免责声明：本文旨在传递更多市场信息，不构成任何投资建议。文章仅代表作者观点，不代表火星财经官方立场。
This paper is intended to convey more information about the market and does not constitute an investment proposal.
小编：记得关注哦
Editor: Keep an eye on it.
来源： 区块链研习社
Source: Block Chain Society
来源：区块链研习社
原标题：灰度如何为 ETH 估值？
Original title: How does the greyscale value for ETH?
仅今年年初以来，以太坊价格几乎翻番。以太坊价格的强劲表现有诸多推动因素，这些因素相互依存，DeFi 热点不断, 机构资金入场，整体加密市场的回暖等不一而足。
Since the beginning of this year alone, the prices of the Etherms have almost doubled. The strong performance of the Etherms has been driven by a number of factors, interdependencies, the hotspots of the DeFi, the entry of institutional funds, and the warming of the overall encryption market.
今天这篇文章，我们分为两个主要部分：
Today's article is divided into two main parts:
- 分享来自 The Capital 的一篇分析，解读当前以太坊价格强势的影响因素；
- 分享来自 灰度的以太坊评估报告，看看在这个最大的明牌机构玩家眼里，以太坊有什么值得关注之处。
本文不构成投资建议，还请读者自己独立作出判断。
This paper does not constitute an investment proposal and invites readers to make their own judgements.
一、以太坊的基本面速览
据 The Capital 一篇分析文章认为，以太坊最近的强势表现，与如下多个因素有关：
According to an analytical article by The Capital, the recent strong performance of the Taiku is related to the following factors:
- 机构投资者和个人投资者的参与热度增长
- 流动量下降，出现供应紧缺
- 以太坊 2.0 的进展
首先，这波涨势是散户和机构投资者越来越多地配置以太坊的结果。
First, this surge is the result of the increasing deployment of diasporas and institutional investors.
正如下面这张来自 Glassnode 的图表所示，自去年 11 月以来，持有 0.1 或以上 ETH 或1万个以上 ETH 的钱包数量稳步上升，几乎毫无阻力。
As the chart below from Glasnode shows, since last November, the number of wallets holding 0.1 or more ETHs or more has risen steadily, with little resistance.
谷歌上的以太坊搜索行为也显示出小投资者的兴趣越来越大。虽然自 1 月下半月以来，这一趋势有所向下修正，但与去年相比，仍处于强劲水平。
The search on Google also shows a growing interest on the part of small investors. Although this trend has been revised downward since the second half of January, it remains strong compared to last year.
与此对应， Coinbase 最近公布的年度报告表明，在大型投资者中，以太坊作为受欢迎的资产类别地位也日益稳固，机构投资者逐渐认识到了以太坊这一加密市场二哥的价值存储的价值，也投入了越来越多的资产。
In response, the recently published annual report of 此外，以太坊创建多年来形成的 协同网络效应逐渐成熟，共识也更加稳健，这也是导致投资者参与其中的重要因素。 In addition, the `strong' synergized network that has developed over the years and the consensus has grown more robust
以太坊流通量的影响 with the influence of on 伴随散户和机构投资者的热度增长，以太坊的供应量则相对下降。2020 年 8 月初，交易所中达到近 1900 万个以太坊。目前， 交易所的储备已经下降到约 1540 万个以太坊--半年内下降了 19%。同期， 进入到智能合约之中的以太坊数量上升了 50%，从 12.5% 增长到了 18.8%。 The increase in heat associated with the growth of bulk households and institutional investors has been accompanied by a relative decline in the supply of tatapons. At the beginning of August 2020, there were nearly 19 million Etherias on the exchange. At present, the stock of the `strong' exchange has fallen to about 1540 million Etherias -- a decline of 19 per cent in six months. During the same period, the number of `strongs' entering into smart contracts has risen by 50 per cent, from 12.5 per cent to 18.8 per cent
这两个关键数据之间有着密切的关联--一方面是交易所中以太坊的储备量下降，另一方面是智能合约中的锁仓量增长，这对价格起到了推动作用。 There is a close correlation between these two key data — on the one hand, the decline in stocks in the exchange and, on the other hand, the growth of locks in smart contracts, which have contributed to the price. 特别是基于智能合约的 DeFi 应用，更是其中最大的贡献者。 据 DeBank 的数据 ( 2021/02/04 ) 显示，目前有大约 811 万 ETH 锁仓。 In particular, DeFi applications based on smart contracts are the largest contributors. , according to DeBank (2021/02/04), currently stands at about 8.11 million ETH locks. ETH 2.0 的影响 Ethereum 2.0 的发展正如火如荼。根据 beaconcha.in 的数据，该网络已经有超过 7.7 万名验证者，他们总共抵押了 超过 250 万 ETH，这一数字还在持续增加。 The development of Etherum 2.0 is just like the fire. According to Beaconcha.in, the network already has more than 77,000 certifications, who have mortgaged more than 2.5 million ETHs in total, and the number of
虽然 0 阶段仍在进行中，但验证人目前还不能转账，只有过渡到第一阶段（Phase1)，验证者才能转移。在那之前，ETH 的锁仓量会只升不降。 While phase 0 is still in progress, the certifier is not yet in a position to transfer, and the certifier can only transfer if it transitions to phase one (Phase1). Until then, the locking capacity of ETH will only rise. 二、灰度以太坊估值报告 在上面分析中，来自机构投资者对于以太坊的偏好，是值得重点关注的因素。灰度于 2017 年 12 月 14 日创建了以太坊信托，于 2020 年 10 月 12 日以太坊信托成为了 SEC 报告公司，可以有更广的投资者参与其中。 In the above analysis, the preference of institutional investors for Ether is an important factor to focus on. The Greyscale created the Ether Trust on December 14, 2017, and the Ether Trust on October 12, 2020 became the SEC reporting company, with wider investor participation. 目前，按照官网数据显示， 灰度持仓的以太坊数量超过了 300 万。如果有兴趣对比下 ETH 2.0 的锁仓量、DeFi 的锁仓量等数据的话，我们不难推断出，灰度等机构持续加码，会对以太坊生态带来的重磅影响。 At present, according to official network data, the number of 接下来，我们分享来自灰度的最新评估报告，发布于今 年 2 月份。 Next, we share the latest assessment report from the Greyscale, which was released in February of this year. 自 2015 年上线以来，作为第二大的区块链网络，以太坊引起了人们的极大兴趣。尽管太坊已经发展成熟，为数十亿美元的 P2P 转账提供了强大的结算层，但是投资者往往发现很难确定其中的投资案例。 Since coming online in 2015, as the second largest network of block chains, Etheria has attracted great interest. Despite its maturity, it provides a powerful clearinghouse for billions of dollars in P2P transfers, investors often find it difficult to identify investment cases. 回过头来考虑一下比特币的价值主张，对我们会有帮助。比特币承诺建立一个全球性、可核查的记账系统。这一记账系统，由世界上最强大的计算网络提供支持和保护，让用户能够高度可信的方式记录价值流转。 Looking back on the Bitcoin value proposition, it would help us. Bitcoin is committed to a global, verifiable accounting system, supported and protected by the most powerful computing network in the world, that allows users to record value flows in a highly credible way. 同样，以太坊也提供了交易验证功能，并且验证的逻辑和信息范围更广。换句话说，以太坊的强大网络确保了应用程序可以根据编码的逻辑运行，而不需第三方参与，也免去了外在干预。 以太坊创造了信任的环境，历史先例表明，这是贸易繁荣的先决条件。 In other words, the strong network of the community ensures that applications can run according to coding logic without third-party involvement and without external intervention. creates an environment of trust, and historical precedent suggests that this is a prerequisite for trade prosperity. 这是否意味着以太坊比比特币更好？不一定--它们各自专攻领域不同，并做出相应的取舍。比特币的设计方式固定且灵活度相对较低，使人相信其记账系统不会随意改变。以太坊则是适应性强，更为灵活，培养的是创新和迭代的环境。 Does this mean that the talisman is better than the bitcoin? Not necessarily -- they have different fields of specialization and trade-offs. Bitcoins are designed in a way that is fixed and relatively less flexible, so that people are confident that their accounting systems will not change at will. It is more adaptable, more flexible, and fosters an environment of innovation and iterativeism. 以太坊和比特币是共生关系，从外部世界中吸收捕捉流动性、认知和价值。比特币是数字生态系统中的首选价值存储，而以太坊已经成为领先的金融基础设施，日交易结算额超过 120 亿美元。 Ether and Bitcoin are symbiotic relationships, absorbing liquidity, knowledge, and value from the outside world. Bitcoins are the first value deposit in digital ecosystems, while Etheria has become the leading financial infrastructure, accounting for more than $12 billion in daily transactions. 随着以太坊上的活跃度越来越高，投资者不禁要问，以太坊上有什么投资案例，以及 如何对以太坊网络的原生资产—ETH 进行估值。 As the Ethermium became more active, investors wondered what investment cases had been in Etherm and how the original Etherm Network asset, ETH, had been valued at . 2020 年 8 月，我们发布了一份关于比特币估值的报告，以帮助投资者理解比特币的投资案例，以及他们如何监控重要的评价指标。与此相似，本文也致力于梳理评估 ETH 所需要考虑的重要因素。比特币作为数字黄金而广为人知，相比之下以太坊的名号，却没有那么清晰。 In August 2020, we released a report on the Bitcoin valuation to help investors understand the Bitcoin investment case and how they monitor important evaluation indicators. Similarly, this paper is dedicated to collating the important elements that need to be taken into account in the evaluation of ETH. Bitcoin is well known as digital gold, but not as clear as it is in the name of the Taikus. 接下来，我们会从三个角度及相关指标对以太坊进行评估，分别是： This will be followed by an evaluation of Etheria from three angles and related indicators, namely: Ether （ETH）是支撑新兴的去中心化金融体系的原生资产。ETH 被用作借贷时的最小化信任抵押品，也是在以太坊上构建应用的最主要的资金来源。在写这篇文章的时候，以太坊网络的 DeFi 协议中锁仓了大约 700 万个 ETH，按当前价格计算价值超过 90 亿美元。（译者注：按照 2021 年 2 月 4 日的统计数据显示， 当前 DeFi 协议中锁仓量超过 800 万 ETH，按照当前市价，价值超过 330 亿美元） Ether (ETH) is the original asset that underpins the emerging decentralised financial system. ETH is used as a minimum confidence collateral at the time of lending, and is the most important source of funding for the construction of applications in the Taiku. At the time of writing, approximately 7 million ETHs were locked in the DeFi agreement of the Taiwan network, valued at more than $9 billion at current prices. (Note: According to statistics from February 4, 2021, 作为新时代 数字货币，ETH 在以太坊网络上多个方面发挥作用。用户在以太坊网络上部署智能合约，为 DeFi 应用提供流动性，或者在 DEX 上交易，都需要支付 ETH 作为使用网络的费用。 As a digital currency of the new era , ETH plays a role in many ways on the Etherm network. Users deploy smart contracts on the Etherm network, provide liquidity for DeFi applications, or trade on DEX, to pay for ETH as a user of the network. 比特币社区认为，货币供应量应该固定，以太坊则是认为应当发行最低限度的必要资产，以便充分保证长期的网络安全。供给量固定是比特币的主要关注点，而 ETH 在以太坊网络中应用程序里的实际效用，是驱动 ETH 作为货币的主要因素。对于以太坊来说，这种效用促使其作为货币商品在以太坊网络中流通。 The Bitcoin community believes that the money supply should be fixed, and that the district should issue the minimum assets necessary to adequately guarantee long-term network security. The supply fixation is the main focus of Bitcoin, and the actual utility of the ETH in the application of the ETH in the ETEA network is a major factor driving ETH as a currency. 如果投资者确实认为 ETH 就是货币，那么它相比于其他竞争者的相对价值，就值得探讨了。在目前的价格下， ETH 是否更有竞争力，能从定价合理的竞争对手那里攫取市场份额？ If investors do think that ETH is a currency, then it is worth exploring compared to the relative value of other competitors. At current prices, is ETH more competitive and able to capture market share from a reasonably priced competitor? ETH 的相对市场份额 The relative market share of ETH 以太坊在 DeFi 生态系统中作为抵押品的用途继续扩大。然而稳定币（锚定 USD 的数字货币）以及 BTC 作为以太坊网络中抵押品的比例正在上升，这会挑战 ETH 作为生态系统首选抵押品的地位。 Its use as collateral in the DeFi ecosystem continues to expand. But stabilizing the currency (the moored USD digital currency) and the BTC as collateral in the network are rising, challenging the status of ETH as the ecosystem's preferred collateral. 例如 WBTC 是在以太坊上的合成 BTC 资产，使得比特币能够在以太坊网络中使用。USDT 和 USDC 是以太坊上用途最广的美元稳定币。下图列出了 WBTC、USDC、USDT 的增长情况。 For example, WBTC is a synthesis of BTC assets in Etheria, enabling Bitcoin to be used on Etheria networks. USDT and USDC are the most widely used US dollar-stabilized currencies in the Etheria. The figure below shows the growth of WBTC, USDC, USDT. 尽管以太坊上其他资产的增长可能会挑战 ETH 作为抵押品的用途，但是这一增长也有助于推动以太坊作为结算网络的使用趋势。 , although the growth of other assets in the Taiga may challenge the use of ETH as collateral, also contributes to the trend towards the use of 以太坊上的比特币和美元稳定币 Bitcoin and dollar-stabilized coins in the courthouse. 作为消费品的 ETH as consumer goods 以太坊网络运行，离不开 ETH。网络上的每一笔交易都会产生一定的成本，这些成本以 ETH 为单位进行定价。这些交易费用，或者说网络的收入，会被分配给矿工。会随着网络需求的增加，费用会增加--不同的交易会彼此竞争，价高者能早些打包入块。 The ETH operates as a network. Each transaction on the network has a certain cost, which is priced in ETH. These transaction costs, or income from the network, are distributed to miners. The costs increase as network demand increases -- different transactions compete with each other, and higher-priced people wrap up blocks earlier. 有些分析认为，以太坊的费用支付可能并不需要 ETH，而是可以用自己选择的任何数字货币支付费用。这被称为经济抽象，这一观点会被用来挑战 ETH 的价值。 Some analyses suggest that ETH may not be needed, but that it can be paid in any digital currency of its choice. This is referred to as an economic abstraction, a view that can be used to challenge the value of ETH. 同样有些人认为 ETH 作为简单的交易媒介资产，投资者可能会寻求将他们持有的 ETH 数量降到最低，只为支付服务所需。也就是说，以太币将被视为周转资金使用， 因为投资者可能会寻求最大限度地减少他们的营运资本，因此 ETH 的流转速度将会增加，根据交换公式，M=PQ/V，其价值则会降低。换句话说， 这种观点认为，持续不断的卖出压力，会使 ETH 的价格下降。 Similarly, some argue that ETH as a simple trading medium asset, investors may seek to minimize the number of ETHs they hold, only for the payment of services. In other words, TT will be considered as working capital, as investors may seek to minimize their operating capital, and therefore the ETH’s flow rate will increase, and M=PQ/V, according to the exchange formula, will be of lower value. 然而以太坊计划实施一项名为 EIP-1559 的提案， 提议销毁 ETH 用于支付交易手续费。这一点很重要，因为 它将把 ETH 从一种作为交易媒介的资产，变成一种消费品。ETH 将更像是 gas 燃气，而不是货币。 However, as the Tails plan to implement a proposal called EIP-1559, proposes to destroy ETH to pay transaction fees . This is important because will transform ETH from an asset that is a medium of trade into a consumer product. The ETH will be more like gas gas than money. 如果 EIP-1559 这提案执行，也会确立 ETH 作为以太坊上原生经济单位的地位。协议规定，只能销毁 ETH。这就降低了前面提到的经济抽象的可能性，使得除了 ETH 之外的资产无法用于支付交易费用。 If the EIP-1559 proposal were implemented, it would also establish ETH as the primary economic unit in Taiku. The agreement stipulates that ETH can only be destroyed. This reduces the likelihood of economic abstraction mentioned earlier, so that assets other than ETH cannot be used to cover transaction costs. EIP-1559 所提到的销毁方式，也可以看做是一种通缩机制，如果 ETH 的销毁量超过了增发量的话，就进入了通缩状态。 The method of destruction referred to in 如果以太坊上活动增加，而 ETH 的供应量因销毁而减少，供需关系的变动，会推动 ETH 上涨。如果 EIP-1559 实现，会建立一种消费机制，形成以太坊价格的正反馈循环。作为一种商品， ETH 的价格将根据市场的供需关系变动而变化。幸运的是，以太坊区块链透明，我们可以分析用户活动，分析以太坊的公允价格。 As a commodity, the prices of ETH will vary according to the changes in the supply-demand relationship of the market. Fortunately, with the transparency of the ETH chain, we can analyse user activities and analyse fair prices in the EP-1559. 我们可以考察一下以太坊上每天的交易费用总额，用来衡量需求，如下图所示。 We can look at the total day-to-day transaction costs in the Taiku to measure demand, as shown in the figure below. 由于支付交易费用需要使用 ETH，高额的交易费也会推动对 ETH 的需求，正如出行量增加可能会带动汽油的需求一样。 Because of the use of ETH to cover transaction costs, high transaction costs also drive demand for ETH, just as increased mobility may drive demand for gasoline. 值得注意的是，2021 年 1 月期间，总交易费用几乎是 2018 年 1 月费用峰值的 5 倍。然而以太坊的价格约等于 2018 年的峰值。 It is worth noting that during January 2021, the total transaction cost was almost five times the January 2018 peak cost. However, the price at Taiying's is about the same as the 2018 peak.
以太坊上的每日总交易费用额 Total day-to-day transaction costs on the house 交易费衡量了以太坊网络上为执行交易所支付的全部费用。另一角度衡量 ETH 的交易，是将 ETH 的历史价格跟交易费进行比较。 The transaction fee measures the full cost of implementing the exchange on the Taiwan network. Another way to measure the transaction is to compare the historical prices of the ETH with the transaction costs. 如下图所示，是 ETH 的价格和以太坊网络上交易费的比值 (Price to Sales Ratio, P/S Ratio)， 如果比值越小，意味着价格可能被低估，因为相比以太坊的历史市值而言（分子)，交易费所带来的收入（分母）更高会导致比值变小。 As shown in the figure below, the ratio between the prices of ETH and the transaction costs on the Etherno network (Price to Sales Ratio, P/S Ratio), , if it were smaller, could mean that prices could be underestimated
ETH 价格/Gas 费的比值：Price/Sale Ratio, 绿色线表示 ETH Price/Gas Ratio: Price/Sale Ratio, Green Line 为了分析以太坊的供应方面的信息，我们可以研究持有模式。 In order to analyse the supply information of the Etherm, we can study the holding patterns. 在之前的“比特币估值报告”中，我们提出了 Holder vs Speculator Index（持有者和投机交易者指数) ，其中持有者是指资产 1-3 年没动过，而投机交易者则表示 90 天内进行过转账交易的。 In the previous Bitcoin Valuation Report, we presented the Holder vs Spector Index (holder and speculator index), in which the holder was an asset that had not moved for 1 to 3 years, while the speculators said that they had made a transfer transaction within 90 days. 相比比特币，在以太坊上这一模式没那么明显，毕竟以太坊网络还很新，但我们还是可以看到一些痕迹。在 2020 年 以太坊翻三倍之前，持币不动者的资产达到了峰值。除了传统的投资分析工具之外，链上的持币者模式也可能是是一个有用的分析工具。 Compared to Bitcoin, this pattern is not so obvious in the Etheria, where the network is still new, but we can still see some traces. Before it tripled in 2020, the assets of the moneyless reached a peak. In addition to the traditional investment analysis tool, the chain-holder model could also be a useful analytical tool. 持有者指数与投机交易者指数 Owners and Speculators Index 作为附息资产的 ETH as an interest asset < ETH 向以太坊 2.0 进发，征途正在进行。以太坊 2.0 目标是成为可扩展的 PoS 区块链。在当前以太坊上，矿工通过专门的矿机消耗电力挖矿，而以太坊 2.0 则让持有者可以抵押以太坊代币，成为网络中的验证人，参与其中获得来自交易费的一部分收益，以及来自以太坊网络增发的部分代币。(在 EIP-1559 提案中，可能会销毁手续费） Towards Ether 2.0, the journey is underway. Ether 2.0, the goal is to become an extended PS block chain. At present, in Ether, miners consume electricity through a dedicated miner to dig for mines, while in Ether 2.0, the owner can mortgage the Ether into a network, become a certifier, and participate in a portion of the profits from the transaction fee, as well as a portion of the surcharge from Ethernet. (In the EIP-1559 proposal, formalities may be destroyed.) 思考 ETH 的价值，ETH 2.0 的关键变革也需要考虑其中。 以太坊 2.0 下，ETH 不再是单纯的消费商品，而是生产性商品 -- ETH 的持币者可以抵押代币获得利息。这一资产结构，并不存在于物理世界之中。 Thinking about the value of ETH, the key changes in ETH 2.0 also need to be taken into account. Under Ethio 2.0, ETH is no longer a mere consumer commodity, but a currency holder of a productive commodity, ETH, can mortgage money for interest. is an asset structure that does not exist in the physical world. 商品会被消耗， 权益类证券则提供现金流的收益权。 在以太坊 2.0 中，ETH 则兼具了商品和股权的性质：可以作为商品被使用，也可以作为抵押品，获得现金流收益，类似权益类证券。 Goods will be consumed, and ETH 的初始价值来自于它的商品用途和动态变化的供求关系。那些对以太坊未来价格充满信心的投资者，可以抵押 ETH 以赚取收益，增加自己的持仓量。因为需要将 ETH 作为抵押物，这可能会进一步减少 ETH 的流通量。 如果大量的 ETH 被抵押，可用于消费的代币量会减少，因此有可能形成以太坊价格的正反馈循环。 The initial value of ETH is derived from its commodity use and dynamic supply-and-demand relationship. Investors who have confidence in the future price of Taiwan can encumber ETH to earn revenue and increase their own holdings. This may further reduce the flow of ETH because of the need to use ETH as collateral. 下图展示了在以太坊 2.0 网络中价值的流通路径。请注意，具备完整功能的以太坊 2.0 网络何时才能上线，目前尚不知晓。 The chart below shows the flow path of values in the Ether 2.0 network. Please note that the full function of the Ether 2.0 network is not known when it will be online. ETH 经济模型，来自灰度 ETH Economic model from Grayscale 其他指标 Other indicators 每日活跃地址是网络增长的有效代表。梅特卡夫定律（Metcalfe's law）指出，一个网络的价值与用户数量的平方成正比，该定律曾被用来评估 Facebook 的价值。 Daily active addresses are an effective expression of network growth. Metcalfe's law points out that the value of a network is directly proportional to the square of the number of users, and that the law was used to assess the value of Facebook. 目前，Ethereum上有近 70 万个日活跃地址。 At present, Etheeum has nearly 700,000 active daily addresses. 以太坊活跃地址数 Number of active addresses in Etheria 同样，以太坊上的挖矿算力也达到了新高，这一指标用于衡量矿工用于验证交易的计算机能力。 Similarly, mining power has reached a new high in the ephemeral, an indicator used to measure the computer capability of miners to validate transactions. 因为矿工需要时间来收回最初的投资，挖矿算力的增长表明矿工充满信心，认为以太坊将会继续产生高额的交易费用。如果矿工们觉得交易费会下降，他们就不太愿意分配资源用于挖矿。 Because miners need time to recover their initial investments, the increase in the value of digging suggests that miners are confident that the Ether will continue to incur high transaction costs. If miners feel that the transaction costs will fall, they will be reluctant to allocate resources for mining. 以太坊算力 Ether's counting. 三、结论 III, conclusions 和比特币相比，以太坊还很新，并且以太坊协议也正在进行大的升级。因而如何评估以太坊协议的底层资产—ETH， 评估方法并不明确，且持续变化。本文提出的三种方式，将 ETH 作为货币、消费品和附息资产，可以让投资者在评估资产的公允价值时，可以获得多种可能的结论。 The assessment methodology for assessing the bottom-of-the-ground assets of the Taiyo agreement – ETH – is unclear and constantly changing. Using ETH as a currency, consumer goods, and interest-bearing asset, the three approaches suggested in this paper allow investors to draw a number of possible conclusions when assessing the fair value of the assets. 对 ETH 资产结构的改进提案 (EIP-1559)， 提出销毁 ETH 用于支付交易手续费。这种方式，将 ETH 作为消费品，可能会成为以太坊价值的催化剂。之前有些分析者认为，通过经济抽象，将 ETH 从以太坊生态中移除是可能的。而 EIP-1559 提案则确定了 ETH 作为以太坊协议原生资产的地位，减少了这些分析中假设的情形出现的概率。 A proposal to improve the ETH asset structure (EIP-1559), proposing the destruction of ETH to pay transaction fees. In this way, using ETH as a consumer product may act as a catalyst in terms of the value of the Taiyana. Some analysts have previously argued that it is possible to remove ETH from the Etheraya ecology through economic abstraction. The EIP-1559 proposal, in turn, identifies ETH as an original asset under the Taiyana agreement, reducing the probability of scenarios arising from these analyses. 最后，如果以太坊协议成功升级到 2.0，投资者有能力将 ETH 作为一种生产性资产，抵押所持有的 ETH 获得收益。 Finally, if the Tails agreement is successfully upgraded to 2.0, investors are able to reap the benefits of the ETH held as a productive asset. 以太坊上网络上用户活跃，EIP-1559 提案改进以太坊的经济模式，以太坊 2.0 承诺提升可扩展性，除此之外，以太坊社区还有值得兴奋之处。 There's something to be excited about in this community, in addition to , which is active online, and EIP-1559, which proposes to improve Ether's economic model and commitment to enhance expansionaryness. 从数据可见，以太坊的价格往往会伴随网络基本活动的变化而变化。正如本文所述，当前多个指标都创下新高，活跃地址、挖矿算力和网络费用等诸多数据表明，对于投资者而言，这是一个积极的信号。 shows data that the prices of the taupulega tend to change with changes in the basic activities of the network. As noted in this paper, many of the current indicators are new, and data such as active addresses, mining arithmetic and network costs suggest that this is a positive sign for investors. 参考资料 References https://grayscale.co/ethereum-trust/#market-performance https://tokenterminal.substack.com/ https://medium.com/the-capital/ethereum-rushes-to-an-all-time-high-these-are-the-causes-of-the-rally-6f899f12f9cd https://grayscale.co/wp-content/uploads/2021/02/VALUING_ETHEREUM.pdf 翻译：荆凯 Translator: 来源：https://grayscale.co/wp-content/uploads/2021/02/VALUING_ETHEREUM.pdf Source: https://grayscale.co/wp-content/uploads/2011/02/VALUING_ETHEREUM.pdf 声明：本文为作者独立观点，不代表区块链研习社(公众号)立场，不构成任何投资意见或建议。 -END-返回搜狐，查看更多 -END-
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