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BTC\uff0c\u9ad8\u6027\u80fd\u5e94\u7528\u4e0d\u5982Solana\uff0c\u8d39\u7528\u6355\u83b7\u80fd\u529b\u4e0d\u5982Hyperliquid\uff0cEthereum\u7684\u62a4\u57ce\u6cb3\u7a76\u7adf\u5728\u54ea\u91cc\uff1f<\/p>\n<h3>\u7b2c\u4e8c\u7ae0 \u76d1\u7ba1\u5b9a\u8c03\uff1a\u6570\u5b57\u5927\u5b97\u5546\u54c1\u7684\u6cd5\u5f8b\u91cd\u6784<\/h3>\n<h4><strong>2.1 &ldquo;Project Crypto&rdquo;\u4e0e\u76d1\u7ba1\u54f2\u5b66\u7684\u8f6c\u5411<\/strong><\/h4>\n<p>2025\u5e7411\u670812\u65e5\uff0c\u7f8e\u56fdSEC\u4e3b\u5e2dPaul Atkins\u5728\u8d39\u57ce\u8054\u90a6\u50a8\u5907\u94f6\u884c\u7684\u6f14\u8bb2\u4e2d\uff0c\u6b63\u5f0f\u63ed\u5f00\u4e86\u540d\u4e3a&ldquo;Project Crypto&rdquo;\u7684\u76d1\u7ba1\u91cd\u7f6e\u8ba1\u5212\u3002\u8fd9\u4e00\u8ba1\u5212\u7684\u6838\u5fc3\u76ee\u6807\u662f\u7ed3\u675f\u957f\u8fbe\u6570\u5e74\u7684&ldquo;Regulation by Enforcement&rdquo;\uff0c\u8f6c\u5411\u5efa\u7acb\u4e00\u4e2a\u57fa\u4e8e\u7ecf\u6d4e\u73b0\u5b9e\u7684\u6e05\u6670\u5206\u7c7b\u6846\u67b6\u3002<\/p>\n<p>\u5728\u6b64\u6b21\u8bb2\u8bdd\u4e2d\uff0cAtkins\u4e3b\u5e2d\u660e\u786e\u9a73\u65a5\u4e86&ldquo;\u4e00\u65e6\u662f\u8bc1\u5238\uff0c\u6c38\u8fdc\u662f\u8bc1\u5238&rdquo;\u7684\u89c2\u70b9\uff08\u5c31\u662f\u6253\u8138\u524d\u4efb\uff09\u3002\u4ed6\u5f15\u5165\u4e86&ldquo;\u4ee3\u5e01\u5206\u7c7b\u6cd5\uff08Token Taxonomy\uff09&rdquo;\uff0c\u6307\u51fa\u6570\u5b57\u8d44\u4ea7\u7684\u5c5e\u6027\u662f\u6d41\u52a8\u7684\u3001\u662f\u4f1a\u6539\u53d8\u7684\u3002\u4e00\u4e2a\u4ee3\u5e01\u5728\u521d\u59cb\u53d1\u884c\u9636\u6bb5\u53ef\u80fd\u4f5c\u4e3aInvestment Contract\u7684\u4e00\u90e8\u5206\u88ab\u51fa\u552e\uff0c\u4f46\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u8be5\u8d44\u4ea7\u672c\u8eab\u6c38\u8fdc\u80cc\u8d1f\u8bc1\u5238\u7684\u67b7\u9501\u3002\uff08\u6ce8\u610f\uff1a\u5bf9\u4e8eEthereum\u800c\u8a00\uff0c\u8fd9\u4e2a\u903b\u8f91\u975e\u5e38\u91cd\u8981\u3002\uff09<\/p>\n<p>SEC\u8ba4\u4e3a\uff0c\u5f53\u4e00\u4e2a\u7f51\u7edc\u7684\u53bb\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u8fbe\u5230\u4e00\u5b9a\u9608\u503c\uff0c\u4ee5\u81f3\u4e8e\u6301\u6709\u8005\u4e0d\u518d\u4f9d\u8d56\u4e8e\u67d0\u4e2a\u4e2d\u5fc3\u5316\u5b9e\u4f53\u7684&ldquo;Essential Managerial Effort&rdquo;\u6765\u83b7\u53d6\u6536\u76ca\u65f6\uff0c\u8be5\u8d44\u4ea7\u4fbf\u8131\u79bb\u4e86Howey Test\u7684\u7ba1\u8f96\u8303\u56f4\u3002<\/p>\n<p>Ethereum \u62e5\u6709\u8d85\u8fc7110\u4e07\u9a8c\u8bc1\u8005\u3001\u5168\u7403\u5206\u5e03\u6700\u5e7f\u7684\u8282\u70b9\u7f51\u7edc\uff0c\u56e0\u6b64\u5f97\u8bc1\uff1aETH\u4e0d\u5c5e\u4e8e\u8bc1\u5238\u8303\u7574\u3002<\/p>\n<h4><strong>2.2 \u300a\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u6e05\u6670\u5ea6\u6cd5\u6848\u300b\uff08CLARITY Act\uff09<\/strong><\/h4>\n<p>2025\u5e747\u6708\uff0c\u7f8e\u56fd\u4f17\u8bae\u9662\u901a\u8fc7\u4e86\u300a\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u6e05\u6670\u5ea6\u6cd5\u6848\u300b\uff08CLARITY Act\uff09\u3002\u8be5\u6cd5\u6848\u5728\u6cd5\u5f8b\u5c42\u9762\u4e0a\u5b8c\u6210\u4e86\u5bf9Ethereum\u8eab\u4efd\u7684&ldquo;\u62e8\u4e71\u53cd\u6b63&rdquo;\u3002<\/p>\n<ul>\n<li>\n<p><strong>\u7ba1\u8f96\u6743\u5212\u754c<\/strong>\uff1a\u6cd5\u6848\u660e\u786e\u5c06&ldquo;\u6e90\u81ea\u53bb\u4e2d\u5fc3\u5316\u533a\u5757\u94fe\u534f\u8bae&rdquo;\u7684\u8d44\u4ea7&mdash;&mdash;\u5e76\u5728\u6587\u4e2d\u7279\u6307 BTC\u548cETH&mdash;&mdash;\u5212\u5f52\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u7ba1\u8f96\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u6570\u5b57\u5927\u5b97\u5546\u54c1\u7684\u5b9a\u4e49<\/strong>\uff1a\u6cd5\u6848\u5c06\u6570\u5b57\u5927\u5b97\u5546\u54c1\u5b9a\u4e49\u4e3a&ldquo;\u53ef\u4ee5\u5728\u4eba\u4e0e\u4eba\u4e4b\u95f4\u72ec\u5360\u62e5\u6709\u548c\u8f6c\u79fb\uff0c\u800c\u4e0d\u5fc5\u4f9d\u8d56\u4e2d\u4ecb\u673a\u6784\uff0c\u5e76\u8bb0\u5f55\u5728\u52a0\u5bc6\u5b89\u5168\u7684\u516c\u5171\u5206\u5e03\u5f0f\u8d26\u672c\u4e0a\u7684\u4efb\u4f55\u53ef\u66ff\u4ee3\u6570\u5b57\u8d44\u4ea7&rdquo;\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u94f6\u884c\u7684\u89d2\u8272<\/strong>\uff1a\u6cd5\u6848\u5141\u8bb8\u94f6\u884c\u6ce8\u518c\u4e3a&ldquo;\u6570\u5b57\u5546\u54c1\u7ecf\u7eaa\u5546&rdquo;\uff0c\u4e3a\u5ba2\u6237\u63d0\u4f9bETH\u7684\u6258\u7ba1\u548c\u4ea4\u6613\u670d\u52a1\u3002\u8fd9\u610f\u5473\u7740\uff0cETH\u5728\u94f6\u884c\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\uff0c\u5c06\u4e0d\u518d\u88ab\u89c6\u4e3a\u9ad8\u98ce\u9669\u7684\u672a\u5b9a\u6027\u8d44\u4ea7\uff0c\u800c\u662f\u4e0e\u9ec4\u91d1\u3001\u5916\u6c47\u7c7b\u4f3c\u7684\u5546\u54c1\u8d44\u4ea7\u3002<\/p>\n<\/li>\n<\/ul>\n<h4><strong>2.3 \u8d28\u62bc\uff08Staking\uff09\u6536\u76ca\u4e0e\u5546\u54c1\u5c5e\u6027\u7684\u517c\u5bb9\u6027<\/strong><\/h4>\n<p>\u6839\u636e\u4f20\u7edf\u7684\u8bc1\u5238\u6cd5\uff1a\u4e00\u4e2a\u80fd\u4ea7\u751f\u5229\u606f\u7684\u8d44\u4ea7\uff0c\u8fd8\u80fd\u53eb&ldquo;\u5546\u54c1&rdquo;\u5417\uff1f\u4f20\u7edf\u7684\u5546\u54c1\u5982\u539f\u6cb9\u6216\u5c0f\u9ea6\uff0c\u6301\u6709\u672c\u8eab\u4e0d\u4ec5\u4e0d\u4ea7\u751f\u6536\u76ca\uff0c\u5f80\u5f80\u8fd8\u9700\u8981\u652f\u4ed8\u4ed3\u50a8\u6210\u672c\u3002Ethereum\u7684\u8d28\u62bc\u673a\u5236\u4f7f\u5176\u66f4\u50cf\u662f\u4e00\u79cd\u80a1\u6743\u6216\u503a\u5238\u3002<\/p>\n<p>2025\u5e74\u7684\u76d1\u7ba1\u6846\u67b6\u89e3\u51b3\u4e86\u8fd9\u4e00\u8ba4\u77e5\u77db\u76fe\uff1a<\/p>\n<ol>\n<li>\n<p><strong>\u8d44\u4ea7\u5c42\uff08Asset Layer\uff09<\/strong>\uff1aETH\u4ee3\u5e01\u672c\u8eab\u662f\u5546\u54c1\u3002\u5b83\u662f\u7f51\u7edc\u7684Gas\u548c\u5b89\u5168\u4fdd\u8bc1\u91d1\uff0c\u5177\u6709\u5b9e\u7528\u4ef7\u503c\u548c\u4ea4\u6362\u4ef7\u503c\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u534f\u8bae\u5c42\uff08Protocol Layer\uff09<\/strong>\uff1a\u539f\u751f\u7684\u534f\u8bae\u7ea7\u8d28\u62bc\u88ab\u89c6\u4e3a\u4e00\u79cd&ldquo;\u52b3\u52a8&rdquo;\u6216&ldquo;\u670d\u52a1\u63d0\u4f9b&rdquo;\u3002\u9a8c\u8bc1\u8005\u901a\u8fc7\u63d0\u4f9b\u8ba1\u7b97\u8d44\u6e90\u548c\u8d44\u672c\u9501\u5b9a\u6765\u7ef4\u62a4\u7f51\u7edc\u5b89\u5168\uff0c\u5176\u83b7\u5f97\u7684\u5956\u52b1\u662f\u5bf9\u8fd9\u79cd\u670d\u52a1\u7684\u62a5\u916c\uff0c\u800c\u975e\u88ab\u52a8\u6295\u8d44\u6536\u76ca\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u670d\u52a1\u5c42\uff08Service Layer\uff09<\/strong>\uff1a\u53ea\u6709\u5f53\u4e2d\u5fc3\u5316\u673a\u6784\uff08\u5982\u4ea4\u6613\u6240\uff09\u63d0\u4f9b\u6258\u7ba1\u5f0f\u7684\u8d28\u62bc\u670d\u52a1\uff0c\u5e76\u627f\u8bfa\u7279\u5b9a\u56de\u62a5\u65f6\uff0c\u8fd9\u79cd&ldquo;\u670d\u52a1&rdquo;\u624d\u6784\u6210\u6295\u8d44\u5408\u540c\u3002<\/p>\n<\/li>\n<\/ol>\n<p>\u8fd9\u79cd\u4e8c\u5206\u6cd5\u4f7f\u5f97ETH\u5f97\u4ee5\u4fdd\u7559\u5176&ldquo;\u751f\u606f&rdquo;\u7279\u6027\uff0c\u540c\u65f6\u4eab\u6709&ldquo;\u5546\u54c1&rdquo;\u7684\u76d1\u7ba1\u8c41\u514d\u6743\u3002\u673a\u6784\u6295\u8d44\u8005\u5f00\u59cb\u5c06ETH\u89c6\u4e3a\u4e00\u79cd&ldquo;Productive Commodity&rdquo;&mdash;&mdash;\u65e2\u5177\u5907\u5546\u54c1\u7684\u6297\u901a\u80c0\u5c5e\u6027\uff0c\u53c8\u5177\u5907\u7c7b\u4f3c\u503a\u5238\u7684\u6536\u76ca\u7387\u3002Fidelity \u5728\u5176\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u8fd9\u79cd\u72ec\u7279\u7684\u5c5e\u6027\u7ec4\u5408\u4f7fETH\u6210\u4e3a\u4e86\u6295\u8d44\u7ec4\u5408\u4e2d\u4e0d\u53ef\u6216\u7f3a\u7684&ldquo;\u4e92\u8054\u7f51\u503a\u5238&rdquo;\u3002<\/p>\n<h3>\u7b2c\u4e09\u7ae0 \u5546\u4e1a\u6a21\u5f0f\u7684\u5d29\u584c\u4e0e\u91cd\u5efa\uff1a\u4eceDencun\u5230Fusaka<\/h3>\n<p>\u89e3\u51b3\u4e86\u8eab\u4efd\u95ee\u9898\uff0c\u63a5\u4e0b\u6765\u662f\u66f4\u5c16\u9510\u7684\u7ecf\u6d4e\u95ee\u9898\uff1aETH\u8d5a\u94b1\u5417\uff1f\u5b83\u7684\u73b0\u91d1\u6d41\u4ece\u54ea\u91cc\u6765\uff1f\u5230\u54ea\u91cc\u53bb\uff1f<\/p>\n<p>With all due respect \uff0c2025\u5e74\u524d\u4e09\u5b63\u5ea6\u7684\u6536\u5165\u65ad\u5d16\u5c31\u662f\u4e00\u6b21\u5931\u8d25\u7684\u6280\u672f\u6269\u5bb9\u65b9\u6848\uff0c\u662f\u4e00\u6b21\u6280\u672f\u5b85\u5984\u56fe\u7528\u6280\u672f\u91cd\u5851\u5546\u4e1a\u73af\u5883\u548c\u4eba\u6027\u7684\u5e7b\u60f3\uff0c\u800c\u65e0\u5948\u7684\u793e\u533a\u5219\u662f\u5bc4\u5e0c\u671b12\u6708\u7684Fusaka\u5347\u7ea7\u80fd\u6539\u53d8\u773c\u4e0b\u7684\u7a98\u5883\uff0c\u4f46\u662f\u8fd8\u80fd\u591f\u5417\uff1f<\/p>\n<h4><strong>3.1 Dencun\u5347\u7ea7\u540e\u7684&ldquo;\u6536\u5165\u6096\u8bba&rdquo;<\/strong><\/h4>\n<p>2024\u5e743\u6708\u7684Dencun\u5347\u7ea7\u5f15\u5165\u4e86EIP-4844\uff08Blob\u4ea4\u6613\uff09\uff0c\u65e8\u5728\u901a\u8fc7\u63d0\u4f9b\u5ec9\u4ef7\u7684\u6570\u636e\u5b58\u50a8\u7a7a\u95f4\u6765\u964d\u4f4eL2\u7684\u4ea4\u6613\u6210\u672c\u3002\u4ece\u6280\u672f\u4e0a\u8bb2\uff0c\u8fd9\u662f\u4e00\u6b21\u5de8\u5927\u7684\u6210\u529f&mdash;&mdash;L2\u7684Gas\u8d39\u4ece\u6570\u7f8e\u5143\u964d\u81f3\u51e0\u7f8e\u5206\uff0c\u6781\u5927\u5730\u4fc3\u8fdb\u4e86L2\u751f\u6001\u7684\u7e41\u8363\u3002\u7136\u800c\uff0c\u4ece\u7ecf\u6d4e\u6a21\u578b\u4e0a\u770b\uff0c\u8fd9\u662f\u4e00\u6b21&ldquo;\u707e\u96be&rdquo;\u3002<\/p>\n<p>Blob\u5e02\u573a\u7684\u5b9a\u4ef7\u673a\u5236\u6700\u521d\u5b8c\u5168\u57fa\u4e8e\u4f9b\u9700\u3002\u7531\u4e8e\u9884\u7559\u7684Blob\u7a7a\u95f4\u4f9b\u7ed9\u8fdc\u5927\u4e8eL2\u65e9\u671f\u7684\u9700\u6c42\uff0cBlob\u7684Base Fee\u957f\u671f\u7ef4\u6301\u57281 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\u6218\u7565\u8f6c\u6298\u70b9\uff1aFusaka\u5347\u7ea7\uff082025\u5e7412\u67083\u65e5\uff09<\/strong><\/h4>\n<p>\u5e78\u597d\u9762\u5bf9ETH\u5546\u4e1a\u6a21\u5f0f\u7684\u8d28\u7591\uff0cEthereum&ldquo;\u9ad8\u51b7&rdquo;\u7684\u5f00\u53d1\u8005\u793e\u533a\u5e76\u672a&ldquo;\u575a\u6301\u7406\u60f3&rdquo;\u3001\u5750\u89c6\u4e0d\u7ba1\u30022025\u5e7412\u67083\u65e5\u5404\u4f4d\u76fc\u661f\u661f\u76fc\u6708\u4eae\u7684Fusaka\u5347\u7ea7\uff0c\u5b83\uff0c\u7ec8\u4e8e\u6765\u4e86\u3002<\/p>\n<p>\u6b64\u6b21\u5347\u7ea7\u7684\u6838\u5fc3\u5728\u4e8e&ldquo;\u4fee\u590d&rdquo;L1\u4e0eL2\u4e4b\u95f4\u7684\u4ef7\u503c\u6355\u83b7\u94fe\u6761\uff0c\u8bf4\u767d\u4e86\u5c31\u662f\uff0cL2\u8981\u5411L1\u671d\u8d21\u3002<\/p>\n<p><strong>3.2.1 \u6838\u5fc3\u4fee\u590d\uff1aEIP-7918\uff08Blob\u57fa\u7840\u8d39\u7528\u4e0e\u6267\u884c\u6210\u672c\u7ed1\u5b9a\uff09<\/strong><\/p>\n<p>Fusaka\u5347\u7ea7\u4e2d\u6700\u5177\u5546\u4e1a\u610f\u4e49\u7684\u63d0\u6848\u662fEIP-7918\u3002\u8be5\u63d0\u6848\u5f7b\u5e95\u6539\u53d8\u4e86Blob\u7684\u5b9a\u4ef7\u903b\u8f91\u3002<\/p>\n<p>EIP-7918\u5f15\u5165\u4e86\u4e00\u4e2a&ldquo;\u4fdd\u5e95\u4ef7\u683c&rdquo;\u673a\u5236&mdash;&mdash;\u63d0\u4ef7\u3002\u5b83\u89c4\u5b9a\uff0cBlob\u7684\u57fa\u7840\u8d39\u7528\u4e0d\u518d\u5141\u8bb8\u65e0\u9650\u5236\u5730\u8dcc\u81f31 wei\u3002\u76f8\u53cd\uff0cBlob\u7684\u6700\u4f4e\u4ef7\u683c\u5c06\u4e0eL1\u7684\u6267\u884c\u5c42Gas\u4ef7\u683c\u6302\u94a9\uff08\u5177\u4f53\u4e3aL1 Base Fee\u76841\/15.258\uff09\u3002<\/p>\n<p>\u8fd9\u610f\u5473\u7740\uff0c\u53ea\u8981Ethereum\u4e3b\u7f51\u4f9d\u7136\u7e41\u5fd9\uff08\u4f8b\u5982\u6709\u6253\u65b0\u3001DeFi\u4ea4\u6613\u6216NFT\u94f8\u9020\uff09\uff0cL1\u7684Gas Price\u5c31\u4f1a\u4e0a\u6da8\uff0c\u8fdb\u800c\u81ea\u52a8\u62ac\u9ad8L2\u8d2d\u4e70Blob\u7a7a\u95f4\u7684&ldquo;\u5730\u677f\u4ef7&rdquo;\u3002L2\u65e0\u6cd5\u518d\u4ee5\u8fd1\u4e4e\u514d\u8d39\u7684\u4ef7\u683c\u4f7f\u7528Ethereum\u7684\u5b89\u5168\u6027\u3002<\/p>\n<p>\u5347\u7ea7\u6fc0\u6d3b\u540e\uff0cBlob\u7684\u57fa\u7840\u8d39\u7528\u77ac\u95f4\u98d9\u5347\u4e861500\u4e07\u500d\uff08\u4ece1 wei\u8df3\u5347\u81f30.01-0.5 Gwei\u533a\u95f4\u3002\u867d\u7136\u5bf9\u4e8eL2\u7528\u6237\u800c\u8a00\uff0c\u5355\u7b14\u4ea4\u6613\u6210\u672c\u4f9d\u7136\u4f4e\u5ec9\uff08\u7ea60.01 usd\uff09\uff0c\u4f46\u5bf9\u4e8eEthereum\u534f\u8bae\u800c\u8a00\uff0c\u8fd9\u610f\u5473\u7740\u6210\u5343\u500d\u7684\u6536\u5165\u589e\u957f\u3002L2\u7684\u7e41\u8363\u662fL1\u6536\u5165\u7684\u76f4\u63a5\u9a71\u52a8\u529b\u3002<\/p>\n<p><strong>3.2.2 \u4f9b\u7ed9\u4fa7\u6269\u5bb9\uff1aPeerDAS\uff08EIP-7594\uff09<\/strong><\/p>\n<p>\u4e3a\u4e86\u9632\u6b62\u6da8\u4ef7\u627c\u6740L2\u7684\u53d1\u5c55\uff0cFusaka\u540c\u6b65\u5f15\u5165\u4e86PeerDAS\uff08\u5bf9\u7b49\u6570\u636e\u53ef\u7528\u6027\u91c7\u6837\uff09\u3002<\/p>\n<p>PeerDAS\u5141\u8bb8\u8282\u70b9\u65e0\u9700\u4e0b\u8f7d\u5b8c\u6574\u7684\u6570\u636e\u5757\uff08Blob\uff09\uff0c\u53ea\u9700\u968f\u673a\u91c7\u6837\u4e00\u5c0f\u90e8\u5206\u6570\u636e\u788e\u7247\u5373\u53ef\u9a8c\u8bc1\u6570\u636e\u7684\u53ef\u7528\u6027\u3002\u8fd9\u6781\u5927\u5730\u964d\u4f4e\u4e86\u8282\u70b9\u7684\u5e26\u5bbd\u548c\u5b58\u50a8\u538b\u529b\uff08\u964d\u4f4e\u7ea685%\uff09\u3002<\/p>\n<p>\u8fd9\u4e00\u6280\u672f\u7a81\u7834\u4f7f\u5f97Ethereum\u80fd\u591f\u5927\u5e45\u589e\u52a0Blob\u7684\u4f9b\u5e94\u91cf\u3002\u5347\u7ea7\u540e\uff0c\u6bcf\u4e2a\u533a\u5757\u7684\u76ee\u6807Blob\u6570\u91cf\u5c06\u5206\u9636\u6bb5\u4ece6\u4e2a\u63d0\u5347\u81f314\u4e2a\u751a\u81f3\u66f4\u591a\u3002<\/p>\n<p>\u901a\u8fc7EIP-7918\u63d0\u9ad8\u5355\u4ef7\u4e0b\u9650\uff0c\u540c\u65f6\u901a\u8fc7PeerDAS\u589e\u52a0\u9500\u552e\u603b\u91cf\uff0cEthereum\u6210\u529f\u6784\u5efa\u4e86\u4e00\u4e2a&ldquo;\u91cf\u4ef7\u9f50\u5347&rdquo;\u7684\u9500\u552e\u6a21\u5f0f\u3002<\/p>\n<h4><strong>3.3 \u65b0\u5546\u4e1a\u6a21\u5f0f\u7684\u95ed\u73af<\/strong><\/h4>\n<p>\u8fd9\u5c31\u662fFusaka\u6fc0\u6d3b\u7684\u540e&middot;Ethereum\u5546\u4e1a\u6a21\u5f0f\uff0c\u57fa\u672c\u53ef\u4ee5\u6982\u62ec\u4e3a &ldquo;\u57fa\u4e8e\u5b89\u5168\u670d\u52a1\u7684B2B\u7a0e\u6536\u6a21\u578b&rdquo; \uff1a<\/p>\n<p>\u4e0a\u6e38\uff08L2\u7f51\u7edc\uff09\uff1aBase, Optimism, Arbitrum\u7b49L2\u4f5c\u4e3a&ldquo;\u5206\u9500\u5546&rdquo;\uff0c\u8d1f\u8d23\u6355\u83b7\u7ec8\u7aef\u7528\u6237\uff0c\u5904\u7406\u9ad8\u9891\u3001\u4f4e\u4ef7\u503c\u7684\u4ea4\u6613\u3002<\/p>\n<p>\u6838\u5fc3\u4ea7\u54c1\uff08\u533a\u5757\u7a7a\u95f4\uff09\uff1aEthereumL1\u51fa\u552e\u4e24\u79cd\u6838\u5fc3\u5546\u54c1\uff1a<\/p>\n<ul>\n<li>\n<p><strong>\u9ad8\u4ef7\u503c\u6267\u884c\u7a7a\u95f4<\/strong>\uff1a\u7528\u4e8eL2\u7684\u7ed3\u7b97\u8bc1\u660e\u3001\u590d\u6742\u7684DeFi\u539f\u5b50\u4ea4\u6613\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5927\u5bb9\u91cf\u6570\u636e\u7a7a\u95f4\uff08Blob\uff09<\/strong>\uff1a\u7528\u4e8eL2\u5b58\u50a8\u4ea4\u6613\u5386\u53f2\u6570\u636e\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u901a\u8fc7EIP-7918\uff0cL2\u5fc5\u987b\u4e3a\u8fd9\u4e24\u79cd\u8d44\u6e90\u652f\u4ed8\u4e0e\u5176\u7ecf\u6d4e\u4ef7\u503c\u76f8\u5339\u914d\u7684&ldquo;\u79df\u91d1&rdquo;\u3002\u8fd9\u4e9b\u79df\u91d1\uff08ETH\uff09\u7edd\u5927\u90e8\u5206\u88ab\u9500\u6bc1\uff0c\u8f6c\u5316\u4e3a\u5168\u4f53ETH\u6301\u6709\u8005\u7684\u4ef7\u503c\u63d0\u5347\uff1b\u5c0f\u90e8\u5206\u652f\u4ed8\u7ed9\u9a8c\u8bc1\u8005\uff0c\u5f62\u6210\u8d28\u62bc\u6536\u76ca\u3002<\/p>\n<p>\u6b63\u5411\u5faa\u73af\u87ba\u65cb\uff1a<\/p>\n<p>L2\u8d8a\u7e41\u8363 -&gt; L2\u5bf9Blob\u9700\u6c42\u8d8a\u5927 -&gt; \u5373\u4f7f\u5355\u4ef7\u4f4e\uff0c\u603b\u91cf\u5927\u4e14\u6709\u4fdd\u5e95 -&gt; ETH\u9500\u6bc1\u91cf\u589e\u52a0 -&gt; ETH\u901a\u7f29\/\u7a00\u7f3a -&gt; \u7f51\u7edc\u5b89\u5168\u6027\u63d0\u5347 -&gt; \u5438\u5f15\u66f4\u591a\u9ad8\u4ef7\u503c\u8d44\u4ea7\u3002<\/p>\n<p>\u5e02\u573a\u662f\u5426\u6709\u4eba\u57cb\u5355\uff1f\u6709\uff0c\u6839\u636e\u8457\u540d\u5206\u6790\u5e08Yi\u8001\u5e08\u7684\u4f30\u7b97\uff0cFusaka\u5347\u7ea7\u540e\uff0c2026\u5e74Ethereum\u7684ETH\u9500\u6bc1\u7387\u6709\u671b\u63d0\u53478\u500d\uff1f\uff01<\/p>\n<h3>\u7b2c\u56db\u7ae0 \u4f30\u503c\u4f53\u7cfb\uff1a\u5982\u4f55\u4e3a&ldquo;\u4fe1\u4efb\u4ef6&rdquo;\u5b9a\u4ef7\uff1f<\/h3>\n<p>\u5728\u660e\u786e\u4e86\u5546\u4e1a\u6a21\u5f0f\u540e\uff0c\u4e0b\u4e00\u4e2a\u95ee\u9898\uff1a\u5982\u4f55\u5bf9\u8fd9\u79cd\u65b0\u578b\u8d44\u4ea7\u8fdb\u884c\u4f30\u503c\uff1f\u7531\u4e8eEthereum\u517c\u5177\u5546\u54c1\u3001\u8d44\u672c\u8d44\u4ea7\u548c\u8d27\u5e01\u5c5e\u6027\uff0c\u5355\u4e00\u7684\u4f30\u503c\u6a21\u578b\u4f3c\u4e4e\u65e0\u6cd5\u8868\u8fbe&rdquo;ETH\u7684\u4f1f\u5927&ldquo;\u3002\u5bf9\u6b64\uff0c\u534e\u5c14\u8857\u7684\u7cbe\u82f1\u4eec\u7ed9\u51fa\u4e86\u4ed6\u4eec\u7684\u770b\u6cd5\uff1a<\/p>\n<h4><strong>4.1 \u73b0\u91d1\u6d41\u6298\u73b0\uff08DCF\uff09\u6a21\u578b\uff1a\u79d1\u6280\u80a1\u89c6\u89d2<\/strong><\/h4>\n<p>\u5c3d\u7ba1\u88ab\u5b9a\u4e49\u4e3a\u5927\u5b97\u5546\u54c1\uff0c\u4f46ETH\u62e5\u6709\u6e05\u6670\u7684\u73b0\u91d1\u6d41\uff0c\u8fd9\u4f7f\u5f97\u5b83\u80fd\u591f\u5957\u7528\u4f20\u7edf\u7684DCF\u6a21\u578b\u3002<\/p>\n<ul>\n<li>\n<p>\u57282025\u5e74Q1\u7684\u7814\u62a5\u4e2d\uff0c21Shares\u57fa\u4e8eEthereum\u7684\u4ea4\u6613\u8d39\u6536\u5165\u548c\u9500\u6bc1\u673a\u5236\uff0c\u91c7\u7528\u4e86\u4e09\u9636\u6bb5\u589e\u957f\u6a21\u578b\u8fdb\u884c\u63a8\u6f14\u3002\u5373\u4f7f\u5728\u4fdd\u5b88\u7684\u6298\u73b0\u7387\uff0815.96%\uff09\u5047\u8bbe\u4e0b\uff0c\u5176\u8ba1\u7b97\u51fa\u7684ETH\u516c\u5141\u4ef7\u503c\u4e5f\u8fbe\u5230\u4e86 $3,998 \uff1b\u800c\u5728\u8f83\u4e3a\u4e50\u89c2\u7684\u5047\u8bbe\u4e0b\uff08\u6298\u73b0\u738711.02%\uff09\uff0c\u516c\u5141\u4ef7\u503c\u9ad8\u8fbe $7,249\u3002<\/p>\n<\/li>\n<li>\n<p>Fusaka\u5347\u7ea7\u540e\u7684EIP-7918\u673a\u5236\uff0c\u4e3aDCF\u6a21\u578b\u4e2d\u7684&ldquo;\u672a\u6765\u6536\u5165\u589e\u957f\u7387&rdquo;\u63d0\u4f9b\u4e86\u575a\u5b9e\u7684\u652f\u6491\u3002\u5e02\u573a\u5206\u6790\u8ba4\u4e3a\u8fd9\u4e0d\u518d\u9700\u8981\u62c5\u5fc3L2\u5438\u8840\u5bfc\u81f4\u6536\u5165\u5f52\u96f6\uff0c\u800c\u662f\u53ef\u4ee5\u6839\u636eL2\u7684\u9884\u671f\u589e\u957f\u89c4\u6a21\uff0c\u7ebf\u6027\u63a8\u5bfcL1\u7684\u4fdd\u5e95\u6536\u5165\u3002<\/p>\n<\/li>\n<\/ul>\n<h4><strong>4.2 \u8d27\u5e01\u6ea2\u4ef7\u6a21\u578b\uff1a\u5927\u5b97\u5546\u54c1\u89c6\u89d2<\/strong><\/h4>\n<p>\u9664\u4e86\u73b0\u91d1\u6d41\uff0cEthereum\u8fd8\u4eab\u6709\u4e00\u90e8\u5206\u65e0\u6cd5\u901a\u8fc7DCF\u6355\u6349\u7684\u4ef7\u503c&mdash;&mdash;\u8d27\u5e01\u6ea2\u4ef7\u3002\u8fd9\u662f\u4f5c\u4e3a\u7ed3\u7b97\u8d27\u5e01\u548c\u62b5\u62bc\u54c1\u6240\u5e26\u6765\u7684\u4ef7\u503c\u3002<\/p>\n<ul>\n<li>\n<p>ETH\u662fDeFi\u751f\u6001\uff08TVL\u8d85\u8fc71000\u4ebf\u7f8e\u5143\uff09\u7684\u6838\u5fc3\u62b5\u62bc\u54c1\u3002\u65e0\u8bba\u662f\u94f8\u9020\u7a33\u5b9a\u5e01\uff08\u5982DAI\uff09\u3001\u501f\u8d37\u8fd8\u662f\u884d\u751f\u54c1\u4ea4\u6613\uff0cETH\u90fd\u662f\u6700\u5e95\u5c42\u7684\u4fe1\u4efb\u951a\u3002<\/p>\n<\/li>\n<li>\n<p>NFT\u5e02\u573a\u3001L2\u7684Gas\u8d39\u652f\u4ed8\uff0c\u5747\u4ee5ETH\u8ba1\u4ef7\u3002<\/p>\n<\/li>\n<li>\n<p>\u968f\u7740ETF\u7684\u9501\u4ed3\uff08\u622a\u81f32025\u5e74Q3\u5df2\u8fbe276\u4ebf\u7f8e\u5143\u548c\u4f01\u4e1a\u8d22\u5e93\u7684\u56e4\u79ef\uff08\u5982Bitmine\u6301\u6709366\u4e07\u679aETH\uff0cETH\u7684\u6d41\u52a8\u6027\u4f9b\u5e94\u65e5\u76ca\u7d27\u7f29\u3002\u8fd9\u79cd\u4f9b\u9700\u5173\u7cfb\u7684\u7d27\u5f20\uff0c\u8d4b\u4e88\u4e86\u5b83\u7c7b\u4f3c\u9ec4\u91d1\u7684\u6ea2\u4ef7\u3002<\/p>\n<\/li>\n<\/ul>\n<h4><strong>4.3 &ldquo;\u4fe1\u4efb\u4ef6\uff08Trustware\uff09&rdquo;\u5b9a\u4ef7<\/strong><\/h4>\n<p>Consensys\u57282025\u5e74\u7684\u62a5\u544a\u4e2d\u63d0\u51fa\u4e86 &ldquo;\u4fe1\u4efb\u4ef6\uff08Trustware\uff09&rdquo; \u7684\u6982\u5ff5\u3002<\/p>\n<ul>\n<li>\n<p>Ethereum\u9500\u552e\u7684\u4e0d\u662f\u7b80\u5355\u7684\u8ba1\u7b97\u80fd\u529b\uff08\u8fd9\u662fAWS\u505a\u7684\uff09\uff0c\u800c\u662f &ldquo;\u53bb\u4e2d\u5fc3\u5316\u7684\u3001\u4e0d\u53ef\u7be1\u6539\u7684\u6700\u7ec8\u6027\uff08Finality\uff09&rdquo; \u3002<\/p>\n<\/li>\n<li>\n<p>\u968f\u7740RWA\u4e0a\u94fe\uff0cEthereumL1\u5c06\u4ece&ldquo;\u5904\u7406\u4ea4\u6613&rdquo;\u8f6c\u5411&ldquo;\u4fdd\u62a4\u8d44\u4ea7&rdquo;\u3002\u5176\u4ef7\u503c\u6355\u83b7\u5c06\u4e0d\u518d\u4ec5\u4ec5\u4f9d\u8d56\u4e8eTPS\uff0c\u800c\u662f\u4f9d\u8d56\u4e8e\u5176\u6240\u4fdd\u62a4\u7684\u8d44\u4ea7\u89c4\u6a21\u3002<\/p>\n<\/li>\n<li>\n<p>\u5982\u679cEthereum\u4fdd\u62a4\u4e86\u5168\u740310\u4e07\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\uff0c\u54ea\u6015\u5b83\u6bcf\u5e74\u4ec5\u6536\u53d60.01%\u7684\u5b89\u5168\u7a0e\uff0c\u5176\u5e02\u503c\u4e5f\u5fc5\u987b\u8db3\u591f\u5e9e\u5927\u4ee5\u62b5\u5fa151%\u653b\u51fb\u3002\u8fd9\u79cd&ldquo;\u5b89\u5168\u9884\u7b97&rdquo;\u7684\u903b\u8f91\uff0c\u4f7f\u5f97Ethereum\u7684\u5e02\u503c\u4e0e\u5176\u627f\u8f7d\u7684\u7ecf\u6d4e\u4f53\u91cf\u5448\u6b63\u76f8\u5173\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u5bf9\u4e8e&ldquo;\u4fe1\u4efb\u4ef6&rdquo;\u7684\u5ba3\u4f20\u6765\u8bf4\uff0c\u6ca1\u6709\u4ec0\u4e48\u6bd4\u9ed1\u5ba2\u76d7\u53d6\u8d44\u91d1\u540e\u628a\u76d7\u6765\u7684\u8d44\u91d1\u6362\u6210ETH\u66f4\u6709\u8bf4\u670d\u529b\uff0c\u6ca1\u6709\u4e4b\u4e00\u3002<\/p>\n<h3>\u7b2c\u4e94\u7ae0 \u7ade\u4e89\u683c\u5c40\uff1a\u6a21\u5757\u5316\u62a4\u57ce\u6cb3\u4e0eRWA\u6218\u573a<\/h3>\n<h4><strong>5.1 Ethereum vs. Solana\uff1a\u6279\u53d1\u4e0e\u96f6\u552e\u7684\u5206\u91ce<\/strong><\/h4>\n<p>2025\u5e74\u7684\u6570\u636e\u6e05\u6670\u5730\u5c55\u793a\u4e86\u516c\u94fe\u5e02\u573a\u7684\u7ed3\u6784\u6027\u5206\u5316\uff1a<\/p>\n<p>Solana\u7c7b\u4f3c\u4e8eVisa\u6216\u7eb3\u65af\u8fbe\u514b\uff0c\u8ffd\u6c42\u6781\u81f4\u7684TPS\u548c\u4f4e\u5ef6\u8fdf\uff0c\u9002\u5408\u9ad8\u9891\u4ea4\u6613\u3001\u652f\u4ed8\u548c\u6d88\u8d39\u7ea7\u5e94\u7528\uff08DePIN\uff09\u3002Ethereum\u5219\u6f14\u53d8\u6210\u4e86SWIFT\u6216\u7f8e\u8054\u50a8\u7ed3\u7b97\u7cfb\u7edf\uff08FedWire\uff09\uff0c\u5b83\u4e0d\u8ffd\u6c42\u5feb\u901f\u5904\u7406\u6bcf\u4e00\u7b14\u4e70\u5496\u5561\u7684\u4ea4\u6613\uff0c\u800c\u662f\u4e13\u6ce8\u4e8e\u5904\u7406L2\u7f51\u7edc\u63d0\u4ea4\u7684\u3001\u5305\u542b\u6210\u5343\u4e0a\u4e07\u7b14\u4ea4\u6613\u7684&ldquo;\u7ed3\u7b97\u5305&rdquo;\u3002<\/p>\n<p>\u8fd9\u79cd\u5206\u5de5\u662f\u6210\u719f\u5e02\u573a\u7684\u5fc5\u7136\u6f14\u8fdb\u3002\u9ad8\u4ef7\u503c\u3001\u4f4e\u9891\u7684\u8d44\u4ea7\uff08\u5982\u56fd\u503a\u4ee3\u5e01\u5316\u3001\u5927\u989d\u8de8\u5883\u7ed3\u7b97\uff09\u4f9d\u7136\u9996\u9009Ethereum\uff0c\u56e0\u4e3a\u5176\u5b89\u5168\u6027\u548c\u53bb\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u66f4\u9ad8\uff1b\u800c\u4f4e\u4ef7\u503c\u3001\u9ad8\u9891\u7684\u4ea4\u6613\u5219\u6d41\u5411Solana\u3002<\/p>\n<h4><strong>5.2 RWA\u7684\u7edf\u6cbb\u529b<\/strong><\/h4>\n<p>\u5728RWA\u8fd9\u4e00\u8fd9\u4e00\u88ab\u89c6\u4e3a\u672a\u6765\u4e07\u4ebf\u7ea7\u5e02\u573a\u7684\u9886\u57df\uff0cEthereum\u5c55\u73b0\u4e86\u6781\u5f3a\u7684\u7edf\u6cbb\u529b\u3002\u5c3d\u7ba1Solana\u589e\u957f\u8fc5\u901f\uff0c\u4f46\u5728BlackRock\u7684BUIDL\u57fa\u91d1\u3001Franklin Templeton\u7684\u94fe\u4e0a\u57fa\u91d1\u7b49\u6807\u6746\u9879\u76ee\u4e2d\uff0cEthereum\u4f9d\u7136\u662f\u9996\u9009\u5e95\u5ea7\u3002<\/p>\n<p>\u673a\u6784\u7684\u9009\u62e9\u903b\u8f91\u5f88\u6e05\u6670\uff0c\u5bf9\u4e8e\u6570\u4ebf\u4e43\u81f3\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\uff0c\u5b89\u5168\u6027\u7684\u4f18\u5148\u7ea7\u8fdc\u9ad8\u4e8e\u901f\u5ea6\u3002Ethereum\u7ecf\u8fc7\u5341\u5e74\u9a8c\u8bc1\u4e14\u4ece\u672a\u5b95\u673a\u7684\u8bb0\u5f55\uff0c\u6784\u6210\u4e86\u5176\u6700\u6df1\u7684\u62a4\u57ce\u6cb3\u3002<\/p>\n<p>Ethereum\u8ff7\u5931\u4e86\u5417\uff1f\u57282025\u5e74\u5b8c\u6210\u4e86\u5411\u6570\u5b57\u7ecf\u6d4e&ldquo;\u5e95\u5c42\u94f8\u5e01\u7a0e&rdquo;\u6a21\u578b\u7684\u60ca\u9669\u4e00\u8dc3\uff0c\u53ea\u662f\u4e0d\u77e5\u9053\u8fd9\u6b21\u7684\u4fe1\u4ef0\u4e4b\u8dc3\uff0c\u4f1a\u4e0d\u4f1a\u843d\u5728\u5e72\u8349\u579b\uff1f<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2025\u5e74\u5bf9\u4e8eEthereum\u800c\u8a00\uff0c\u65e0\u7591\u662f\u5145\u6ee1\u77db\u76fe\u4e0e\u4e89\u8bae\u7684\u4e00\u5e74\u3002\u5c3d\u7ba1\u6709\u5927V\u5e26\u8d27\uff0c\u5404\u79cdDAT\uff0c\u5404\u79cd\u6280\u672f\u5347\u7ea7\uff0c\u9ed1\u5ba2 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":357,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/3595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3595"}],"version-history":[{"count":1,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/3595\/revisions"}],"predecessor-version":[{"id":8485,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/3595\/revisions\/8485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/media\/357"}],"wp:attachment":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}