{"id":4014,"date":"2026-11-02T06:15:01","date_gmt":"2026-11-01T22:15:01","guid":{"rendered":"https:\/\/www.shoppingguid.com\/?p=4014"},"modified":"2026-11-02T06:15:01","modified_gmt":"2026-11-01T22:15:01","slug":"%e4%bb%a5%e5%a4%aa%e5%9d%8a%e5%86%8d%e5%ae%9a%e4%bb%b7%ef%bc%9a%e4%bb%8erollup-centric%e5%88%b0%e3%80%8c%e5%ae%89%e5%85%a8%e6%80%a7%e7%bb%93%e7%ae%97%e5%b1%82%e3%80%8d","status":"publish","type":"post","link":"https:\/\/www.jiankangguanli1.com\/?p=4014","title":{"rendered":"\u4ee5\u592a\u574a\u518d\u5b9a\u4ef7\uff1a\u4eceRollup-Centric\u5230\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\u300d"},"content":{"rendered":"<div>\n<p>2026 \u5e74 2 \u6708 3 \u65e5\uff0cVitalik \u5728 X \u4e0a\u53d1\u8868\u4e86\u5173\u4e8e\u4ee5\u592a\u574a\u6269\u5bb9\u8def\u7ebf\u7684\u91cd\u8981\u53cd\u601d\u3002\u968f\u7740 Layer 2 \u5411\u5b8c\u5168\u53bb\u4e2d\u5fc3\u5316\u5f62\u6001\u6f14\u8fdb\u7684\u73b0\u5b9e\u96be\u5ea6\u88ab\u91cd\u65b0\u8ba4\u8bc6\uff0c\u540c\u65f6\u4e3b\u7f51\u81ea\u8eab\u541e\u5410\u80fd\u529b\u5728\u672a\u6765\u6570\u5e74\u5185\u9884\u8ba1\u5927\u5e45\u63d0\u5347\uff0c<strong>\u300c\u4ee5 L2 \u4f5c\u4e3a\u4ee5\u592a\u574a\u89c4\u6a21\u5316\u6838\u5fc3\u8f7d\u4f53\u300d\u7684\u539f\u59cb\u8bbe\u60f3\u5df2\u4e0d\u518d\u6210\u7acb\u3002<\/strong>\u4ee5\u592a\u574a\u7684\u6218\u7565\u91cd\u5fc3\u6b63\u56de\u5f52\u4e3b\u7f51\u672c\u8eab\u2014\u2014\u901a\u8fc7\u5236\u5ea6\u5316\u6269\u5bb9\u4e0e\u534f\u8bae\u5185\u751f\u5b89\u5168\u673a\u5236\uff0c\u5f3a\u5316\u5176\u4f5c\u4e3a<strong>\u5168\u7403\u6700\u53ef\u4fe1\u7ed3\u7b97\u5c42<\/strong>\u7684\u5b9a\u4f4d\u3002\u6269\u5bb9\u4e0d\u518d\u662f\u552f\u4e00\u76ee\u6807\uff0c<strong>\u5b89\u5168\u6027\u3001\u4e2d\u7acb\u6027\u4e0e\u53ef\u9884\u6d4b\u6027<\/strong>\uff0c\u91cd\u65b0\u6210\u4e3a\u4ee5\u592a\u574a\u7684\u6838\u5fc3\u8d44\u4ea7\u3002<\/p>\n<p><strong>\u6838\u5fc3\u53d8\u5316\uff1a<\/strong><\/p>\n<p><strong>\u00b7 \u4ee5\u592a\u574a\u6b63\u5728\u8fdb\u5165\u300cL1 \u4f18\u5148\u8303\u5f0f\u300d\uff1a<\/strong> \u968f\u7740\u4e3b\u7f51\u76f4\u63a5\u6269\u5c55\u3001\u8d39\u7528\u6301\u7eed\u4e0b\u964d\uff0c\u4f9d\u8d56 L2 \u627f\u62c5\u89c4\u6a21\u5316\u6838\u5fc3\u89d2\u8272\u7684\u539f\u59cb\u5047\u8bbe\u5df2\u4e0d\u518d\u6210\u7acb\u3002<\/p>\n<p><strong>\u00b7 L2 \u4e0d\u518d\u662f\u300c\u54c1\u724c\u5206\u7247\u300d\uff0c\u800c\u662f\u4fe1\u4efb\u5149\u8c31\uff1a<\/strong> L2 \u53bb\u4e2d\u5fc3\u5316\u63a8\u8fdb\u8fdc\u6162\u4e8e\u9884\u671f\uff0c\u96be\u4ee5\u7edf\u4e00\u7ee7\u627f\u4ee5\u592a\u574a\u5b89\u5168\u6027\uff0c\u5176\u89d2\u8272\u6b63\u88ab\u91cd\u65b0\u5b9a\u4e49\u4e3a\u4e0d\u540c\u4fe1\u4efb\u7ea7\u522b\u7684\u7f51\u7edc\u5149\u8c31\u3002<\/p>\n<p><strong>\u00b7 \u4ee5\u592a\u574a\u7684\u6838\u5fc3\u4ef7\u503c\u4ece\u300c\u6d41\u91cf\u300d\u8f6c\u5411\u300c\u7ed3\u7b97\u4e3b\u6743\u300d\uff1a<\/strong> ETH \u7684\u4ef7\u503c\u4e0d\u518d\u9650\u4e8e Gas \u6216 Blob \u6536\u5165\uff0c\u800c\u5728\u4e8e\u5176\u4f5c\u4e3a\u5168\u7403\u6700\u5b89\u5168 EVM \u7ed3\u7b97\u5c42\u4e0e\u539f\u751f\u8d27\u5e01\u8d44\u4ea7\u7684\u5236\u5ea6\u6027\u6ea2\u4ef7\u3002<\/p>\n<p><strong>\u00b7 \u6269\u5c55\u7b56\u7565\u6b63\u5728\u5411\u534f\u8bae\u5185\u751f\u5316\u8c03\u6574\uff1a<\/strong> \u5728 L1 \u6301\u7eed\u76f4\u63a5\u6269\u5c55\u7684\u57fa\u7840\u4e0a\uff0c\u534f\u8bae\u5c42\u539f\u751f\u9a8c\u8bc1\u4e0e\u5b89\u5168\u673a\u5236\u7684\u63a2\u7d22\uff0c\u53ef\u80fd\u91cd\u5851 L1\u2013L2 \u7684\u5b89\u5168\u8fb9\u754c\u4e0e\u4ef7\u503c\u6355\u83b7\u7ed3\u6784\u3002<\/p>\n<p><strong>\u00b7 \u4f30\u503c\u6846\u67b6\u53d1\u751f\u7ed3\u6784\u6027\u8fc1\u79fb\uff1a<\/strong> \u5b89\u5168\u6027\u4e0e\u673a\u6784\u53ef\u4fe1\u5ea6\u6743\u91cd\u663e\u8457\u4e0a\u5347\uff0c\u624b\u7eed\u8d39\u4e0e\u5e73\u53f0\u6548\u5e94\u6743\u91cd\u4e0b\u964d\uff0cETH \u7684\u5b9a\u4ef7\u6b63\u4ece\u73b0\u91d1\u6d41\u6a21\u578b\u8f6c\u5411\u8d44\u4ea7\u6ea2\u4ef7\u6a21\u578b\u3002<\/p>\n<p>\u672c\u6587\u5c06\u4f9d\u7167<strong>\u4e8b\u5b9e<\/strong>\uff08\u5df2\u53d1\u751f\u7684\u6280\u672f\u4e0e\u5236\u5ea6\u53d8\u5316\uff09\u3001<strong>\u673a\u5236<\/strong>\uff08\u5bf9\u4ef7\u503c\u6355\u83b7\u4e0e\u5b9a\u4ef7\u903b\u8f91\u7684\u5f71\u54cd\uff09\u3001<strong>\u63a8\u6f14<\/strong>\uff08\u5bf9\u914d\u7f6e\u4e0e\u98ce\u9669\u56de\u62a5\u7684\u542b\u4e49\uff09\u7684\u5206\u5c42\u5bf9\u4ee5\u592a\u574a\u5b9a\u4ef7\u6a21\u578b\u7684<strong>\u8303\u5f0f\u8f6c\u53d8<\/strong>\u4e0e<strong>\u4f30\u503c\u91cd\u6784<\/strong>\u5c55\u5f00\u5206\u6790\u3002<\/p>\n<h1>\u539f\u70b9\u56de\u5f52\uff1a\u4ee5\u592a\u574a\u4ef7\u503c\u89c2<\/h1>\n<p>\u7406\u89e3\u4ee5\u592a\u574a\u7684\u957f\u671f\u4ef7\u503c\uff0c\u5173\u952e\u4e0d\u5728\u77ed\u671f\u4ef7\u683c\u6ce2\u52a8\uff0c\u800c\u5728\u4e8e\u5176\u59cb\u7ec8\u5982\u4e00\u7684\u8bbe\u8ba1\u7406\u5ff5\u4e0e\u4ef7\u503c\u53d6\u5411\u3002<\/p>\n<p><strong>\u00b7 \u53ef\u4fe1\u4e2d\u7acb\u6027\uff1a<\/strong>\u4ee5\u592a\u574a\u7684\u6838\u5fc3\u76ee\u6807\u5e76\u975e\u6548\u7387\u6216\u5229\u6da6\u6700\u5927\u5316\uff0c\u800c\u662f\u6210\u4e3a\u4e00\u5957\u53ef\u4fe1\u4e2d\u7acb\u7684\u57fa\u7840\u8bbe\u65bd\u2014\u2014\u89c4\u5219\u516c\u5f00\u3001\u53ef\u9884\u6d4b\uff0c\u4e0d\u504f\u8892\u4efb\u4f55\u53c2\u4e0e\u8005\uff0c\u4e0d\u53d7\u5355\u4e00\u4e3b\u4f53\u63a7\u5236\uff0c\u4efb\u4f55\u4eba\u5747\u53ef\u65e0\u9700\u8bb8\u53ef\u5730\u53c2\u4e0e\u3002ETH \u53ca\u5176\u94fe\u4e0a\u8d44\u4ea7\u7684\u5b89\u5168\u6027\uff0c\u6700\u7ec8\u4f9d\u8d56\u7684\u662f\u534f\u8bae\u672c\u8eab\uff0c\u800c\u975e\u4efb\u4f55\u673a\u6784\u4fe1\u7528\u3002<\/p>\n<p><strong>\u00b7 \u751f\u6001\u4f18\u5148\u975e\u6536\u5165\u4f18\u5148\uff1a<\/strong>\u4ee5\u592a\u574a\u591a\u6b21\u5173\u952e\u5347\u7ea7\u4f53\u73b0\u51fa\u4e00\u81f4\u7684\u51b3\u7b56\u903b\u8f91\u2014\u2014\u4e3b\u52a8\u653e\u5f03\u77ed\u671f\u534f\u8bae\u6536\u5165\uff0c\u4ee5\u6362\u53d6\u66f4\u4f4e\u7684\u4f7f\u7528\u6210\u672c\u3001\u66f4\u5927\u7684\u751f\u6001\u89c4\u6a21\u4e0e\u66f4\u5f3a\u7684\u7cfb\u7edf\u97e7\u6027\u3002\u5176\u76ee\u6807\u4e0d\u662f\u300c\u6536\u53d6\u8fc7\u8def\u8d39\u300d\uff0c\u800c\u662f\u6210\u4e3a\u6570\u5b57\u7ecf\u6d4e\u4e2d\u4e0d\u53ef\u66ff\u4ee3\u7684\u4e2d\u7acb\u7ed3\u7b97\u4e0e\u4fe1\u4efb\u5e95\u5ea7\u3002<\/p>\n<p><strong>\u00b7 \u53bb\u4e2d\u5fc3\u5316\u4f5c\u4e3a\u624b\u6bb5\uff1a<\/strong>\u4e3b\u7f51\u4e13\u6ce8\u4e8e\u6700\u9ad8\u7b49\u7ea7\u7684\u5b89\u5168\u6027\u4e0e\u6700\u7ec8\u6027\uff0c\u800c Layer 2 \u7f51\u7edc\u4f4d\u4e8e\u4e0e\u4e3b\u7f51\u4e0d\u540c\u7a0b\u5ea6\u7684\u8fde\u63a5\u5149\u8c31\u4e0a\uff1a\u6709\u7684\u7ee7\u627f\u4e3b\u7f51\u5b89\u5168\u6027\u5e76\u8ffd\u6c42\u6548\u7387\uff0c\u6709\u7684\u5219\u4ee5\u5dee\u5f02\u5316\u529f\u80fd\u4e3a\u4ef7\u503c\u5b9a\u4f4d\u3002\u4f7f\u7cfb\u7edf\u80fd\u591f\u540c\u65f6\u670d\u52a1\u5168\u7403\u7ed3\u7b97\u4e0e\u9ad8\u6027\u80fd\u5e94\u7528\uff0c\u800c\u975e L2\u300c\u54c1\u724c\u5206\u7247\u300d\u3002<\/p>\n<p><strong>\u00b7 \u957f\u671f\u4e3b\u4e49\u6280\u672f\u8def\u7ebf\uff1a<\/strong>\u4ee5\u592a\u574a\u575a\u6301\u6162\u800c\u786e\u5b9a\u7684\u6f14\u8fdb\u8def\u5f84\uff0c\u4f18\u5148\u4fdd\u969c\u7cfb\u7edf\u5b89\u5168\u4e0e\u53ef\u4fe1\u5ea6\u3002\u4ece PoS \u8f6c\u578b\u5230\u540e\u7eed\u6269\u5bb9\u4e0e\u786e\u8ba4\u673a\u5236\u4f18\u5316\uff0c\u5176\u8def\u7ebf\u56fe\u8ffd\u6c42\u53ef\u6301\u7eed\u3001\u53ef\u9a8c\u8bc1\u3001\u4e0d\u53ef\u9006\u7684\u6b63\u786e\u6027\u3002<\/p>\n<p><strong>\u00b7\u5b89\u5168\u6027\u7ed3\u7b97\u5c42 (Security Settlement Layer)\uff1a<\/strong> \u6307\u4ee5\u592a\u574a\u4e3b\u7f51\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u9a8c\u8bc1\u8282\u70b9\u548c\u5171\u8bc6\u673a\u5236\uff0c\u4e3a Layer 2 \u53ca\u94fe\u4e0a\u8d44\u4ea7\u63d0\u4f9b\u4e0d\u53ef\u9006\u8f6c\u7684\u6700\u7ec8\u6027\uff08Finality\uff09\u670d\u52a1\u3002<\/p>\n<p>\u8fd9\u79cd<strong>\u5b89\u5168\u6027\u7ed3\u7b97\u5c42<\/strong>\u7684\u5b9a\u4f4d\uff0c\u6807\u5fd7\u4e86<strong>\u300c\u7ed3\u7b97\u4e3b\u6743\u300d\u7684\u5efa\u7acb<\/strong>\uff0c<strong>\u662f\u4ee5\u592a\u574a\u4ece\u300c\u90a6\u8054\u5236\u300d\u8f6c\u5411\u300c\u8054\u90a6\u5236\u300d\u7684\u8f6c\u53d8\uff0c\u662f\u4ee5\u592a\u574a\u6570\u5b57\u56fd\u5bb6\u5efa\u7acb\u7684\u300c\u5baa\u6cd5\u65f6\u523b\u300d\uff0c\u66f4\u662f\u4ee5\u592a\u574a\u67b6\u6784\u4e0e\u6838\u5fc3\u7684\u91cd\u8981\u5347\u7ea7\u3002<\/strong><\/p>\n<p>\u7f8e\u56fd\u72ec\u7acb\u6218\u4e89\u4ee5\u540e\uff0c\u5728\u90a6\u8054\u5236\u7684\u6761\u6b3e\u4e0b\uff0c13 \u4e2a\u5dde\u50cf\u662f\u4e00\u4e2a\u677e\u6563\u8054\u76df\uff0c\u5404\u5dde\u5404\u5370\u5404\u7684\u8d27\u5e01\u3001\u4e92\u76f8\u5f81\u6536\u5173\u7a0e\uff0c\u6bcf\u4e2a\u5dde\u90fd\u5728\u642d\u4fbf\u8f66\uff1a\u4eab\u53d7\u5171\u540c\u56fd\u9632\uff0c\u5374\u62d2\u7edd\u7f34\u8d39\uff1b\u4eab\u53d7\u8054\u76df\u7684\u54c1\u724c\uff0c\u5374\u5404\u81ea\u4e3a\u653f\u3002\u8fd9\u4e2a\u7ed3\u6784\u6027\u7684\u95ee\u9898\u5bfc\u81f4\u56fd\u5bb6\u4fe1\u7528\u964d\u4f4e\uff0c\u5e76\u4e14\u65e0\u6cd5\u7edf\u4e00\u5bf9\u5916\u8d38\u6613\uff0c\u4e25\u91cd\u963b\u788d\u7ecf\u6d4e\u3002<\/p>\n<p>1787 \u5e74\u662f\u7f8e\u56fd\u7684\u300c\u5baa\u6cd5\u65f6\u523b\u300d\uff0c\u65b0\u5baa\u6cd5\u8d4b\u4e88\u8054\u90a6\u653f\u5e9c\u4e09\u9879\u5173\u952e\u6743\u529b\uff1a\u76f4\u63a5\u5f81\u7a0e\u6743\u3001\u5dde\u9645\u8d38\u6613\u7ba1\u5236\u6743\u3001\u7edf\u4e00\u8d27\u5e01\u6743\u3002\u4f46\u771f\u6b63\u8ba9\u8054\u90a6\u653f\u5e9c\\&#8221;\u6d3b\u8fc7\u6765\\&#8221;\u7684\u662f\u6c49\u5bc6\u5c14\u987f 1790 \u5e74\u7684\u7ecf\u6d4e\u65b9\u6848\uff0c\u8054\u90a6\u627f\u62c5\u5404\u5dde\u503a\u52a1\u3001\u6309\u9762\u503c\u5151\u4ed8\u91cd\u5efa\u56fd\u5bb6\u4fe1\u7528\u3001<strong>\u5efa\u7acb\u56fd\u5bb6\u94f6\u884c\u4f5c\u4e3a\u91d1\u878d\u4e2d\u67a2<\/strong>\u3002\u7edf\u4e00\u5e02\u573a\u91ca\u653e\u4e86\u89c4\u6a21\u6548\u5e94\uff0c\u56fd\u5bb6\u4fe1\u7528\u5438\u5f15\u4e86\u66f4\u591a\u8d44\u672c\uff0c\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u83b7\u5f97\u4e86\u878d\u8d44\u80fd\u529b\u3002\u7f8e\u56fd\u4ece 13 \u4e2a\u4e92\u76f8\u8bbe\u9632\u7684\u5c0f\u90a6\uff0c\u8d70\u5411\u4e86\u4e16\u754c\u7b2c\u4e00\u5927\u7ecf\u6d4e\u4f53\u3002<\/p>\n<p>\u4eca\u5929\u7684\u4ee5\u592a\u574a\u751f\u6001\u7684<strong>\u7ed3\u6784\u6027\u56f0\u5883\u5b8c\u5168\u4e00\u81f4\u3002<\/strong><\/p>\n<p>\u6bcf\u6761 L2 \u5c31\u50cf\u4e00\u4e2a\u300c\u4e3b\u6743\u5dde\u300d\uff0c\u5404\u81ea\u6709\u81ea\u5df1\u7684\u7528\u6237\u7fa4\u3001\u6d41\u52a8\u6027\u6c60\u548c\u6cbb\u7406\u4ee3\u5e01\u3002\u6d41\u52a8\u6027\u88ab\u5207\u5272\u6210\u788e\u7247\uff0c\u8de8 L2 \u4ea4\u4e92\u6469\u64e6\u5927\uff0cL2 \u4eab\u53d7\u4ee5\u592a\u574a\u7684\u5b89\u5168\u5c42\u548c\u54c1\u724c\u5374\u65e0\u6cd5\u56de\u9988 L1 \u4ef7\u503c\u3002\u6bcf\u6761 L2 \u628a\u6d41\u52a8\u6027\u9501\u5728\u81ea\u5df1\u94fe\u4e0a\u662f\u77ed\u671f\u7406\u6027\u7684\uff0c\u4f46\u6240\u6709 L2 \u90fd\u8fd9\u6837\u505a\u5c31\u5bfc\u81f4\u6574\u4e2a\u4ee5\u592a\u574a\u751f\u6001\u7684\u6700\u6838\u5fc3\u7684\u7ade\u4e89\u4f18\u52bf\u4e27\u5931\u3002<\/p>\n<p><strong>\u4ee5\u592a\u574a\u73b0\u5728\u63a8\u8fdb\u7684\u8def\u7ebf\u56fe\uff0c\u672c\u8d28\u4e0a\u5c31\u662f\u5b83\u7684\u5236\u5baa\u548c\u5efa\u7acb\u4e2d\u592e\u7ecf\u6d4e\u7cfb\u7edf\uff0c\u4e5f\u5c31\u662f\u5efa\u7acb\u300c\u7ed3\u7b97\u4e3b\u6743\u300d\uff1a<\/strong><\/p>\n<p><strong>\u00b7 \u539f\u751f Rollup \u9884\u7f16\u8bd1\uff08Native Rollup Precompile\uff09= \u8054\u90a6\u5baa\u6cd5\u3002<\/strong>L2 \u53ef\u4ee5\u5728 EVM \u4e4b\u5916\u81ea\u7531\u6784\u5efa\u5dee\u5f02\u5316\u529f\u80fd\uff0c\u800c EVM \u90e8\u5206\u53ef\u4ee5\u901a\u8fc7\u539f\u751f\u9884\u7f16\u8bd1\u83b7\u5f97\u4ee5\u592a\u574a\u7ea7\u522b\u7684\u5b89\u5168\u9a8c\u8bc1\u3002\u4e0d\u63a5\u5165\u5f53\u7136\u4e5f\u53ef\u4ee5\uff0c\u4f46\u4ee3\u4ef7\u662f\u5931\u53bb\u4e0e\u4ee5\u592a\u574a\u751f\u6001\u7684\u514d\u4fe1\u4efb\u4e92\u64cd\u4f5c\u6027\u3002<\/p>\n<p><strong>\u00b7 \u540c\u6b65\u53ef\u7ec4\u5408\u6027\uff08Synchronous Composability\uff09= \u7edf\u4e00\u5e02\u573a\u3002<\/strong>\u901a\u8fc7\u539f\u751f Rollup \u9884\u7f16\u8bd1\u7b49\u673a\u5236\uff0cL2 \u4e4b\u95f4\u3001L2 \u4e0e L1 \u4e4b\u95f4\u7684\u514d\u4fe1\u4efb\u4e92\u64cd\u4f5c\u548c\u540c\u6b65\u53ef\u7ec4\u5408\u6027\u6b63\u5728\u6210\u4e3a\u53ef\u80fd\uff0c\u8fd9\u76f4\u63a5\u6d88\u9664\u4e86\\&#8221;\u5dde\u9645\u8d38\u6613\u58c1\u5792\\&#8221;\uff0c\u6d41\u52a8\u6027\u4e0d\u518d\u88ab\u56f0\u5728\u5404\u81ea\u7684\u5b64\u5c9b\u4e0a\u3002<\/p>\n<p><strong>\u00b7 L1 \u4ef7\u503c\u6355\u83b7\u91cd\u5efa = \u8054\u90a6\u5f81\u7a0e\u6743\u3002<\/strong>\u5f53\u6240\u6709\u5173\u952e\u7684\u8de8 L2 \u4ea4\u4e92\u90fd\u56de\u5f52 L1 \u7ed3\u7b97\u65f6\uff0cETH \u91cd\u65b0\u6210\u4e3a\u6574\u4e2a\u751f\u6001\u7684\u7ed3\u7b97\u4e2d\u67a2\u548c\u4fe1\u4efb\u951a\u70b9\u3002\u8c01\u63a7\u5236\u7ed3\u7b97\u5c42\uff0c\u8c01\u5c31\u6355\u83b7\u4ef7\u503c\u3002<\/p>\n<p><strong>\u4ee5\u592a\u574a\u6b63\u5728\u7528\u7edf\u4e00\u7684\u7ed3\u7b97\u548c\u9a8c\u8bc1\u4f53\u7cfb\uff0c\u628a\u788e\u7247\u5316\u7684 L2 \u751f\u6001\u53d8\u6210\u4e00\u4e2a\u4e0d\u53ef\u66ff\u4ee3\u7684\u300c\u6570\u5b57\u56fd\u5bb6\u300d<\/strong>\uff0c\u8fd9\u662f\u4e00\u4e2a\u5386\u53f2\u5fc5\u7136\u3002\u5f53\u7136\uff0c\u8f6c\u53d8\u7684\u8fc7\u7a0b\u53ef\u80fd\u7f13\u6162\uff0c\u800c\u5386\u53f2\u544a\u8bc9\u6211\u4eec\uff0c\u8fd9\u4e2a\u8f6c\u53d8\u4e00\u65e6\u5b8c\u6210\uff0c\u91ca\u653e\u51fa\u7684\u7f51\u7edc\u6548\u5e94\u5c06\u8fdc\u8d85\u788e\u7247\u5316\u65f6\u4ee3\u7684\u7ebf\u6027\u589e\u957f\u3002\u7f8e\u56fd\u7528\u7edf\u4e00\u7684\u7ecf\u6d4e\u7cfb\u7edf\u628a 13 \u4e2a\u5c0f\u90a6\u53d8\u6210\u4e86\u4e16\u754c\u7b2c\u4e00\u5927\u7ecf\u6d4e\u4f53\u3002\u4ee5\u592a\u574a\u4e5f\u5c06\u628a\u677e\u6563\u7684 L2 \u751f\u6001\u8f6c\u5316\u6210\u6700\u5927\u7684\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\uff0c\u4e43\u81f3\u5168\u7403\u91d1\u878d\u8f7d\u4f53\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/17\/1771300926372525.webp?x-oss-process=image\/quality,q_50\/format,webp\" data-href=\"\" title=\"\u4ee5\u592a\u574a\u518d\u5b9a\u4ef7\uff1a\u4eceRollup-Centric\u5230\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\u300d\u63d2\u56fe\" \/><\/p>\n<p>\u25b2 \u4ee5\u592a\u574a\u6838\u5fc3\u5347\u7ea7\u8def\u7ebf\u56fe\u4e0e\u4f30\u503c\u5f71\u54cd (2025-2026)<\/p>\n<h1>\u4f30\u503c\u8bef\u533a\uff1a\u4e3a\u4f55\u4e0d\u5e94\u5c06\u4ee5\u592a\u574a\u89c6\u4e3a\u300c\u79d1\u6280\u516c\u53f8\u300d<\/h1>\n<p>\u5c06\u4f20\u7edf\u4f01\u4e1a\u4f30\u503c\u6a21\u578b\uff08P\/E\u3001DCF\u3001EV\/EBITDA\uff09\u5957\u7528\u4e8e\u4ee5\u592a\u574a\uff0c\u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u7c7b\u522b\u9519\u8bef\u3002\u4ee5\u592a\u574a\u5e76\u975e\u4ee5\u5229\u6da6\u6700\u5927\u5316\u4e3a\u76ee\u6807\u7684\u516c\u53f8\uff0c\u800c\u662f\u4e00\u5957\u5f00\u653e\u7684\u6570\u5b57\u7ecf\u6d4e\u57fa\u7840\u8bbe\u65bd\u3002\u4f01\u4e1a\u8ffd\u6c42\u80a1\u4e1c\u4ef7\u503c\u6700\u5927\u5316\uff0c\u800c\u4ee5\u592a\u574a\u8ffd\u6c42\u7684\u662f\u751f\u6001\u89c4\u6a21\u3001\u5b89\u5168\u6027\u4e0e\u6297\u5ba1\u67e5\u6027\u7684\u6700\u5927\u5316\u3002\u4e3a\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\uff0c\u4ee5\u592a\u574a\u591a\u6b21\u4e3b\u52a8\u538b\u4f4e\u534f\u8bae\u6536\u5165\uff08\u5982\u901a\u8fc7 EIP-4844 \u901a\u8fc7\u5f15\u5165 Blob DA\uff0c\u7ed3\u6784\u6027\u4e0b\u79fb L2 \u6570\u636e\u53d1\u5e03\u6210\u672c\uff0c\u5e76\u538b\u4f4e L1 \u6765\u81ea rollup \u6570\u636e\u7684\u8d39\u7528\u6536\u5165\uff09\u2014\u2014\u5728\u516c\u53f8\u89c6\u89d2\u4e0b\u8fd1\u4f3c\u300c\u6536\u5165\u81ea\u6bc1\u300d\uff0c\u4f46\u5728\u57fa\u7840\u8bbe\u65bd\u89c6\u89d2\u4e0b\uff0c\u5219\u662f\u4ee5\u727a\u7272\u77ed\u671f\u8d39\u7528\u6362\u53d6\u957f\u671f\u7684\u4e2d\u7acb\u6027\u6ea2\u4ef7\u4e0e\u7f51\u7edc\u6548\u5e94\u3002<\/p>\n<p>\u66f4\u5408\u7406\u7684\u7406\u89e3\u6846\u67b6\uff0c\u662f\u5c06\u4ee5\u592a\u574a\u89c6\u4e3a<strong>\u5168\u7403\u4e2d\u7acb\u7684\u7ed3\u7b97\u4e0e\u5171\u8bc6\u5c42\uff1a<\/strong>\u4e3a\u6570\u5b57\u7ecf\u6d4e\u63d0\u4f9b\u5b89\u5168\u6027\u3001\u6700\u7ec8\u6027\u4e0e\u53ef\u4fe1\u534f\u8c03\u3002ETH \u7684\u4ef7\u503c\u4f53\u73b0\u5728\u591a\u91cd\u7ed3\u6784\u6027\u9700\u6c42\u4e4b\u4e0a\u2014\u2014\u6700\u7ec8\u7ed3\u7b97\u7684\u521a\u6027\u9700\u6c42\u3001\u94fe\u4e0a\u91d1\u878d\u4e0e\u7a33\u5b9a\u5e01\u89c4\u6a21\u3001\u8d28\u62bc\u4e0e\u9500\u6bc1\u673a\u5236\u5bf9\u4f9b\u7ed9\u7684\u5f71\u54cd\uff0c\u4ee5\u53ca ETF\u3001\u4f01\u4e1a\u8d22\u5e93\u4e0e RWA \u7b49\u673a\u6784\u7ea7\u91c7\u7528\u6240\u5e26\u6765\u7684\u957f\u671f\u3001\u7c98\u6027\u8d44\u91d1\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/17\/1771300927966922.webp?x-oss-process=image\/quality,q_50\/format,webp\" data-href=\"\" title=\"\u4ee5\u592a\u574a\u518d\u5b9a\u4ef7\uff1a\u4eceRollup-Centric\u5230\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\u300d\u63d2\u56fe1\" \/><\/p>\n<h1>\u8303\u5f0f\u91cd\u6784\uff1a\u5bfb\u627e\u73b0\u91d1\u6d41\u4e4b\u5916\u7684\u5b9a\u4ef7\u951a<\/h1>\n<p>2025 \u5e74\u5e95 Hashed \u56e2\u961f\u63a8\u51fa\u7684 ethval.com \u4e3a\u4ee5\u592a\u574a\u63d0\u4f9b\u4e86\u8be6\u5c3d\u7684\u53ef\u590d\u73b0\u91cf\u5316\u6a21\u578b\u96c6\u5408\uff0c\u4f46\u4f20\u7edf\u7684\u9759\u6001\u6a21\u578b\u96be\u4ee5\u6355\u6349 2026 \u5e74\u4ee5\u592a\u574a\u53d9\u4e8b\u7684\u5267\u70c8\u8f6c\u6298\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u590d\u7528\u4e86\u5176\u7cfb\u7edf\u6027\u3001\u900f\u660e\u4e14\u53ef\u590d\u73b0\u7684\u5e95\u5c42\u6a21\u578b\uff08\u6db5\u76d6\u6536\u76ca\u3001\u8d27\u5e01\u3001\u7f51\u7edc\u6548\u5e94\u4e0e\u4f9b\u7ed9\u7ed3\u6784\uff09\uff0c\u5728\u4f30\u503c\u67b6\u6784\u4e0e\u6743\u91cd\u903b\u8f91\u4e0a\u8fdb\u884c\u4e86\u91cd\u5851\uff1a<\/p>\n<p><strong>1. \u7ed3\u6784\u91cd\u6784\uff1a<\/strong> \u5c06\u6a21\u578b\u6620\u5c04\u81f3\u300c<strong>\u5b89\u5168\u6027\u3001\u8d27\u5e01\u3001\u5e73\u53f0\u3001\u6536\u5165<\/strong>\u300d\u56db\u5927\u4ef7\u503c\u8c61\u9650\uff0c\u5206\u7c7b\u52a0\u603b\u5b9a\u4ef7\u3002<\/p>\n<p><strong>2. \u6743\u91cd\u518d\u5e73\u8861\uff1a<\/strong> \u663e\u8457\u4e0a\u8c03\u5b89\u5168\u6027\u4e0e\u7ed3\u7b97\u6ea2\u4ef7\u6743\u91cd\uff0c\u5f31\u5316\u534f\u8bae\u6536\u5165\u4e0e L2 \u6269\u5f20\u7684\u8fb9\u9645\u8d21\u732e\u3002<\/p>\n<p><strong>3. \u98ce\u63a7\u53e0\u52a0\u5c42\uff1a<\/strong> \u5f15\u5165\u5b8f\u89c2\u4e0e\u94fe\u4e0a\u98ce\u9669\u611f\u77e5\u7684\u7194\u65ad\u673a\u5236\uff0c\u4f7f\u4f30\u503c\u6846\u67b6\u5177\u5907\u8de8\u5468\u671f\u9002\u5e94\u6027\u3002<\/p>\n<p><strong>4. \u5254\u9664\u300c\u5faa\u73af\u8bba\u8bc1\u300d\uff1a<\/strong>\u5bf9\u542b\u73b0\u4ef7\u8f93\u5165\u7684\u6a21\u578b\uff08\u5982 Staking Scarcity\u3001Liquidity Premium\uff09\u4e0d\u518d\u4f5c\u4e3a\u516c\u5141\u4ef7\u503c\u951a\uff0c\u4ec5\u4fdd\u7559\u5176\u4f5c\u4e3a\u4ed3\u4f4d\u4e0e\u98ce\u9669\u504f\u597d\u8c03\u8282\u6307\u6807\u3002<\/p>\n<p>\u6ce8\uff1a\u4e0b\u8ff0\u6a21\u578b\u5e76\u975e\u7528\u4e8e\u7cbe\u786e\u70b9\u4f4d\u9884\u6d4b\uff0c\u800c\u7528\u4e8e\u523b\u753b\u4e0d\u540c\u4ef7\u503c\u6765\u6e90\u5728\u4e0d\u540c\u5468\u671f\u4e2d\u7684\u76f8\u5bf9\u5b9a\u4ef7\u65b9\u5411<\/p>\n<p><img decoding=\"async\" alt=\"\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/17\/1771300928426441.webp?x-oss-process=image\/quality,q_50\/format,webp\" data-href=\"\" title=\"\u4ee5\u592a\u574a\u518d\u5b9a\u4ef7\uff1a\u4eceRollup-Centric\u5230\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\u300d\u63d2\u56fe2\" \/><\/p>\n<h2>\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\uff1a\u6838\u5fc3\u4ef7\u503c\u951a\uff0845%\uff0c\u907f\u9669\u671f\u4e0a\u8c03\uff09<\/h2>\n<p>\u6211\u4eec\u5c06<strong>\u5b89\u5168\u6027\u7ed3\u7b97\u5c42<\/strong>\u89c6\u4e3a\u4ee5\u592a\u574a\u6700\u6838\u5fc3\u7684\u4ef7\u503c\u6765\u6e90\uff0c\u5e76\u8d4b\u4e88\u5176 45% \u7684\u57fa\u51c6\u6743\u91cd\uff1b\u5728\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u4e0a\u5347\u6216\u98ce\u9669\u504f\u597d\u56de\u843d\u9636\u6bb5\uff0c\u8be5\u6743\u91cd\u8fdb\u4e00\u6b65\u4e0a\u8c03\u3002\u8fd9\u4e00\u5224\u65ad\u6e90\u4e8e Vitalik \u5bf9\u300c\u771f\u6b63\u6269\u5c55\u4ee5\u592a\u574a\u300d\u7684\u6700\u65b0\u754c\u5b9a\uff1a\u6269\u5bb9\u7684\u672c\u8d28\u4e0d\u662f\u63d0\u5347 TPS\uff0c\u800c\u662f\u521b\u9020<strong>\u7531\u4ee5\u592a\u574a\u672c\u8eab\u5b8c\u5168\u80cc\u4e66\u7684\u533a\u5757\u7a7a\u95f4<\/strong>\u3002\u4efb\u4f55\u4f9d\u8d56\u5916\u90e8\u4fe1\u4efb\u5047\u8bbe\u7684\u9ad8\u6027\u80fd\u6267\u884c\u73af\u5883\uff0c\u90fd\u4e0d\u6784\u6210\u5bf9\u4ee5\u592a\u574a\u672c\u4f53\u7684\u6269\u5c55\u3002<\/p>\n<p>\u5728\u6b64\u6846\u67b6\u4e0b\uff0cETH \u7684\u4ef7\u503c\u4e3b\u8981\u4f53\u73b0\u4e3a<strong>\u5168\u7403\u65e0\u4e3b\u6743\u7ed3\u7b97\u5c42\u7684\u4fe1\u7528\u6ea2\u4ef7<\/strong>\uff0c\u800c\u975e\u534f\u8bae\u6536\u5165\u3002\u8be5\u6ea2\u4ef7\u7531\u9a8c\u8bc1\u8005\u89c4\u6a21\u4e0e\u53bb\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u3001\u957f\u671f\u5b89\u5168\u8bb0\u5f55\u3001\u673a\u6784\u7ea7\u91c7\u7528\u3001\u5408\u89c4\u8def\u5f84\u6e05\u6670\u5ea6\uff0c\u4ee5\u53ca\u534f\u8bae\u5185\u751f Rollup \u9a8c\u8bc1\u673a\u5236\u7b49\u7ed3\u6784\u6027\u56e0\u7d20\u5171\u540c\u652f\u6491\u3002<\/p>\n<p>\u5728\u5177\u4f53\u5b9a\u4ef7\u4e0a\uff0c\u6211\u4eec\u4e3b\u8981\u91c7\u7528\u4e24\u79cd\u4e92\u8865\u7684\u65b9\u6cd5\uff1a<strong>Validator Economics\uff08\u6536\u76ca\u5747\u8861\u6620\u5c04\uff09<\/strong>\u4e0e<strong> Staking DCF\uff08\u6c38\u7eed\u8d28\u62bc\u6298\u73b0\uff09<\/strong>\uff0c\u5171\u540c\u523b\u753b ETH \u4f5c\u4e3a\u300c\u5168\u7403\u5b89\u5168\u7ed3\u7b97\u5c42\u300d\u7684\u5236\u5ea6\u6027\u6ea2\u4ef7\u3002<\/p>\n<p><strong>\u00b7 Validator Economics\uff08\u6536\u76ca\u5747\u8861\u5b9a\u4ef7\uff09\uff1a<\/strong>\u57fa\u4e8e\u6bcf\u679a ETH \u7684\u5e74\u5316\u8d28\u62bc\u73b0\u91d1\u6d41\u4e0e\u76ee\u6807\u771f\u5b9e\u6536\u76ca\u7387\u7684\u6bd4\u503c\uff0c\u63a8\u5bfc\u7406\u8bba\u516c\u5141\u4ef7\u683c\uff1a<\/p>\n<p>Fair Price = (Annual Staking Cash Flow per ETH) \/ Target Real Yield<\/p>\n<p>\u8be5\u8868\u8fbe\u7528\u4e8e\u523b\u753b\u6536\u76ca\u4e0e\u4ef7\u683c\u7684\u5747\u8861\u5173\u7cfb\uff0c\u4f5c\u4e3a\u65b9\u5411\u6027\u76f8\u5bf9\u4f30\u503c\u5de5\u5177\uff0c\u800c\u975e\u72ec\u7acb\u5b9a\u4ef7\u6a21\u578b\u3002<\/p>\n<p><strong>\u00b7 Staking DCF\uff08\u6c38\u7eed\u8d28\u62bc\u6298\u73b0\uff09\uff1a<\/strong>\u5c06 ETH \u89c6\u4e3a\u4e00\u9879\u53ef\u6301\u7eed\u4ea7\u751f\u771f\u5b9e\u8d28\u62bc\u6536\u76ca\u7684\u957f\u671f\u8d44\u4ea7\uff0c\u5bf9\u5176\u73b0\u91d1\u6d41\u8fdb\u884c\u6c38\u7eed\u6298\u73b0\uff1a<\/p>\n<p>M_staking = Total Real Staking Cash Flow \/ (Discount Rate \u2212 Longterm Growth Rate)<\/p>\n<p>ETH Price (staking) = M_staking \/ Circulating Supply<\/p>\n<p>\u4ece\u672c\u8d28\u4e0a\u770b\uff0c\u8fd9\u4e00\u4ef7\u503c\u5c42\u5e76\u975e\u5bf9\u6807\u5e73\u53f0\u578b\u516c\u53f8\u7684\u6536\u5165\u80fd\u529b\uff0c\u800c\u662f\u7c7b\u4f3c<strong>\u5168\u7403\u6e05\u7b97\u7f51\u7edc\u7684\u7ed3\u7b97\u4fe1\u7528\u3002<\/strong><\/p>\n<h2><\/h2>\n<h2>\u8d27\u5e01\u5c5e\u6027\uff1a\u7ed3\u7b97\u4e0e\u62b5\u62bc\uff0835%\uff0c\u6548\u7528\u6269\u5f20\u671f\u4e3b\u5bfc\uff09<\/h2>\n<p>\u6211\u4eec\u5c06<strong>\u8d27\u5e01\u5c5e\u6027<\/strong>\u89c6\u4e3a\u4ee5\u592a\u574a\u7b2c\u4e8c\u6838\u5fc3\u7684\u4ef7\u503c\u6765\u6e90\uff0c\u5e76\u8d4b\u4e88\u5176 35% \u7684\u57fa\u51c6\u6743\u91cd\uff0c\u5728\u4e2d\u6027\u5e02\u573a\u6216\u94fe\u4e0a\u7ecf\u6d4e\u6269\u5f20\u9636\u6bb5\u6210\u4e3a\u4e3b\u8981\u6548\u7528\u951a\u3002\u8fd9\u4e00\u5224\u65ad\u5e76\u975e\u57fa\u4e8e\u300cETH \u7b49\u540c\u4e8e\u7f8e\u5143\u300d\u7684\u53d9\u4e8b\uff0c\u800c\u5728\u4e8e\u5176\u4f5c\u4e3a<strong>\u94fe\u4e0a\u91d1\u878d\u4f53\u7cfb\u7684\u539f\u751f\u7ed3\u7b97\u71c3\u6599\u4e0e\u6700\u7ec8\u62b5\u62bc\u8d44\u4ea7\u7684\u7ed3\u6784\u6027\u89d2\u8272<\/strong>\u3002\u7a33\u5b9a\u5e01\u6d41\u8f6c\u3001DeFi \u6e05\u7b97\u4e0e RWA \u7ed3\u7b97\u7684\u5b89\u5168\u6027\uff0c\u5747\u4f9d\u8d56 ETH \u6240\u652f\u6491\u7684\u7ed3\u7b97\u5c42\u3002<\/p>\n<p>\u5b9a\u4ef7\u4e0a\uff0c\u6211\u4eec\u91c7\u7528\u8d27\u5e01\u6570\u91cf\u8bba\u7684\u6269\u5c55\u5f62\u5f0f\uff08MV = PQ\uff09\uff0c\u4f46\u5c06 ETH \u7684\u4f7f\u7528\u573a\u666f\u5206\u5c42\u5efa\u6a21\uff0c\u4ee5\u5e94\u5bf9\u4e0d\u540c\u573a\u666f\u4e0b\u6d41\u901a\u901f\u5ea6\u7684\u6570\u91cf\u7ea7\u5dee\u5f02<strong>\u5206\u5c42\u8d27\u5e01\u9700\u6c42\u6a21\u578b\uff1a<\/strong><\/p>\n<p><strong>\u9ad8\u9891\u7ed3\u7b97\u5c42<\/strong>\uff08Gas \u652f\u4ed8\u3001\u7a33\u5b9a\u5e01\u8f6c\u8d26\uff09<\/p>\n<p>\u00b7 M_transaction = Annual Transaction Settlement Volume \/ V_high<\/p>\n<p>\u00b7 V_high \u2248 15-25\uff08\u53c2\u8003\u5386\u53f2\u94fe\u4e0a\u6570\u636e\uff09<\/p>\n<p><strong>\u4e2d\u9891\u91d1\u878d\u5c42<\/strong>\uff08DeFi \u4ea4\u4e92\u3001\u501f\u8d37\u6e05\u7b97\uff09<\/p>\n<p>\u00b7 M_defi = Annual DeFi Settlement Volume \/ V_medium<\/p>\n<p>\u00b7 V_medium \u2248 3-8\uff08\u57fa\u4e8e\u4e3b\u6d41 DeFi \u534f\u8bae\u8d44\u91d1\u5468\u8f6c\u7387\uff09<\/p>\n<p><strong>\u4f4e\u9891\u62b5\u62bc\u5c42<\/strong>\uff08\u8d28\u62bc\u3001\u518d\u8d28\u62bc\u3001\u957f\u671f\u9501\u4ed3\uff09<\/p>\n<p>\u00b7 M_collateral = Total ETH Collateral Value \u00d7 (1 + Liquidity Premium)<\/p>\n<p>\u00b7 Liquidity Premium = 10-30%\uff08\u53cd\u6620\u6d41\u52a8\u6027\u727a\u7272\u7684\u8865\u507f\uff09<\/p>\n<h2>\u5e73\u53f0 \/ \u7f51\u7edc\u6548\u5e94\uff1a\u589e\u957f\u671f\u6743\uff0810%\uff0c\u725b\u5e02\u653e\u5927\u5668\uff09<\/h2>\n<p>\u5e73\u53f0\u4e0e\u7f51\u7edc\u6548\u5e94\u88ab\u89c6\u4e3a\u4ee5\u592a\u574a\u4f30\u503c\u4e2d\u7684\u589e\u957f\u671f\u6743\uff0c\u4ec5\u8d4b\u4e88 10% \u6743\u91cd\uff0c\u7528\u4e8e\u89e3\u91ca\u725b\u5e02\u9636\u6bb5\u751f\u6001\u6269\u5f20\u5e26\u6765\u7684\u975e\u7ebf\u6027\u6ea2\u4ef7\u3002\u6211\u4eec\u91c7\u7528\u7ecf\u4fe1\u4efb\u4fee\u6b63\u7684\u6885\u7279\u5361\u592b\u6a21\u578b\uff0c\u907f\u514d\u5c06\u4e0d\u540c\u5b89\u5168\u7ea7\u522b\u7684 L2 \u8d44\u4ea7\u7b49\u6743\u8ba1\u5165\u4f30\u503c\uff1a<\/p>\n<p><strong>\u00b7 \u6885\u7279\u5361\u592b\u6a21\u578b\uff1a<\/strong> M_network = a \u00d7 (Active Users)^b &nbsp;+ &nbsp;m \u00d7 \u03a3 (L2 TVL_i \u00d7 TrustScore_i)<\/p>\n<p><strong>\u00b7 \u5e73\u53f0\/\u7f51\u7edc\u6548\u5e94\u4f30\u503c\u4ef7\u683c\uff1a<\/strong>ETH Price(network) = M_network \/ Circulating Supply<\/p>\n<h2>\u6536\u5165\u8d44\u4ea7\uff1a\u73b0\u91d1\u6d41\u5730\u677f\uff0810%\uff0c\u718a\u5e02\u6258\u5e95\uff09<\/h2>\n<p>\u6211\u4eec\u5c06\u534f\u8bae\u6536\u5165\u89c6\u4e3a\u4ee5\u592a\u574a\u4f30\u503c\u4f53\u7cfb\u4e2d\u7684<strong>\u73b0\u91d1\u6d41\u5730\u677f\uff0c<\/strong>\u800c\u975e\u589e\u957f\u5f15\u64ce\uff0c\u540c\u6837\u8d4b\u4e88 10% \u6743\u91cd\u3002\u8be5\u5c42\u4e3b\u8981\u5728\u718a\u5e02\u6216\u6781\u7aef\u98ce\u9669\u9636\u6bb5\u53d1\u6325\u4f5c\u7528\uff0c\u7528\u4e8e\u523b\u753b\u4f30\u503c\u4e0b\u9650\u3002<\/p>\n<p>Gas \u4e0e Blob \u8d39\u7528\u4e3a\u7f51\u7edc\u63d0\u4f9b\u6700\u4f4e\u8fd0\u4f5c\u6210\u672c\uff0c\u5e76\u901a\u8fc7 EIP-1559 \u5f71\u54cd\u4f9b\u7ed9\u7ed3\u6784\u3002\u4f30\u503c\u4e0a\uff0c\u6211\u4eec\u91c7\u7528\u5e02\u9500\u7387\u4e0e\u8d39\u7528\u6536\u76ca\u7387\u6a21\u578b\uff0c\u5e76\u53d6\u5176\u4e2d\u7684\u4fdd\u5b88\u503c\uff0c\u4ec5\u4f5c\u4e3a\u5e95\u90e8\u53c2\u8003\u3002\u968f\u7740\u4e3b\u7f51\u6301\u7eed\u6269\u5bb9\uff0c\u534f\u8bae\u6536\u5165\u7684\u91cd\u8981\u6027\u76f8\u5bf9\u4e0b\u964d\uff0c\u5176\u6838\u5fc3\u4f5c\u7528\u4f53\u73b0\u5728\u4e0b\u884c\u9636\u6bb5\u7684\u5b89\u5168\u8fb9\u9645\u3002<\/p>\n<p><strong>\u00b7 \u5e02\u9500\u7387\u6a21\u578b\uff08P\/S Floor\uff09\uff1a<\/strong>M_PS = Annual Protocol Revenue \u00d7 P\/S_multiple<\/p>\n<p><strong>\u00b7 \u5e02\u9500\u7387\u4f30\u503c\u4ef7\u683c\uff1a<\/strong>ETH Price (PS) = M_PS \/ Circulating Supply<\/p>\n<p><strong>\u00b7 \u8d39\u7528\u6536\u76ca\u7387\u6a21\u578b\uff1a<\/strong>M_Yield = Annual Protocol Revenue \/ Target Fee Yield<\/p>\n<p><strong>\u00b7 \u8d39\u7528\u6536\u76ca\u4f30\u503c\u4ef7\u683c\uff1a<\/strong>ETH Price(Yield) = M_Yield \/ Circulating Supply<\/p>\n<p><strong>\u00b7 \u73b0\u91d1\u6d41\u5730\u677f\u5b9a\u4ef7\uff08\u53d6\u4e24\u8005\u6781\u5c0f\u503c\uff09<\/strong>\uff1aP_Revenue_Floor = min(P_PS , P_Yield)<\/p>\n<h1>\u52a8\u6001\u6821\u51c6\uff1a\u5b8f\u89c2\u7ea6\u675f\u4e0e\u5468\u671f\u9002\u914d<\/h1>\n<p>\u5982\u679c\u8bf4\u524d\u6587\u786e\u7acb\u4e86\u4ee5\u592a\u574a\u7684\u300c\u5185\u5728\u4ef7\u503c\u4e2d\u67a2\u300d\uff0c<strong>\u672c\u7ae0\u5219\u5f15\u5165\u4e00\u5957\u72ec\u7acb\u4e8e\u57fa\u672c\u9762\u7684\u300c\u5916\u5728\u73af\u5883\u9002\u914d\u7cfb\u7edf\u300d<\/strong>\u3002<strong>\u4f30\u503c\u65e0\u6cd5\u771f\u7a7a\u8fd0\u884c\uff0c\u5fc5\u987b\u53d7\u5236\u4e8e\u5b8f\u89c2\u73af\u5883<\/strong>\uff08\u8d44\u91d1\u6210\u672c\uff09\u3001<strong>\u5e02\u573a\u7ed3\u6784<\/strong>\uff08\u76f8\u5bf9\u5f3a\u5f31\uff09\u4e0e<strong>\u94fe\u4e0a\u60c5\u7eea<\/strong>\uff08\u62e5\u6324\u5ea6\uff09\u4e09\u5927\u5916\u90e8\u7ea6\u675f\u3002\u57fa\u4e8e\u6b64\uff0c\u6211\u4eec\u6784\u5efa\u4e86<strong>\u72b6\u6001\u9002\u914d\uff08Regime Adaptation\uff09<\/strong>\u673a\u5236\uff0c\u5728\u4e0d\u540c\u5468\u671f\u52a8\u6001\u8c03\u6574\u4f30\u503c\u6743\u91cd\u2014\u2014\u5bbd\u677e\u671f\u91ca\u653e\u671f\u6743\u6ea2\u4ef7\uff0c\u907f\u9669\u671f\u9000\u5b88\u6536\u5165\u5730\u677f\uff0c\u4ece\u800c\u5b9e\u73b0\u4ece\u9759\u6001\u6a21\u578b\u5230\u52a8\u6001\u7b56\u7565\u7684\u8de8\u8d8a\u3002\uff08\u6ce8\uff1a\u9650\u4e8e\u7bc7\u5e45\uff0c\u672c\u6587\u4ec5\u5c55\u793a\u8be5\u673a\u5236\u7684\u6838\u5fc3\u903b\u8f91\u6846\u67b6\u3002\uff09<\/p>\n<p><img decoding=\"async\" alt=\"\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/17\/1771300928645427.webp?x-oss-process=image\/quality,q_50\/format,webp\" data-href=\"\" title=\"\u4ee5\u592a\u574a\u518d\u5b9a\u4ef7\uff1a\u4eceRollup-Centric\u5230\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\u300d\u63d2\u56fe3\" \/><\/p>\n<h1>\u673a\u6784\u5316\u7b2c\u4e8c\u66f2\u7ebf\u7684\u6761\u4ef6\u8def\u5f84<\/h1>\n<p>\u524d\u6587\u5206\u6790\u5747\u57fa\u4e8e\u52a0\u5bc6\u4f53\u7cfb\u5185\u90e8\u7684\u6280\u672f\u3001\u4f30\u503c\u4e0e\u5468\u671f\u903b\u8f91\uff0c\u800c\u672c\u7ae0\u8ba8\u8bba\u7684\u662f\u4e00\u4e2a\u4e0d\u540c\u5c42\u7ea7\u7684\u95ee\u9898\uff1a<strong>\u5f53 ETH \u4e0d\u518d\u4ec5\u7531\u52a0\u5bc6\u539f\u751f\u8d44\u91d1\u5b9a\u4ef7\uff0c\u800c\u88ab\u9010\u6b65\u7eb3\u5165\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\uff0c\u5176\u5b9a\u4ef7\u6743\u3001\u8d44\u4ea7\u5c5e\u6027\u4e0e\u98ce\u9669\u7ed3\u6784\u5c06\u5982\u4f55\u53d8\u5316\u3002<\/strong>\u673a\u6784\u5316\u7b2c\u4e8c\u66f2\u7ebf\u5e76\u975e\u5bf9\u65e2\u6709\u903b\u8f91\u7684\u5ef6\u4f38\uff0c\u800c\u662f\u5916\u751f\u529b\u91cf\u5bf9\u4ee5\u592a\u574a\u7684\u518d\u5b9a\u4e49\uff1a<\/p>\n<p><strong>\u00b7 \u8d44\u4ea7\u5c5e\u6027\u7684\u53d8\u5316\uff08Beta \u2192 Carry\uff09\uff1a<\/strong>\u73b0\u8d27 ETH ETF \u89e3\u51b3\u7684\u662f\u5408\u89c4\u4e0e\u6258\u7ba1\u95ee\u9898\uff0c\u672c\u8d28\u4ecd\u662f\u4ef7\u683c\u66b4\u9732\uff1b\u800c\u672a\u6765 Staking ETF \u7684\u63a8\u8fdb\uff0c\u9996\u6b21\u5c06\u94fe\u4e0a\u6536\u76ca\u901a\u8fc7\u5408\u89c4\u8f7d\u4f53\u5f15\u5165\u673a\u6784\u4f53\u7cfb\u3002ETH \u7531\u6b64\u4ece\u300c\u65e0\u606f\u9ad8\u6ce2\u52a8\u8d44\u4ea7\u300d\u8f6c\u5411\u300c\u5177\u5907\u53ef\u9884\u671f\u6536\u76ca\u7684\u914d\u7f6e\u578b\u8d44\u4ea7\u300d\uff0c\u6f5c\u5728\u4e70\u5bb6\u4ece\u4ea4\u6613\u578b\u8d44\u91d1\u6269\u5c55\u81f3\u5bf9\u6536\u76ca\u4e0e\u4e45\u671f\u654f\u611f\u7684\u517b\u8001\u91d1\u3001\u4fdd\u9669\u53ca\u957f\u671f\u8d26\u6237\u3002<\/p>\n<p><strong>\u00b7 \u4f7f\u7528\u65b9\u5f0f\u7684\u53d8\u5316\uff08Holding \u2192 Using\uff09\uff1a<\/strong>\u5982\u679c\u673a\u6784\u4e0d\u518d\u4ec5\u5c06 ETH \u89c6\u4e3a\u53ef\u4ea4\u6613\u6807\u7684\uff0c\u800c\u662f\u5f00\u59cb\u5c06\u5176\u4f5c\u4e3a\u7ed3\u7b97\u4e0e\u62b5\u62bc\u57fa\u7840\u8bbe\u65bd\u4f7f\u7528\u3002\u65e0\u8bba\u662f JPMorgan \u7684\u4ee3\u5e01\u5316\u57fa\u91d1\uff0c\u8fd8\u662f\u5408\u89c4\u7a33\u5b9a\u5e01\u4e0e RWA \u5728\u4ee5\u592a\u574a\u4e0a\u7684\u90e8\u7f72\uff0c\u90fd\u8868\u660e ETH \u7684\u9700\u6c42\u6b63\u4ece\u300c\u6301\u6709\u9700\u6c42\u300d\u8f6c\u5411\u300c\u8fd0\u884c\u9700\u6c42\u300d\u2014\u2014\u673a\u6784\u4e0d\u4ec5\u6301\u6709 ETH\uff0c\u66f4\u5728\u5176\u4e0a\u5b8c\u6210\u7ed3\u7b97\u3001\u6e05\u7b97\u4e0e\u98ce\u9669\u7ba1\u7406\u3002<\/p>\n<p><strong>\u00b7 \u5c3e\u90e8\u98ce\u9669\u7684\u53d8\u5316\uff08Uncertainty \u2192 Pricing\uff09\uff1a<\/strong> \u968f\u7740\u7a33\u5b9a\u5e01\u76d1\u7ba1\u6846\u67b6\uff08\u5982 GENIUS Act\uff09\u672a\u6765\u9010\u6b65\u786e\u7acb\uff0c\u4ee5\u53ca\u4ee5\u592a\u574a\u8def\u7ebf\u56fe\u4e0e\u6cbb\u7406\u900f\u660e\u5ea6\u63d0\u5347\uff0c\u673a\u6784\u6700\u4e3a\u654f\u611f\u7684\u76d1\u7ba1\u4e0e\u6280\u672f\u4e0d\u786e\u5b9a\u6027\u6b63\u5728\u88ab\u7cfb\u7edf\u6027\u538b\u7f29\uff0c\u610f\u5473\u7740\u4e0d\u786e\u5b9a\u6027\u5f00\u59cb\u88ab\u5b9a\u4ef7\uff0c\u800c\u975e\u88ab\u56de\u907f\u3002<\/p>\n<p>\u6240\u8c13\u300c\u673a\u6784\u5316\u7b2c\u4e8c\u66f2\u7ebf\u300d\u662f<strong>\u9700\u6c42\u6027\u8d28\u7684\u6539\u53d8<\/strong>\uff0c\u4e3a\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42 + \u8d27\u5e01\u5c5e\u6027\u300d\u7684\u4f30\u503c\u903b\u8f91\u63d0\u4f9b\u4e86\u771f\u5b9e\u9700\u6c42\u6765\u6e90\uff0c\u63a8\u52a8 ETH \u4ece\u4ee5\u60c5\u7eea\u9a71\u52a8\u7684\u6295\u673a\u8d44\u4ea7\u8fc7\u6e21\u4e3a\u540c\u65f6<strong>\u627f\u8f7d\u914d\u7f6e\u6027<\/strong>\u4e0e\u529f\u80fd\u6027\u9700\u6c42\u7684\u57fa\u7840\u8d44\u4ea7\u3002<\/p>\n<h1>\u7ed3\u8bed\uff1a\u81f3\u6697\u65f6\u523b\u7684\u4ef7\u503c\u951a\u5b9a<\/h1>\n<p>\u8fc7\u53bb\u4e00\u5468\uff0c\u884c\u4e1a\u7ecf\u5386\u4e86\u5267\u70c8\u7684\u53bb\u6760\u6746\u5316\u6d17\u793c\uff0c\u5e02\u573a\u60c5\u7eea\u964d\u81f3\u51b0\u70b9\uff0c\u8fd9\u65e0\u7591\u662f\u52a0\u5bc6\u4e16\u754c\u7684\u300c\u81f3\u6697\u65f6\u523b\u300d\u3002\u60b2\u89c2\u60c5\u7eea\u5728\u4ece\u4e1a\u8005\u4e2d\u8513\u5ef6\uff0c\u800c\u4f5c\u4e3a\u6700\u80fd\u4ee3\u8868\u52a0\u5bc6\u7cbe\u795e\u7684\u8d44\u4ea7\u6807\u7684\uff0c\u4ee5\u592a\u574a\u4ea6\u5904\u4e8e\u4e89\u8bae\u7684\u98ce\u66b4\u773c\u4e2d\u3002<\/p>\n<p>\u7136\u800c\uff0c\u4f5c\u4e3a\u7406\u6027\u7684\u89c2\u5bdf\u8005\uff0c\u6211\u4eec\u9700\u8981\u7a7f\u900f\u6050\u614c\u7684\u8ff7\u96fe\uff1a<strong>\u4ee5\u592a\u574a\u5f53\u524d\u6240\u7ecf\u5386\u7684\uff0c\u5e76\u975e\u300c\u4ef7\u503c\u7684\u574d\u584c\u300d\uff0c\u800c\u662f\u4e00\u6b21\u6df1\u523b\u7684\u300c\u5b9a\u4ef7\u951a\u8fc1\u79fb\u300d\u3002<\/strong>\u968f\u7740 L1 \u6269\u5bb9\u76f4\u63a5\u63a8\u8fdb\u3001L2 \u88ab\u91cd\u65b0\u754c\u5b9a\u4e3a\u4e0d\u540c\u4fe1\u4efb\u7b49\u7ea7\u7684\u7f51\u7edc\u5149\u8c31\uff0c\u4ee5\u53ca\u534f\u8bae\u6536\u5165\u4e3b\u52a8\u8ba9\u4f4d\u4e8e\u7cfb\u7edf\u5b89\u5168\u4e0e\u4e2d\u7acb\u6027\uff0cETH \u7684\u5b9a\u4ef7\u903b\u8f91\u5df2\u7ed3\u6784\u6027\u8f6c\u5411<strong>\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42 + \u539f\u751f\u8d27\u5e01\u5c5e\u6027\u300d<\/strong>\u3002<\/p>\n<p>\u5728\u5b8f\u89c2\u771f\u5b9e\u5229\u7387\u9ad8\u4f4d\u3001\u6d41\u52a8\u6027\u5c1a\u672a\u5bbd\u677e\u3001\u94fe\u4e0a\u589e\u957f\u671f\u6743\u6682\u672a\u88ab\u5e02\u573a\u5141\u8bb8\u5b9a\u4ef7\u7684\u80cc\u666f\u4e0b\uff0cETH \u7684\u4ef7\u683c\u81ea\u7136\u6536\u655b\u81f3\u7531\u7ed3\u7b97\u786e\u5b9a\u6027\u3001\u53ef\u9a8c\u8bc1\u6536\u76ca\u4e0e\u673a\u6784\u5171\u8bc6\u652f\u6491\u7684\u7ed3\u6784\u6027\u4ef7\u503c\u533a\u95f4\u3002\u8fd9\u4e00\u533a\u95f4\u5e76\u975e\u60c5\u7eea\u5e95\uff0c\u800c\u662f\u5728\u5265\u79bb\u5e73\u53f0\u578b\u589e\u957f\u6ea2\u4ef7\u540e\u7684\u4ef7\u503c\u4e2d\u67a2\u3002<\/p>\n<p>\u4f5c\u4e3a\u4ee5\u592a\u574a\u751f\u6001\u7684\u957f\u671f\u5efa\u8bbe\u8005\uff0c<strong>\u6211\u4eec\u62d2\u7edd\u505a ETH \u7684\u300c\u65e0\u8111\u591a\u5934\u300d<\/strong>\u3002\u6211\u4eec\u5e0c\u671b\u901a\u8fc7\u4e25\u8c28\u7684\u903b\u8f91\u6846\u67b6\uff0c\u5ba1\u614e\u5730\u8bba\u8bc1\u6211\u4eec\u7684\u9884\u5224\uff1a\u53ea\u6709\u5f53\u5b8f\u89c2\u6d41\u52a8\u6027\u3001\u98ce\u9669\u504f\u597d\u4e0e\u7f51\u7edc\u6548\u5e94\u540c\u65f6\u6ee1\u8db3\u5e02\u573a\u72b6\u6001\u7684\u89e6\u53d1\u6761\u4ef6\u65f6\uff0c\u66f4\u9ad8\u7684\u4f30\u503c\u624d\u4f1a\u88ab\u5e02\u573a\u91cd\u65b0\u8ba1\u5165\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5bf9\u4e8e\u957f\u7ebf\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5f53\u4e0b\u7684\u5173\u952e\u95ee\u9898\u4e0d\u518d\u662f\u7126\u8651\u5730\u8ffd\u95ee\u300c\u4ee5\u592a\u574a\u8fd8\u80fd\u4e0d\u80fd\u6da8\u300d\uff0c\u800c\u662f\u8981\u6e05\u9192\u5730\u8ba4\u8bc6\u5230\u2014\u2014<strong>\u5728\u5f53\u524d\u73af\u5883\u4e0b\uff0c\u6211\u4eec\u6b63\u5728\u4ee5\u300c\u5730\u677f\u4ef7\u300d\u4e70\u5165\u54ea\u4e00\u5c42\u6838\u5fc3\u4ef7\u503c\uff1f<\/strong><\/p>\n<p><img decoding=\"async\" alt=\"\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/17\/1771300928996974.webp?x-oss-process=image\/quality,q_50\/format,webp\" data-href=\"\" title=\"\u4ee5\u592a\u574a\u518d\u5b9a\u4ef7\uff1a\u4eceRollup-Centric\u5230\u300c\u5b89\u5168\u6027\u7ed3\u7b97\u5c42\u300d\u63d2\u56fe4\" \/><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>2026 \u5e74 2 \u6708 3 \u65e5\uff0cVitalik \u5728 X \u4e0a\u53d1\u8868\u4e86\u5173\u4e8e\u4ee5\u592a\u574a\u6269\u5bb9\u8def\u7ebf\u7684\u91cd\u8981\u53cd\u601d\u3002\u968f\u7740 Layer  [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4015,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts\/4014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4014"}],"version-history":[{"count":1,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts\/4014\/revisions"}],"predecessor-version":[{"id":7977,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/posts\/4014\/revisions\/7977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=\/wp\/v2\/media\/4015"}],"wp:attachment":[{"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jiankangguanli1.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}