主要观点
以太币从第二季度的低点经历了强劲反弹，但以太坊网络在交易量、费用收入、总价值锁定或用户活动方面难以恢复到5月份抛售前的水平。在幕后，随着以太坊继续占据智能合约网络开发者份额的主导地位，其前景将会更加光明。 Ether experienced a strong rebound from the second quarter’s low, but it is difficult for Ether’s network to recover to pre-sale levels in May in terms of volume of transactions, cost earnings, total value lock-in, or user activity. Behind the scene, as Ether continues to dominate the share of intelligent contract developers, its prospects will be brighter. 由于以太坊以rollup为中心的路线图似乎正在慢慢实现，第2层上的用户活动确实有所增加。Optimism和Arbitrum上锁定的总价值都达到了10亿美元。 As the road map centred on a roll group seems to be slowly being realized, user activity on the second floor has indeed increased. The total value of both Optimism and Arbitrum is set at $1 billion. 就在本报告发布之前，向权益证明的成功过渡为以太坊开创了一个新时代。由于能源使用量减少99%、潜在的通货紧缩基础货币以及可投资收益率，以太坊可能最终会找到一些支持者长期呼吁的东西。 Just before this report, the successful transition to certification of rights opened a new era for Etheria. With a 99% reduction in energy use, a potential deflationary base currency, and an investmentable rate of return, Ether will probably eventually find something that supporters have long called for. 以太坊简介 with an introduction to the Tai Lok 以太坊区块链网络是一个去中心化的数据存储和交易验证平台。其智能合约和网络上虚拟机的突破性引入创造了一个去中心化的图灵完备性软件解决方案。有成千上万的独立代币和应用程序建立在以太坊区块链之上。该协议在开发了深度去中心化金融生态系统之后获得了广泛的认可，最近还开发了许多有趣的Web3用例。该协议于2022年9月15日从工作证明过渡到了权益证明。如今，以太坊是全球市值第二大的加密货币。 This agreement has been widely recognized after the development of a deep decentralised financial ecosystem, and many interesting Web3 examples have recently been developed. The agreement transitioned from a job certificate to an entitlement certificate on 15 September 2022. Today, Taiyan is the second largest encoded currency in the global market. 关键指标 性能分析 performance analysis 季度亮点 加密市场在2022年第三季度出现反弹，部分性地从Terra和第二季度宏观引发的崩盘中恢复过来。从价格角度来看，以太币的表现出色，因为用户会为合并可能带来的空投而积累现货资产。9月15日，以太坊成功执行了从工作证明(PoW)到权益证明(PoS)的共识变更。?这一转变为这个最大的智能合约平台开启了一个新时代。合并后，每天的区块奖励从大约13500 ETH下降到2000 ETH，这大大降低了网络的安全支出。 The encryption market rebounded in the third quarter of 2022, partly recovering from a macro-induced crash in Terra and the second quarter. From a price point of view, the talismans performed well, as users accumulated off-the-shelf assets for the potential airdrops that might result from the merger. 以太坊的活跃地址和交易基本保持稳定，季度变化相对较小。虽然地址和交易量可能会随着加密货币的广泛采用而增加，但以太坊的扩展将来自第二层解决方案，而不是性能更强的基础层。 The active addresses and transactions in the Taikus have remained largely stable, with relatively minor quarterly changes. While the number of addresses and transactions may increase with the widespread use of encrypted currencies, the expansion in the Taiyea will come from the second tier of solutions, rather than from a more robust base. 该协议的收入下降可归因于加密熊市、L2交易量的增加以及协议合约的gas效率升级。因此，第三季度总费用大幅下降，降至2020年以来的最低水平。如果这些费用在今年下半年继续下降，将直接影响合并后的质押收益率。 The reduction in the agreement’s revenue can be attributed to an increase in the volume of encrypted bear markets, L2 transactions, and an increase in the efficiency of the agreement’s gas contract. As a result, total costs for the third quarter have fallen significantly to their lowest level since 2020. If these costs continue to decline in the second half of the year, they will have a direct impact on the combined pledge rate of return. 网络性能 Web performance 自2021年8月实施EIP-1559以来，以太坊交易数基本保持区间波动。在EIP-1559之后，每当区块的填充量高于或低于目标限制值时，下一个区块的gas费就会向相反方向变化。新设置通过让交易费用吸收差异，有效地减少了每个区块交易数量的差异。 Since the implementation of EIP-1559 in August 2021, inter-portfolio fluctuations have been maintained. After EIP-1559, when blocks are filled above or below the target limit value, the cost of the next block changes in the opposite direction. The new setup effectively reduces the difference in the number of transactions per block by allowing transaction costs to absorb the difference. 在这一季度，日均交易量为120万笔，较上一季度增长6%。ETH转账和DeFi交易分别增长7%和14%，日均交易量达到41.5万笔和8.2万笔。另一方面，NFT和跨链桥交易量有所下降。NFT交易在本季度下降了17%，达到每天18.1万笔，跨链桥交易下降了41%，达到每天9000笔。 On the other hand, there has been a decline in NFT and cross-link bridge transactions. NFT transactions fell by 17 per cent during the quarter, reaching 181,000 per day, and cross-link bridge transactions by 41 per cent, reaching 9,000 per day. 活动地址自然也遵循了与交易类似的模式。本季度的日活跃地址为55万，比上一季度增长了5%。增长的主要原因是2022年7月27日活跃地址的激增，当时著名的以太坊矿工Chandler Guo宣布了以太坊PoW分叉的计划，以及币安的一些钱包“维护活动”。最重要的是，这些活动很可能不是因为有新的用户涌入，也不是因为有新的应用。 The event address naturally follows a similar pattern to the transaction. The active daily address this quarter was 550,000, a 5 per cent increase over the previous quarter. The main reason for the increase was the surge in the active address on 27 July 2022, when the famous Ether Miner Chandler Guo announced the Ether PoW split plan, and some of the wallet “maintenance activities” of the currency. Most importantly, these activities are probably not due to the influx of new users or to new applications. 在此期间，以太坊供应增长了0.7%，年化增长率为4.2%。所有的通胀都来自PoW奖励，因为交易基础费用的消耗略高于信标链奖励的通胀。 During this period, the supply of the Taiwan grew by 0.7 per cent, with an annualized growth rate of 4.2 per cent, all inflation coming from the PoW incentive, as transactional base costs consumed slightly more than the beacon chain incentive inflation. 自2020年以来，智能合约中的ETH一直呈上升趋势，该资产越来越多地用于DeFi和其他应用。这使得中心化交易所持有的ETH逐年减少。然而，Terra的崩溃似乎已经侵蚀了人们对智能合约，甚至是对整个生态系统的信任。就在Terra崩溃的同一天，2022年5月9日，智能合约中ETH的比例达到了30%的峰值，之后一直呈下降趋势。8月底，智能合约上的ETH为27%，较6月底下降了2%。 However, Terra’s collapse seems to have eroded trust in smart contracts, even in the ecosystem as a whole. On the same day as Terra’s collapse, on 9 May 2022, the share of smart contracts reached a peak of 30%, a downward trend since then. At the end of August, it was 27% on smart contracts, down 2% from the end of June. 市场指标 Market indicators 不出所料，随着合并时间的确定，交易者在第三季度的看涨押注有所增加。由于官方目标区块难度设定在7月中旬，这表明合并日期为9月中旬，因此各交易所的买入交易量稳步增加。8月底要比6月底的水平增加了一倍多。 As expected, with the timing of the merger, traders’ third-quarter upsight bets increased. As the official target block was set to be difficult in mid-July, indicating a merger date of mid-September, the volume of buy-in transactions among the exchanges increased steadily. 买卖比也有所上升。买入的执行价格在9月30日到期的5000美元和12月30日到期的2500美元水平上最高。过去几个月，ETH的价格在1500美元左右徘徊，当时本应进行这些押注。这些买入量的执行价格表明，许多赌徒将目标锁定在9月到期的合约上(也就是说，预计ETH价格将上涨两倍以上)，而更多的基本面投资者则看重12月的合约。 The purchase enforcement price was highest at $5,000 due on 30 September and $2,500 due on 30 December. In the past few months, the price of ETH had hovered around $1,500, and those bets should have been made. The enforcement price of these purchases showed that many gamblers had locked their targets on contracts that expired in September (i.e., the expected increase in ETH prices was more than double), while more fundamental investors valued the 12-month contract. 随着情绪的转变和以太币价格的缓慢上升，波动率也趋于下降。以太币在整个7月和8月的日波动范围要小得多。在经历了非常具有挑战性的第二季度之后，整个加密货币和股票市场的绝对波动性都出现了下降。以太坊与比特币的相关性保持在90%左右，而与标准普尔500指数的相关性略有下降。 After a very challenging second quarter, the absolute volatility of the entire crypto-currency and stock markets has declined. The relevance of Ethel to Bitcoin has remained at around 90%, while that of the Standard & Poor’s 500 index has declined slightly. 第2层分析 以太坊以rollup为中心的扩展计划终于实现了。虽然以太坊的平均交易数可能仍保持在区间内，但L2交易有了显著增长。Arbitrum上的平均交易量几乎增长了三倍，从2022年1月的3.9万笔增至2022年8月的11.5万笔。在同一时期，Optimism的交易量也从4.1万笔增加到14.2万笔，增长了近3.5倍。 In the meantime, Optimism also increased from 41,000 to 142,000, a nearly 3.5-fold increase. 新兴的底层生态系统正在推动L2的活动。L2应用已经吸引了真正的使用和关注，即Arbitrum的GMX和Optimism的Synthetix。这些应用也是其各自平台上TVL的最大驱动力之一。 Emerging bottom ecosystems are driving L2. L2 applications have attracted real use and attention, namely GMX in Arbitrum and Synthetix in Optim. These applications are also one of the biggest drivers of TVL on their platforms. 今年将出现更多促进L2增长和采用的催化剂： will have more catalysts for L2 growth and adoption this year: Arbitrum的Nitro升级最近以更高的吞吐量和更低的费用投入使用。随着升级的锁定，Arbitrum Odyssey有望再次恢复，这将带来其token的发布。 Arbitrum’s Nitro upgrade has recently been put into use with higher throughput and lower costs. As the upgrade locks, Arbitrum Odyssey is expected to recover again, which will lead to its token release. Polygon、zkSync和Scroll这三个不同的团队宣布了zkEVMs的突破。zkSync的zkEVM预计将在第四季度推出其主网。 Three different teams, Polygon, zkSync and Scroll, announced a breakthrough for zkEVMs. ZkSync’s zkEVM is expected to launch its main network in the fourth quarter. StarkNet宣布计划去中心化并推出自己的代币。 StarkNet announced plans to decentralize and introduce its own tokens. 这些带有空投的代币发行是生态系统的重要事件。他们推动了平台的使用，并帮助创建了用户投资者社区。然而，这最终可能是一种不可持续的采用方法。这些生态系统需要创造有机的用户采用才能长期繁荣发展。 The issuance of these tokens with airdrops is an important event for ecosystems. They promote the use of platforms and help create communities of investors. However, this may ultimately be an unsustainable approach. These ecosystems require the creation of organic users for long-term prosperity. 行业分析 Industry Analysis 去中心化交易所（DEX） Departure Exchange 在第二季度，DEX的日均交易量为27.8亿美元。在第三季度，这一数字降至18.3亿美元。年环比销量也降至约8亿美元。Uniswap的主导地位从第二季度末的60%上升到8月底的72%。Uniswap在整个第三季度的市场份额一直保持在DEX的75%左右。值得注意的是，尽管Curve继续推出了高于竞争对手的激励措施，但其市场份额却从16%下降至8%。 In the second quarter, the average daily transaction volume of DEX was $2.78 billion. In the third quarter, the figure fell to $1.83 billion. The annual sales of the ring also fell to about $800 million. Uniswap’s dominance rose from 60 per cent at the end of the second quarter to 72 per cent at the end of August. Uniswap’s market share remained around 75 per cent of DEX throughout the third quarter. 借贷 Loans >/strong 第三季度平均贷款规模大幅下降。日均交易额从第二季度的2800亿美元降至1160亿美元。7月交易量明显放缓，但在8月略有回升，因为希望获得ETH POW空投的个人对现货ETH的需求有所增加。 The average loan size declined significantly in the third quarter. The average daily turnover fell from $280 billion in the second quarter to $116 billion. The volume of transactions slowed significantly in July, but recovered slightly in August because of the increased demand for spot ETH by individuals wishing to obtain ETH Pow airdrops. NFT 尽管NFT日均交易量大幅下降，但日均交易者数量的降幅要小得多。这表明用户粘性基础在每天4万左右。以美元计算的交易量较1月份下降了90%。第三季度平均每月销售额不足10亿美元，而第二季度为46亿美元。这种下降不仅与NFT市场放缓有关，还与大多数NFT使用的基础货币ETH的价格下跌有关。OpenSea在第三季度继续主导着市场份额。 Although the average daily volume of NFT transactions has declined significantly, the average daily number of traders has fallen much smaller. This suggests that users have a sticky base of around 40,000 per day. The volume of transactions in dollar terms has fallen by 90 per cent compared to January. The average monthly sales in the third quarter was less than $1 billion, compared to $4.6 billion in the second quarter. Sudoswap于第三季度推出。它通过为NFT创建类似于Uniswap的流动性池，为NFT市场提供了新的视角。尽管交易量似乎已在8月份见顶，但如果NFT市场的低迷趋势逆转，sudoswap将值得关注。 Sudoswap was launched in the third quarter. It provides a new perspective for NFT markets by creating a liquid pool similar to Uniswap. Although the volume of transactions seems to have peaked in August, sudoswap will be of interest if the downward trend in NFT markets reverses. 稳定币 Stable Currency > / strong 稳定币是去中心化金融生态系统中的流动性。其转折与以太坊的整体市值有着相当紧密的相关性。虽然稳定币的走势和总体交易量与第二季度基本持平，但有许多可能对DeFi发展产生重要影响的活动值得注意： Stable currency is a liquidity in decentralised financial ecosystems. The switch is quite closely related to the overall market value of Ether. While the trend and overall volume of transactions in Stable Currency is almost the same as in the second quarter, there are many activities that could have a significant impact on DeFi’s development: 在美国外国资产控制办公室(OFAC)制裁Tornado Cash智能合约后，USDC背后的组织Circle停掉了38个地址。 After the United States Office of Foreign Assets Control (OFAC) sanctioned the Tornado Cash Smart Contract, the organization behind the USDC Circle stopped 38 addresses. 在此之后，MakerDAO的DAI计划降低其对中心化稳定币的敞口，其创始人Rune Christensen为其“Endgame”制定了计划。 After that, MakerDAO's DAI plan reduced its exposure to the centralization of the stable currency, and its founder, Rune Christensen, developed a plan for its “Endgame”. 由于技术、财务和监管风险不断增加，Tribe DAO计划解套，所有FEI将被赎回。 As a result of increasing technical, financial and regulatory risks, Tribe DAO plans were dismantled and all FEI will be redeemed. Circle推出了以欧元计价的稳定币EUROC。 Circle introduced the euro-denominated stable currency EUROC. Aave宣布了其美元稳定币GHO。 Aave announced its dollar-stabilized currency GO. Circle对Tornado Cash地址的禁令并不被看好。本季度，USDC市场份额从44%下降到41%。跌幅主要由BUSD吸收，其市场份额从14%增加到16%。 Circle’s ban on Tornado Cash’s address was not well received. USDC’s market share fell from 44% to 41% this quarter. The decline was largely absorbed by BUSD, whose market share increased from 14% to 16%. 合并和向权益证明的过渡 经过大张旗鼓的宣传，合并于2022年9月15日成功进行。验证者的退出和区块故障受到了限制，用户和应用程序并没有受到影响。矿工们创建了一个名为以太坊工作证明(ETHW)的持续运作的工作证明分叉，在撰写本文时，它在期货市场的交易价格约为以太坊市值的1%。该链没有得到用户的支持，基础设施供应商的支持也很有限。启动该协议的团队的协调失败似乎从一开始就注定了它的命运。 The testator's exit and block failure were limited, and users and applications were not affected. Miners created an operation called ETHW, which, at the time of writing, was about 1% of the futures market's market value. The chain was not supported by users, and infrastructure providers limited their support. 合并后，区块奖励减少了90%。这大大降低了网络的通货膨胀，并减少了其年度安全支出。如果以太坊从本季度初开始使用PoS，那么它的净通缩供应将比累计验证者奖励多消耗1600个ETH。 As a result of the merger, block incentives have been reduced by 90%. This has significantly reduced network inflation and reduced its annual security spending. 向PoS的过渡还使以太坊显著降低了99.95%的能源消耗。合并将进一步缓解对使用以太坊的ESG担忧。这将为更多的组织将ETH作为可投资资产或使用网络本身进行运营打开大门。早些时候，像Mozilla、Discord和特斯拉这样的知名组织已经因为环境问题停止了他们的区块链采用计划。 The transition to PoS has also led to a significant reduction of 99.95% in energy consumption by the Ether. The merger will further alleviate concerns about Ether’s use of Ether. This will open the door to more organizations operating as investable assets or using the network itself. Earlier, well-known organizations such as Mozilla, Discord, and Tesla have stopped adopting plans for their sector chains because of environmental problems. 在这两个月的时间里，向信标链的资金流入明显放缓，仅增长了4%，而第二季度增长了17%。这种低增长的主要原因是，最大的质押衍生品——Lido的stETH目前的交易价格低于现货ETH。只要贬值仍然存在，用户通过在二级市场上购买stETH获得的质押敞口将会比直接在以太坊上投资获得更多利润。在大型中心化质押提供商中，Coinbase和币安都增长了4%，尽管它们的质押衍生品cbETH和BETH的交易价格也低于ETH。在流动性质押衍生品中，Lido增长了1%，达到了420万ETH的质押，Rocket Pool增长了11%，达到了21.8万ETH质押。 In these two months, the flow of funds into the beacon chain slowed significantly, growing by only 4 per cent, compared with 17 per cent in the second quarter. The main reason for this low growth was that the largest pledge derivative, the steth of Lido, currently traded below spot ETH. As long as devaluations persisted, users would earn more than direct investment in the district by buying the steth on the secondary market. Coinbase and the currency increased by 4 per cent among large centralized pledge providers, although their pledge derivatives, cbETH and BETH, also had lower transaction prices than ETH. 竞争分析 Competition Analysis > /strong 以太坊及其L2生态系统占加密智能合约总TVL的62%。以太坊贡献了TVL的最大份额，为340亿美元，而Arbitrum和Optimistic各只贡献了10亿美元。以太坊的TVL自第二季度末以来仅增长了8%，但Arbitrum和Optimistic的季度增长率分别为33%和224%。 It contributed the largest share of TVL, amounting to $34 billion, while Arbitrum and Optimistic each contributed only $1 billion. The TVL of TER has increased by only 8% since the end of the second quarter, but Arbitrum and Optimistic have experienced quarterly growth rates of 33% and 224%, respectively. 从更长的时间范围来看，自2021年初以来，以太坊及其L2在TVL中的份额持续下降。2022年第二季度是一个例外，Terra的崩溃导致以太坊和L2的份额增加了8%。 In the longer term, since the beginning of 2021, there has been a steady decline in the share of the district and its L2 in the TVL. The exception is the second quarter of 2022, when Terra’s collapse led to an 8% increase in the share of the district and L2. 以太坊生态系统的关键护城河在于其繁荣的开发者景观和其虚拟机在整个加密货币中的主导地位。其生态系统拥有的每周活跃开发者数量几乎与排在其后的四大生态系统的总和一样多。在熊市中，以太坊的开发活动比其他生态系统更好地支撑了下来，其份额比去年增加了10%。 The key moats of the Taiwan ecosystem lie in their prosperous developers’ landscape and the dominance of their virtual machines in the entire encoded currency. The number of dynamic developers per week in their ecosystems is almost as high as the sum of the four ecosystems that rank behind them. 定性分析 Qualitative Analysis 监管 虽然监管一直是加密货币行业的一个潜在问题，但第三季度的行动比以往更多。美国政府机构将于9月初就拜登的行政命令作出回应，该命令概述了各机构“应对数字资产及其基础技术的风险和利用其潜在好处”的方法。但许多机构没有遵守这一期限，相反，本季度的大新闻是美国外国资产控制办公室(OFAC)制裁了隐私协议Tornado Cash的智能合约。这一行动使得任何美国公民与该协议进行互动都将成为非法。这是OFAC首次对个人以外的任何实体进行制裁。 While regulation has been a potential problem in the crypto-currency industry, there has been more action in the third quarter than ever before. US government agencies will respond in early September to the Biden executive order, which outlines ways for agencies to “address the risks and exploit the potential benefits of digital assets and their underlying technologies.” 该决定引发了来自Infura和Alchemy等关键基础设施提供商的Tornado Cash 地址审查浪潮。这一事件在以太坊社区中引发了关于真正去中心化的更广泛讨论。运行自己节点的用户仍然可以访问Tornado Cash，但绝大多数用户依赖第三方基础设施提供商访问区块链。简单地说，如果最流行的钱包不允许用户与某个智能合约进行交互，那么该协议对大多数用户来说基本上是不可访问的。Lido、Coinbase、Kraken和其他公司似乎都遵守了OFAC，它们占目前验证者集合的66%以上。 The decision triggered a wave of Tornado Cash address reviews from key infrastructure providers such as Infura and Alchemy. This event triggered a broader discussion in the Ether community about genuine decentralisation. Users running their nodes still have access to Tornado Cash, but most users rely on third-party infrastructure providers to access the block chain. 如果这一决定的影响进一步扩大，像Circle (USDC)这样的稳定币运营商可能会像银行机构一样受到政府监管，监管机构的一个简单命令就可以要求这些运营商禁止一部分地址。这种情况基本上会将DeFi置于政府的直接管辖之下。USDC监管是Maker特别关注的问题，其稳定币DAI由大约30%的USDC支持。Maker正在考虑USDC的替代品，其中包括ETH。 If the impact of this decision is further expanded, stable currency operators such as Circle (USDC) may be subject to government regulation like banking institutions, and a simple order from regulators can require them to ban some of their addresses. This would essentially place DeFi under the direct jurisdiction of the government. USDC regulation is a matter of particular concern to Maker, whose stable currency DAI is supported by approximately 30% USDC. 制裁一个智能合约对DeFi和整个加密领域都有重大影响。这一决定立即引发了人们对政府越权的担忧。民主的关键原则之一是正当程序的权利，智能合约如何能在法庭上获得机会？它将如何为自己辩护？任何技术都可以根据这一决定所设定的先例而被政府禁止吗？这些都是广泛的法律问题，将在未来几个月和几年内由美国法院的最高层进行裁决。Coinbase开启了下一章的序幕，为6名被控与受制裁的Tornado Cash地址进行互动的用户提供了资金支持。 Sanctions on a smart contract have a major impact on DeFi and on encryption as a whole. This decision immediately raises concerns about the Government’s overstepping of power. One of the key principles of democracy is the right to due process, how can smart contracts get a chance in court? How will it defend itself? 路线图的下一步 The next step in the road map 在完成以太坊路线图上的主要步骤后，开发人员可以将所有注意力集中在扩展网络以实现全球采用上。开发人员现在正在期待Shanghai的升级，它承诺对协议进行多项改进。最重要的是，Shanghai将允许质押者撤资。 After completing the major steps of the Etherm Road Map, developers can focus all their attention on expanding the network to achieve global adoption. Developers are now looking forward to the upgrading of Shanghai, who is committed to making many improvements to the agreement. Shanghai升级中可能包含的另一个提案是EIP-4844。该提案将使L2将其交易发布到以太坊L1的成本降低几个数量级，为所有用户带来更便宜的以太坊体验。EIP-4444也可能被列入Shangha。它将使节点能够在一年后删除交易历史。不下载这些历史记录将大大减少节点的资源需求，因此将使更多的人能够运行节点，并进一步使网络去中心化。 Another proposal that might be included in the Shanghai upgrade is EIP-4844. The proposal would allow L2 to lower its transactions to a few orders of magnitude at the cost of Tai Hoi L1 and bring cheaper EIP experience to all users. EIP-44444 could also be included in Shangha. It would allow nodes to be removed after a year. Failure to download these historical records would significantly reduce the resource requirements for nodes, thus enabling more people to run nodes and further centralize the network. 从2023年底到2024年，以太坊预计将通过danksharding进一步扩展，这是实现数据分片之前的一个过渡步骤。随着L2解决方案、EIP-4844和danksharding数量的增加，在未来12-18个月内，以太坊可能会变得对99%的用户来说足够快速和便宜。 From the end of 2023 to the end of 2024, Etheria is expected to expand further through canksharding, which is a transitional step towards achieving data fractions. With the increase in the number of L2 solutions, EIP-4844 and Danksharding, it may become fast enough and cheap enough for 99% of users over the next 12-18 months. 总结 尽管处于加密货币熊市，但以太坊仍然是加密领域中最具活力的生态系统，它拥有大多数的开发人员、用户和应用活动。向PoS的成功过渡应该只会有助于促进对协议的进一步关注。随着新的L1挑战者Aptos、Sui和Celestia在第四季度推出，以太坊将不得不继续构建护城河，加快其路线图，以保持智能合约领域的领头羊地位。 The successful transition to PoS should only help promote further attention to the agreement. With the launch of the new L1 challengers, Aptos, Sui, and Celestia, in the fourth quarter, the Ether will have to continue to build the moat and accelerate its road map to maintain its leader in intellectual contracts.
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