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灰度研究主管:以太坊像一个“小国家”,ETH发行决定网络安全与货币权衡

Odaily星球日报讯 灰度研究主管 Zach Pandl 在 X 平台发文将以太坊比作一个“小国家”,并围绕 ETH 发行机制展开讨论,他认为以太坊只有一项核心“政府职能”:保护系统中的财产权和价值交换。而不同于传统国家通过税收提供公共服务,以太坊主要通过“铸币税”,即发行新 ETH 来资助网络安全。 在这一框架下,负责维护网络安全的质押者相当于提供公共服务的群体,他们通过新发行的 ETH 获得奖励。因此,以太坊的质押机制与 ETH 发行政策,本质上同时构成了网络的财政政策和货币政策。 Zach Pandl 指出,以太坊社区需要决定应该通过多少“新增货币”来支付网络安全成本。更多的安全保障通常意味着更强的财产权保护,但代价是更高的 ETH 发行量,以及潜在的其他风险。 例如,如果网络安全越来越依赖少数大型质押服务商,这些服务商是否能够完全中立地维护所有用户的资产权益,仍存在讨论空间。 Pandl 认为,传统经济中没有人知道政府支出和货币发行的“最佳水平”,以太坊同样如此。但以太坊存在几个关键安全阈值,包括:1/3:攻击者达到该比例可能影响最终确认(finality);1/2:影响区块链分叉选择(fork choice);2/3:可控制最终确认过程。 部分社区成员认为,以太坊的货币政策和财政政策设计应考虑这些关键比例带来的安全权衡,而目前的机制尚未充分纳入这些因素。不过,上述比喻并不完全准确,因为还未涉及 ETH 销毁机制、MEV、治理等其他重要因素。
Disclaimer: The views above are the author's only and do not represent 711BTC. Nothing here constitutes investment advice.

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07-05 17:29

ZachXBT: A hacker withdrew 3200 ETH from Tornado and laundered approximately $5.5 million through Circle's CCTP cross-chain service.

PANews reported on July 5th that on-chain detective ZachXBT disclosed on his personal channel that a hacker withdrew approximately 3200 ETH via Tornado Cash between July 2nd and 3rd. The funds are related to two private key leaks. The address subsequently used Circle's CCTP cross-chain bridge to launder approximately $5.5 million in assets across chains, further transferring USDC to seven deposit addresses on the Arbitrum network. ZachXBT pointed out that this fund flow exhibits a typical decentralized money laundering path, utilizing mixing tools and cross-chain infrastructure to reduce the difficulty of tracing. The related on-chain assets are still continuously circulating.

07-03 20:35

IMF: The future of tokenization depends on policy choices; stablecoins and two other types of settlement assets may coexist.

According to Odaily Odaily, Tobias Adrian, Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF), stated that as assets migrate to shared digital ledgers, policy choices regarding the monetary system, market infrastructure, and legal framework will determine whether tokenization will enhance the integration of the financial system or lead to further fragmentation. The tokenized economy is giving rise to three types of settlement assets: tokenized bank deposits, stablecoins, and tokenized central bank reserves. Tokenization is not merely about faster payments or programmable assets; it's about migrating financial assets and liabilities to a unified ledger, compressing execution, clearing, and settlement into software-driven, synchronous processes. This shift may also transfer risk from the balance sheets of traditional intermediaries to platform, code, and infrastructure providers. (The Block)

06-27 23:27Important

MemeCore has yet to respond to the community's discontent over the token's plunge. ZachXBT had previously questioned whether the high valuation was driven by insider funds.

PANews reported on June 27th that, according to CoinDesk, MemeCore's ecosystem token M experienced a sharp decline, wiping out nearly $3 billion in market capitalization in a single day. The project has not yet publicly responded to the token's plunge, sparking discontent within the community. "Chain detective" ZachXBT had previously questioned the token's valuation, suggesting it might be driven by internal funds. He noted that M's spot trading is primarily concentrated on a few exchanges, and its market activity stems partly from trading volume on the token's launch platform and social media promotions driven by incentive mechanisms. Market analysts believe that such overvalued tokens, with supply concentrated among internal holders, limited trading channels, and insufficient actual buying pressure, may face rapid declines due to insufficient liquidity when selling pressure arises.

07-08 20:19

Justin Sun has staked $430 million in Ethereum on Lido, yielding an annualized return of approximately $9.5 million.

According to Odaily Lens monitoring, Justin Sun Sun has been continuously staking ETH through Lido Finance. 23 hours ago, Justin Sun staked another 13,000 ETH, worth approximately $23.08 million, bringing his total staked ETH on Lido to 247,436 stETH, currently valued at approximately $430.2 million. Data shows that since February 2023, this staking position has generated a total of 11,307 stETH staking profits, worth approximately $26.82 million. Based on the current profit level, Justin Sun position has an annualized return of approximately $9.5 million.

07-08 09:48

Machi Big Brother reduced his long positions by 1,720 ETH, bringing his total holdings down to approximately $8.77 million.

According to Odaily Odaily, Hyperinsight monitoring shows that Machi Big Brother Dage," reduced his long positions in ETH by 1,720 tokens, worth approximately $3.1233 million. His current ETH long positions amount to approximately $8.7745 million, with an average opening price of approximately $1,768.53. His current unrealized loss is approximately $68,200 (-19.43%), and the liquidation price is approximately $1,749.17.

07-08 07:59

Ethereum Institutional Launches Core Team Recruitment

Odaily Odaily reports that Ethereum Institutional has announced the start of a core team recruitment drive, with a focus on recruiting for Institutional Business Development (Institutional GTM), Marketing and Community Operations, as well as technical positions such as Solution Architecture and Technical Project Leads in the coming weeks.