以太坊正站在历史的关键节点。 2025 年,以太坊经历了一场从”Rollup 为中心” 到”Layer1 扩容重归核心” 的战略大转向。2024 年 Dencun 升级虽然将 Layer2 数据成本降低超过 90%,却导致 Layer1 链上活动萎缩、ETH 燃烧量跌至历史低点,引发社区对经济可持续性的深切担忧。面对挑战,以太坊基金会正式发布”Scale L1″ 战略,旨在重振 Layer1 生态活力,并以此为基础构建总吞吐量达 1000 万 TPS 的”Teragas 生态系统”,来承载全球的链上活动。 这一技术变革的背后,体现了以太坊团队对去中心化核心价值观的坚守。与其他通过提高节点硬件门槛来换取性能的公链不同,以太坊始终坚持 “去中心化” 理念,选择了更加艰难但也更具长远意义的零知识技术路线。当 Succinct 团队展示为 93% 的以太坊区块在 12 秒内生成 ZK 证明时,当 zkEVM 团队誓言” 不惜一切代价” 实现 Layer1 ZK 化时,当 Beam Chain 计划用 ZK 技术武装共识层时,当 ZK-Rollup 即将迎来久违的复兴时,当以 RISC-V 取代 EVM 的终局愿景被提上日程时,这场横跨执行层与共识层的技术押注能否在保障去中心化的前提下实现性能突破? 更深层的变革正在治理与资本层面悄然发生。BitMine、SharpLink 等上市公司将 ETH 大规模纳入资产负债表,质押型 ETF 呼之欲出,传统金融力量以前所未有的深度融入以太坊生态。与此同时,曾经火热的再质押赛道陷入增长停滞,基金会从” 无限花园” 哲学转向商业化运营。
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