e0a\u6570\u636e\u544a\u8bc9\u6211\u4eec\uff1a\u4ee5\u592a\u574a\u4f9d\u7136\u662f\u6700\u6d3b\u8dc3\u7684DeFi\u751f\u6001\uff0cTVL\u7ea6800\u4ebf\u7f8e\u5143\uff08\u4e3b\u7f51+L2\uff09\uff0c\u5f00\u53d1\u8005\u6d3b\u8dc3\u5ea6\u9065\u9065\u9886\u5148\u3002\u4f46\u4e0e\u6b64\u540c\u65f6\uff0c\u4e3b\u7f51\u624b\u7eed\u8d39\u6536\u5165\u66b4\u8dcc90%\uff0c\u901a\u80c0\u538b\u529b\u91cd\u73b0\uff0c\u7ade\u4e89\u5bf9\u624b\u6b63\u5728\u5feb\u901f\u8ffd\u8d76\u3002<\/p>\n
\u4f5c\u4e3a\u6295\u8d44\u8005\uff0c\u6211\u4eec\u9700\u8981\u8df3\u51fa”\u770b\u591a”\u6216”\u770b\u7a7a”\u7684\u4e8c\u5143\u5bf9\u7acb\uff0c\u7528\u66f4\u7406\u6027\u7684\u89c6\u89d2\u5ba1\u89c6\u4ee5\u592a\u574a\u7684\u4ef7\u503c\u3002\u5b83\u53ef\u80fd\u4e0d\u662f”\u8d85\u58f0\u6ce2\u8d27\u5e01”\uff0c\u4f46\u5b83\u4f9d\u7136\u662f\u52a0\u5bc6\u4e16\u754c\u4e0d\u53ef\u6216\u7f3a\u7684”\u6570\u5b57\u57fa\u7840\u8bbe\u65bd”\u3002<\/p>\n
2026\u5e74\u7684\u4ee5\u592a\u574a\uff0c\u6b63\u5728\u7ecf\u5386\u6210\u957f\u7684\u9635\u75db\u3002L2\u751f\u6001\u7684\u7e41\u8363\u4e0e\u4e3b\u7f51\u6536\u5165\u7684\u4e0b\u964d\uff0c\u662f\u6311\u6218\uff0c\u4e5f\u662f\u673a\u9047\u3002\u5728\u8fd9\u4e2a\u5341\u5b57\u8def\u53e3\uff0c\u4ee5\u592a\u574a\u7684\u9009\u62e9\u5c06\u51b3\u5b9a\u6574\u4e2a\u52a0\u5bc6\u4e16\u754c\u7684\u672a\u6765\u3002<\/p>\n
\u5728\u4e89\u8bae\u4e2d\u524d\u884c\uff0c\u4e5f\u8bb8\u5c31\u662f\u4ee5\u592a\u574a\u7684\u547d\u8fd0\u3002<\/p>\n
—<\/p>\n
**\u6587\u7ae0\u5b57\u6570\uff1a\u7ea65200\u5b57**
\n**\u6570\u636e\u6765\u6e90\uff1aDefiLlama, Etherscan, GitHub, ETH ETF\u6301\u4ed3\u62a5\u544a, CoinGecko**
\n**\u751f\u6210\u65f6\u95f4\uff1a2026\u5e745\u67085\u65e5**<\/p>\n","protected":false},"excerpt":{"rendered":"
2024\u5e743\u670813\u65e5\uff0c\u4ee5\u592a\u574a\u5b8c\u6210Dencun\u5347\u7ea7\uff0c\u6807\u5fd7\u7740\u5176\u6269\u5bb9\u8def\u7ebf\u56fe\u8fc8\u5165\u65b0\u9636\u6bb5\u3002\u6b63\u5f53\u5e02\u573a\u671f\u5f85ETH\u4ef7\u683c\u7a81\u78345000\u7f8e\u5143\u5386\u53f2\u9ad8\u70b9\u65f6\uff0c\u5374\u88abSolana\u3001Sui\u3001Avalanche\u7b49\u65b0\u5174\u516c\u94fe\u56f4\u527f\u3002Solana\u51ed\u501f\u9ad8TPS\u548c\u4f4e\u624b\u7eed\u8d39\uff0c\u65e5\u6d3b\u7528\u6237\u4e00\u5ea6\u8d85\u8fc7\u4ee5\u592a\u574a\u4e3b\u7f51\uff1bLayer 2\u89e3\u51b3\u65b9\u6848\u867d\u7136\u7e41\u8363\uff0c\u5374\u5bfc\u81f4ETH\u4e3b\u7f51\u624b\u7eed\u8d39\u6536\u5165\u66b4\u8dcc90%\u3002<\/p>\n","protected":false},"author":1,"featured_media":218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-14"],"_links":{"self":[{"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/posts\/203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=203"}],"version-history":[{"count":0,"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/posts\/203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/media\/218"}],"wp:attachment":[{"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}