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2 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2.6% \u5de6\u53f3\uff09\u6765\u523a\u6fc0\u9700\u6c42\uff0c\u5c24\u5176\u662f\u5728\u901a\u80c0\u4fdd\u6301\u4f4e\u4f4d\u7684\u60c5\u51b5\u4e0b\u3002\u7136\u800c\uff0c\u8d27\u5e01\u653f\u7b56\u7684\u6ede\u540e\u6548\u5e94\u610f\u5473\u7740\u8fd9\u79cd\u5bbd\u677e\u653f\u7b56\u53ef\u80fd\u4ec5\u4f1a\u7f13\u6162\u5730\u5f71\u54cd\u5b9e\u9645\u7ecf\u6d4e\u3002\u5bb6\u5ead\u5c24\u5176\u662f\u4f4e\u6536\u5165\u9636\u5c42\u9762\u4e34\u6d41\u52a8\u6027\u7ea6\u675f\uff0c\u9650\u5236\u4e86\u6f5c\u5728\u7684\u6d88\u8d39\u589e\u957f\uff0c\u800c\u5c3d\u7ba1\u5229\u7387\u5df2\u8c03\u6574\uff0c\u623f\u5730\u4ea7\u5e02\u573a\u4f9d\u7136\u4f4e\u8ff7\u3002<\/p>\n<p>\u8d38\u6613\u548c\u52b3\u52a8\u529b\u4f9b\u5e94\u7684\u9650\u5236\uff0c\u4ee5\u53ca\u65e5\u76ca\u7d27\u7f29\u7684\u8d37\u6b3e\u6807\u51c6\uff0c\u7ee7\u7eed\u6784\u6210\u6311\u6218\u3002\u4f01\u4e1a\u8d44\u672c\u652f\u51fa\u653e\u7f13\uff0c\u8868\u660e\u4f01\u4e1a\u5c24\u5176\u662f\u8f83\u5c0f\u516c\u53f8\u5728\u8d22\u52a1\u538b\u529b\u4e0b\u7684\u652f\u51fa\u8f83\u4e3a\u8c28\u614e\u3002\u5c3d\u7ba1\u751f\u4ea7\u529b\u6709\u6240\u63d0\u9ad8\uff0c\u4f46\u8d44\u672c\u652f\u51fa\u7684\u75b2\u8f6f\u88ab\u89c6\u4e3a\u672a\u6765\u7ecf\u6d4e\u589e\u957f\u7684\u6f5c\u5728\u5a01\u80c1\u3002<\/p>\n<p>\u5c3d\u7ba1\u7f8e\u8054\u50a8\u5728\u4f4e\u901a\u80c0\u73af\u5883\u4e0b\u6709\u4e00\u5b9a\u7684\u64cd\u4f5c\u7a7a\u95f4\uff0c\u4f46\u75b2\u5f31\u7684\u5c31\u4e1a\u589e\u957f\u548c\u4fdd\u5b88\u7684\u6d88\u8d39\u652f\u51fa\u8868\u660e\uff0c\u4efb\u4f55\u7ecf\u6d4e\u590d\u82cf\u53ef\u80fd\u4f1a\u8f83\u4e3a\u7f13\u6162\uff0c\u56e0\u6b64\u53ef\u80fd\u9700\u8981\u8010\u5fc3\uff0c\u4e14\u7f8e\u8054\u50a8\u53ef\u80fd\u4f1a\u91c7\u53d6\u6bd4\u9884\u671f\u66f4\u5927\u89c4\u6a21\u7684\u5bbd\u677e\u63aa\u65bd\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u6bd4\u7279\u5e01\u4e0e\u7f8e\u5143\u4e4b\u95f4\u5b58\u5728\u8f83\u5f3a\u7684\u9006\u76f8\u5173\u5173\u7cfb\uff0c\u81ea 2018 \u5e74\u4ee5\u6765\uff0c\u57fa\u4e8e\u65e5\u6570\u636e\u7684\u76f8\u5173\u7cfb\u6570\u5e73\u5747\u7ea6\u4e3a -20%\uff0c\u57fa\u4e8e\u5468\u6570\u636e\u7684\u76f8\u5173\u7cfb\u6570\u4e3a -0.70\uff0c\u5c3d\u7ba1\u8fd9\u4e00\u76f8\u5173\u6027\u6709\u65f6\u4f1a\u51fa\u73b0\u6ce2\u52a8\uff0c\u5982\u4e0b\u56fe\u6240\u793a\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/6ebc847be79670f8c1d66f5cb3ea440a1734433866245.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 0\"><\/p>\n<p class=\"ql-align-center\">\u6bd4\u7279\u5e01 vs \u7f8e\u5143 vs \u7eb3\u65af\u8fbe\u514b\u6307\u6570\u3002\u6765\u6e90\uff1aBloomberg, CoinShares, data available as of close 23 November 2024<\/p>\n<p>\u8fd9\u79cd\u9006\u76f8\u5173\u6027\u662f\u6709\u9053\u7406\u7684\uff1a\u6bd4\u7279\u5e01\u662f\u4e00\u79cd\u6709\u9650\u4f9b\u5e94\u7684\u8d44\u4ea7\uff0c\u6700\u4f73\u7684\u5206\u7c7b\u662f\u4f5c\u4e3a\u4e00\u79cd\u65b0\u5174\u7684\u4ef7\u503c\u50a8\u5b58\u5de5\u5177\uff0c\u4e0e\u4f20\u7edf\u8d44\u4ea7\u5982\u9ec4\u91d1\u548c\u7f8e\u56fd\u56fd\u503a\u7ade\u4e89\u3002\u6b64\u5916\uff0c\u6bd4\u7279\u5e01\u4e0e\u7eb3\u65af\u8fbe\u514b\u6307\u6570\u4e4b\u95f4\u7684\u76f8\u5173\u6027\u8868\u660e\uff0c\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4ef7\u503c\u50a8\u5b58\u5de5\u5177\u7684\u7279\u6027\u4e0e\u5176\u4e0e\u98ce\u9669\u8d44\u4ea7\u4e4b\u95f4\u7684\u8054\u7cfb\u5b58\u5728\u4e92\u52a8\u5173\u7cfb\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u7684\u591a\u7ef4\u7279\u6027\u6e90\u4e8e\u5176\u72ec\u7279\u7684\u89d2\u8272\u2014\u2014\u65e2\u662f\u5bf9\u6297\u7f8e\u5143\u548c\u66f4\u5e7f\u6cdb\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u7684\u5bf9\u51b2\u5de5\u5177\uff0c\u540c\u65f6\u4e5f\u662f\u6280\u672f\u8d44\u4ea7\uff0c\u5177\u6709\u589e\u957f\u6f5c\u529b\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u5728 2025 \u5e74\u53ef\u80fd\u4f1a\u5bf9\u8d27\u5e01\u653f\u7b56\u7684\u53d8\u5316\u4f5c\u51fa\u4e0e\u80a1\u7968\u4e0d\u540c\u7684\u53cd\u5e94\uff0c\u800c\u80a1\u7968\u5219\u66f4\u591a\u53d7\u5230\u4f01\u4e1a\u76c8\u5229\u548c\u5b8f\u89c2\u7ecf\u6d4e\u8d8b\u52bf\u7684\u76f4\u63a5\u5f71\u54cd\u3002\u5f53\u7f8e\u5143\u8d70\u5f3a\u65f6\uff0c\u80a1\u7968\u548c\u6bd4\u7279\u5e01\u90fd\u53ef\u80fd\u7ecf\u5386\u4e0d\u540c\u7a0b\u5ea6\u7684\u8d44\u91d1\u6d41\u51fa\uff0c\u8fd9\u53d6\u51b3\u4e8e\u5177\u4f53\u60c5\u5883\u548c\u5f53\u524d\u7684\u7ecf\u6d4e\u72b6\u51b5\u3002<\/p>\n<p><\/p>\n<h3><strong>\u5f71\u54cd\u6bd4\u7279\u5e01\u3001\u7f8e\u5143\u548c\u80a1\u7968\u76f8\u4e92\u5173\u7cfb\u7684\u5173\u952e\u56e0\u7d20<\/strong><\/h3>\n<p><strong>\u7f8e\u5143\u5f3a\u52bf vs \u98ce\u9669\u504f\u597d<\/strong><\/p>\n<p>\u5f53\u7f8e\u5143\u8d70\u5f3a\u65f6\uff0c\u901a\u5e38\u662f\u7531\u4e8e\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u6216\u300c\u907f\u9669\u60c5\u7eea\u300d\u7684\u63a8\u52a8\uff0c\u98ce\u9669\u8d44\u4ea7\uff08\u5982\u6bd4\u7279\u5e01\u548c\u80a1\u7968\uff09\u7684\u9700\u6c42\u5f80\u5f80\u4f1a\u4e0b\u964d\u3002\u8fd9\u53ef\u4ee5\u89e3\u91ca\u4e3a\u4f55\u5728\u8fd9\u79cd\u65f6\u671f\uff0c\u6bd4\u7279\u5e01\u4e0e\u80a1\u7968\u4e4b\u95f4\u7684\u76f8\u5173\u6027\u901a\u5e38\u4f1a\u5347\u9ad8\u3002<\/p>\n<p>\u76f8\u53cd\uff0c\u7f8e\u5143\u8d70\u5f31\u901a\u5e38\u610f\u5473\u7740\u66f4\u9ad8\u7684\u98ce\u9669\u5bb9\u5fcd\u5ea6\u548c\u6f5c\u5728\u7684\u5229\u7387\u4e0b\u964d\uff0c\u8fd9\u4f1a\u5438\u5f15\u6295\u8d44\u8005\u8f6c\u5411\u6210\u957f\u578b\u6216\u66ff\u4ee3\u6027\u8d44\u4ea7\uff0c\u5305\u62ec\u80a1\u7968\u548c\u6bd4\u7279\u5e01\u3002<\/p>\n<p><strong>\u6bd4\u7279\u5e01\u7684\u5bf9\u51b2\u4f5c\u7528\uff1a<\/strong><\/p>\n<p>\u6211\u4eec\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a\u5bf9\u6297\u901a\u8d27\u81a8\u80c0\u548c\u8d27\u5e01\u8d2c\u503c\u7684\u5bf9\u51b2\u5de5\u5177\uff0c\u7c7b\u4f3c\u4e8e\u9ec4\u91d1\u3002\u5f53\u7f8e\u5143\u8d2c\u503c\u65f6\uff0c\u5bf9\u66ff\u4ee3\u4ef7\u503c\u50a8\u5b58\u5de5\u5177\uff08\u5982\u6bd4\u7279\u5e01\u548c\u9ec4\u91d1\uff09\u7684\u9700\u6c42\u5f80\u5f80\u4f1a\u4e0a\u5347\u3002\u7136\u800c\uff0c\u8fc7\u5ea6\u4f9d\u8d56\u7f8e\u5143\u4f5c\u4e3a\u50a8\u5907\u8d27\u5e01\u548c\u907f\u98ce\u6e2f\uff08\u5982\u300c\u7f8e\u5143\u6781\u7aef\u4e3b\u4e49\u8005\u300d\u6240\u6301\u89c2\u70b9\uff09\u53ef\u80fd\u4e0e\u6bd4\u7279\u5e01\u6781\u7aef\u4e3b\u4e49\u8005\u7684\u89c2\u70b9\u4e00\u6837\u5177\u6709\u98ce\u9669\u3002<\/p>\n<p>\u4e0e\u6bd4\u7279\u5e01\u4e0d\u540c\uff0c\u80a1\u7968\u4e0e\u7ecf\u6d4e\u8868\u73b0\u548c\u516c\u53f8\u76c8\u5229\u7d27\u5bc6\u76f8\u8fde\u3002\u5f53\u7f8e\u5143\u8d70\u5f31\u65f6\uff0c\u8de8\u56fd\u516c\u53f8\u7684\u5229\u6da6\u901a\u5e38\u4f1a\u63d0\u9ad8\uff08\u4ee5\u7f8e\u5143\u8ba1\uff09\uff0c\u4ece\u800c\u63a8\u52a8\u80a1\u7968\u8868\u73b0\u3002\u7136\u800c\uff0c\u5f53\u7f8e\u5143\u8d70\u5f3a\u65f6\uff0c\u80a1\u7968\u53ef\u80fd\u4f1a\u56e0\u5916\u5e01\u6536\u5165\u7f29\u6c34\u800c\u906d\u9047\u56f0\u96be\uff0c\u800c\u6bd4\u7279\u5e01\u901a\u5e38\u4f1a\u56e0\u7f8e\u5143\u7684\u5438\u5f15\u529b\u800c\u51fa\u73b0\u8d44\u91d1\u6d41\u51fa\u3002<\/p>\n<p><strong>\u6d41\u52a8\u6027\u548c\u5b8f\u89c2\u8d8b\u52bf\uff1a<\/strong><\/p>\n<p>\u5728\u5bbd\u677e\u8d27\u5e01\u653f\u7b56\u548c\u9ad8\u6d41\u52a8\u6027\u73af\u5883\u4e0b\uff0c\u6bd4\u7279\u5e01\u548c\u80a1\u7968\u901a\u5e38\u8868\u73b0\u826f\u597d\u3002\u7136\u800c\uff0c\u5728\u901a\u80c0\u6216\u52a0\u606f\u671f\u95f4\uff0c\u6d41\u52a8\u6027\u7ea6\u675f\u53ef\u80fd\u4f1a\u5bf9\u80a1\u7968\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\uff0c\u540c\u65f6\u5bf9\u6bd4\u7279\u5e01\u4e5f\u4f1a\u65bd\u52a0\u538b\u529b\uff0c\u8fd9\u4e00\u70b9\u5728 2022\/23 \u5e74\u671f\u95f4\u6709\u6240\u4f53\u73b0\u3002<\/p>\n<p>\u80a1\u7968\u5bf9\u5229\u7387\u548c\u7ecf\u6d4e\u653f\u7b56\u7684\u53d8\u5316\u53cd\u5e94\u66f4\u76f4\u63a5\uff0c\u800c\u6bd4\u7279\u5e01\u4e0e\u8fd9\u4e9b\u56e0\u7d20\u7684\u5173\u7cfb\u8f83\u4e3a\u95f4\u63a5\uff0c\u4f46\u4f9d\u7136\u5177\u6709\u76f8\u5173\u6027\u3002\u5728\u7531\u4e8e\u6d41\u52a8\u6027\u7ea6\u675f\u6216\u7ecf\u6d4e\u62c5\u5fe7\u5f15\u53d1\u7684\u5e02\u573a\u629b\u552e\u671f\u95f4\uff0c\u6bd4\u7279\u5e01\u5076\u5c14\u4f1a\u51fa\u73b0\u80cc\u79bb\uff0c\u5c24\u5176\u662f\u5f53\u5b83\u88ab\u89c6\u4e3a\u5bf9\u4f20\u7edf\u5e02\u573a\u7684\u5bf9\u51b2\u5de5\u5177\u65f6\u3002<\/p>\n<p><strong>\u5730\u7f18\u653f\u6cbb\u5bf9\u6bd4\u7279\u5e01\u7684\u5f71\u54cd\uff1a<\/strong><\/p>\n<p>\u4e2d\u4e1c\u7d27\u5f20\u5c40\u52bf\u5347\u7ea7\uff08\u5982\u4ee5\u8272\u5217\u4e0e\u4f0a\u6717\u4e4b\u95f4\u7684\u51b2\u7a81\uff09\u53ef\u80fd\u4f1a\u6270\u4e71\u4e2d\u4e1c\u77f3\u6cb9\u751f\u4ea7\uff0c\u5bfc\u81f4\u5168\u7403\u80fd\u6e90\u4ef7\u683c\u98d9\u5347\u3002\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e00\u79cd\u300c\u6570\u5b57\u50a8\u80fd\u300d\uff0c\u53ef\u80fd\u4f1a\u5728\u80fd\u6e90\u4ef7\u683c\u4e0a\u6da8\u5e26\u6765\u7684\u901a\u80c0\u538b\u529b\u4e0b\u5347\u503c\u3002<\/p>\n<p>\u5386\u53f2\u5148\u4f8b\uff08\u5982 1973 \u5e74\u7684\u77f3\u6cb9\u7981\u8fd0\uff09\u8868\u660e\uff0c\u50cf\u9ec4\u91d1\u8fd9\u6837\u7684\u786c\u8d44\u4ea7\u2014\u2014\u4ee5\u53ca\u6f5c\u5728\u7684\u6bd4\u7279\u5e01\u2014\u2014\u5728\u80fd\u6e90\u5371\u673a\u4e2d\u80fd\u591f\u4fdd\u6301\u4ef7\u503c\u3002\u6b64\u5916\uff0c\u7f8e\u56fd\u5bf9\u4ee5\u8272\u5217\u7684\u8d22\u653f\u652f\u6301\u53ef\u80fd\u5bfc\u81f4\u503a\u52a1\u589e\u52a0\u548c\u8d27\u5e01\u6269\u5f20\uff0c\u4ece\u800c\u53ef\u80fd\u63a8\u52a8\u6bd4\u7279\u5e01\u5728\u6cd5\u5b9a\u8d27\u5e01\u9762\u524d\u7684\u4ef7\u503c\u4e0a\u6da8\u3002\u6bd4\u7279\u5e01\u7684\u53bb\u4e2d\u5fc3\u5316\u7279\u6027\u4e5f\u4f7f\u5176\u80fd\u591f\u62b5\u5fa1\u7279\u5b9a\u77ff\u533a\u7684\u4e2d\u65ad\u5f71\u54cd\u3002<\/p>\n<p>\u5728\u5f53\u524d\u7684\u7ecf\u6d4e\u6c14\u5019\u4e0b\uff0c\u589e\u957f\u75b2\u8f6f\u53ef\u80fd\u5bfc\u81f4\u6bd4\u7279\u5e01\u9010\u6e10\u8131\u79bb\u80a1\u7968\u7684\u76f8\u5173\u6027\uff0c\u4e14\u5728 2025 \u5e74\uff0c\u6bd4\u7279\u5e01\u4e5f\u53ef\u80fd\u9010\u6b65\u4e0e\u7f8e\u5143\u8131\u94a9\u3002<\/p>\n<p><\/p>\n<h3><strong>\u7f8e\u5143\u5728 2025 \u5e74\u4f1a\u5931\u53bb\u5176\u50a8\u5907\u8d27\u5e01\u5730\u4f4d\u5417\uff1f<\/strong><\/h3>\n<p>\u7b80\u77ed\u7684\u7b54\u6848\u662f\uff1a\u5728 2025 \u5e74\u4e0d\u4f1a\uff0c\u4f46\u7f8e\u5143\u4f5c\u4e3a\u5168\u7403\u4e3b\u8981\u50a8\u5907\u8d27\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\u6b63\u9762\u4e34\u7740\u65e5\u76ca\u589e\u591a\u7684\u6311\u6218\uff0c\u8fd9\u4e9b\u6311\u6218\u6e90\u81ea\u7ecf\u6d4e\u3001\u5730\u7f18\u653f\u6cbb\u548c\u6280\u672f\u56e0\u7d20\u3002\u5404\u56fd\u4e2d\u592e\u94f6\u884c\u6b63\u5728\u591a\u5143\u5316\u50a8\u5907\uff0c\u7f8e\u5143\u7684\u4efd\u989d\u4ece 2000 \u5e74\u7684 71% \u4e0b\u964d\u81f3 2022 \u5e74\u7684 59%\uff08\u6839\u636e\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u7684\u6570\u636e\uff09\uff0c\u8fd9\u662f\u5b83\u4eec\u5bf9\u6297\u7f8e\u56fd\u653f\u7b56\u5f71\u54cd\u548c\u7f8e\u5143\u6ce2\u52a8\u6027\u7684\u4e00\u79cd\u5bf9\u51b2\u65b9\u5f0f\u3002\u50cf\u4e2d\u56fd\u548c\u4fc4\u7f57\u65af\u8fd9\u6837\u7684\u56fd\u5bb6\u6b63\u5728\u7ed5\u8fc7\u7f8e\u5143\u8fdb\u884c\u8d38\u6613\uff0c\u4ee5\u907f\u514d\u7f8e\u56fd\u7684\u5236\u88c1\uff0c\u91d1\u7816\u56fd\u5bb6\u6b63\u5728\u63a2\u7d22\u4e00\u79cd\u65b0\u7684\u8d27\u5e01\u6765\u8fdb\u884c\u96c6\u56e2\u5185\u7684\u8d38\u6613\uff0c\u6709\u4eba\u8ba4\u4e3a\u8fd9\u53ef\u80fd\u662f\u6bd4\u7279\u5e01\u3002\u4e2d\u56fd\u7684\u8de8\u5883\u652f\u4ed8\u7cfb\u7edf\uff08CIPS\uff09\u63d0\u4f9b\u4e86\u4e00\u4e2a\u66ff\u4ee3 SWIFT \u7cfb\u7edf\u7684\u9009\u62e9\uff0c\u800c\u6570\u5b57\u8d27\u5e01\u548c\u533a\u5757\u94fe\u6280\u672f\u5219\u4e3a\u8fdb\u4e00\u6b65\u51cf\u5c11\u5bf9\u7f8e\u5143\u4f9d\u8d56\u63d0\u4f9b\u4e86\u66f4\u591a\u7684\u65b9\u5f0f\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u7f8e\u56fd\u9762\u4e34\u7740\u8d8a\u6765\u8d8a\u5927\u7684\u8d22\u653f\u538b\u529b\uff0c2024 \u5e74\u8054\u90a6\u9884\u7b97\u8d64\u5b57\u8fbe\u5230 1.833 \u4e07\u4ebf\u7f8e\u5143\u3002\u5bf9\u53ef\u80fd\u53d1\u751f\u7684\u9009\u4e3e\u540e\u503a\u52a1\u4e0a\u9650\u5371\u673a\u7684\u62c5\u5fe7\u5df2\u5bfc\u81f4\u4fe1\u7528\u8bc4\u7ea7\u673a\u6784\u53d1\u51fa\u5173\u4e8e\u7f8e\u56fd\u8d22\u653f\u7a33\u5b9a\u6027\u7684\u8b66\u544a\u3002\u8fd9\u79cd\u60c5\u51b5\uff0c\u518d\u52a0\u4e0a\u5916\u56fd\u5bf9\u7f8e\u56fd\u56fd\u503a\u9700\u6c42\u7684\u4e0b\u964d\uff0c\u53ef\u80fd\u4f1a\u524a\u5f31\u5168\u7403\u5bf9\u7f8e\u5143\u7684\u4fe1\u5fc3\u3002\u968f\u7740\u7f8e\u56fd\u5728\u89e3\u51b3\u503a\u52a1\u95ee\u9898\u4e0a\u9762\u4e34\u56f0\u96be\uff0c\u4e2d\u56fd\u7684 CIPS\u3001\u4fc4\u7f57\u65af\u7684 SPFS \u4ee5\u53ca\u6bd4\u7279\u5e01\u7b49\u65b0\u5174\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u4e3a\u51cf\u5c11\u5bf9\u7f8e\u5143\u4e2d\u5fc3\u5316\u4f53\u7cfb\u7684\u4f9d\u8d56\u63d0\u4f9b\u4e86\u66ff\u4ee3\u65b9\u6848\uff0c\u8fd9\u6697\u793a\u7740\u7f8e\u5143\u4e3b\u5bfc\u5730\u4f4d\u7684\u9010\u6b65\u8f6c\u53d8\u3002<\/p>\n<p><\/p>\n<h3><strong>\u6bd4\u7279\u5e01\u4e0d\u4ec5\u4ec5\u662f\u4ef7\u503c\u50a8\u5b58\u5de5\u5177<\/strong><\/h3>\n<p>\u6211\u4eec\u7ecf\u5e38\u8c08\u8bba\u7f8e\u56fd\u7684\u8d27\u5e01\u653f\u7b56\uff0c\u4f46\u8fd9\u5e76\u4e0d\u662f\u5168\u90e8\uff0c\u56e0\u4e3a\u6bd4\u7279\u5e01\u7684\u589e\u957f\u6f5c\u529b\u5e38\u5e38\u88ab\u5176\u4f5c\u4e3a\u4ef7\u503c\u50a8\u5b58\u5de5\u5177\u7684\u7279\u6027\u6240\u63a9\u76d6\u3002\u6bd4\u7279\u5e01\u7684\u6210\u529f\u6545\u4e8b\u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u5468\u671f\u6027\u7684\u4e70\u5165\u5356\u51fa\u6e38\u620f\uff1b\u5b83\u662f\u91d1\u878d\u9886\u57df\u7684\u4e00\u6b21\u8fdb\u5316\uff0c\u56e0\u5176\u53bb\u4e2d\u5fc3\u5316\u3001\u53ef\u9a8c\u8bc1\u7684\u7279\u6027\u5438\u5f15\u4e86\u4e2a\u4eba\u3001\u516c\u53f8\uff0c\u751a\u81f3\u662f\u653f\u5e9c\u3002\u8fdc\u975e\u300c\u8106\u5f31\u7684\u5e7b\u8c61\u300d\uff0c\u6bd4\u7279\u5e01\u5728\u7ecf\u5386\u4e86\u591a\u4e2a\u7ecf\u6d4e\u5468\u671f\u4e4b\u540e\u7684\u97e7\u6027\uff0c\u4ee5\u53ca\u6765\u81ea\u9ad8\u7aef\u4f01\u4e1a\u548c\u6295\u8d44\u8005\u7684\u6301\u7eed\u5173\u6ce8\uff0c\u53cd\u6620\u4e86\u8bb8\u591a\u4eba\u5c06\u5176\u89c6\u4e3a\u5bf9\u51b2\u4f20\u7edf\u91d1\u878d\u98ce\u9669\u7684\u5185\u5728\u4ef7\u503c\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u7684\u5b9e\u7528\u6027\u8d85\u8d8a\u4e86\u6295\u673a\uff1b\u5b83\u63d0\u4f9b\u4e86\u4e00\u4e2a\u5168\u7403\u53ef\u9a8c\u8bc1\u4e14\u5b89\u5168\u7684\u7f51\u7edc\uff0c\u4e0d\u9700\u8981\u4e2d\u592e\u6743\u5a01\u673a\u6784\u3002\u8fd9\u4e0d\u4ec5\u4ec5\u662f\u4ee3\u7801\uff0c\u800c\u662f\u4e00\u4e2a\u901a\u8fc7\u5171\u8bc6\u6cbb\u7406\u7684\u7f51\u7edc\uff0c\u786e\u4fdd\u4e86\u4ea4\u6613\u7684\u900f\u660e\u5ea6\u548c\u5b89\u5168\u6027\u3002\u8fd9\u4e2a\u53bb\u4e2d\u5fc3\u5316\u7684\u6a21\u5f0f\u5bf9\u4e8e\u90a3\u4e9b\u5bfb\u6c42\u91d1\u878d\u81ea\u4e3b\u7684\u4e2a\u4eba\u548c\u56fd\u5bb6\u5c24\u4e3a\u5b9d\u8d35\uff0c\u5c24\u5176\u662f\u5728\u7ecf\u6d4e\u6ce2\u52a8\u8f83\u5927\u7684\u5730\u533a\u3002<\/p>\n<p>\u867d\u7136\u6bd4\u7279\u5e01\u5c1a\u672a\u4e0e\u4f20\u7edf\u8d44\u4ea7\u5728\u7ecf\u6d4e\u751f\u4ea7\u529b\u4e0a\u5339\u654c\uff0c\u4f46\u5176\u6301\u7eed\u7684\u91c7\u7528\u548c\u53d1\u5c55\uff08\u5982\u95ea\u7535\u7f51\u7edc\u7684\u5b9e\u65bd\uff09\u5df2\u7ecf\u5f00\u59cb\u5728\u6c47\u6b3e\u3001\u5c0f\u989d\u4ea4\u6613\u548c\u91d1\u878d\u5305\u5bb9\u6027\u65b9\u9762\u5c55\u73b0\u51fa\u5b9e\u9645\u5e94\u7528\u3002\u5c06\u6bd4\u7279\u5e01\u4ec5\u4ec5\u89c6\u4e3a\u4e00\u79cd\u6295\u673a\u8d44\u4ea7\u5ffd\u7565\u4e86\u5b83\u5728\u6570\u5b57\u91d1\u878d\u548c\u6280\u672f\u9886\u57df\u672a\u6765\u5e94\u7528\u7684\u6f5c\u529b\u3002<\/p>\n<p><\/p>\n<h2><strong>\u6bd4\u7279\u5e01\u521b\u7eaa\u5f55\u7684\u8d44\u91d1\u6d41\u5165\u4fe1\u53f7\u8f6c\u53d8\uff0c\u4f46\u5728\u653f\u7b56\u548c\u653f\u6cbb\u963b\u529b\u4e0b\uff0c\u4ef7\u683c\u98d9\u5347\u4f9d\u7136\u96be\u4ee5\u5b9e\u73b0<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aJAMES BUTTERFILL\uff0cCoinShares \u7814\u7a76\u4e3b\u7ba1<\/strong><\/p>\n<p>\u622a\u81f3 11 \u6708\u672b\uff0c\u4eca\u5e74\u7684\u8d44\u91d1\u6d41\u5165\u5df2\u8fbe\u5230 370 \u4ebf\u7f8e\u5143\u3002\u5982\u679c 12 \u6708\u6ca1\u6709\u51fa\u73b0\u663e\u8457\u7684\u5e02\u573a\u4e0b\u8dcc\uff0c\u8fd9\u4e00\u6d41\u5165\u989d\u51e0\u4e4e\u662f 2021 \u5e74\u521b\u4e0b\u7684 100 \u4ebf\u7f8e\u5143\u7eaa\u5f55\u7684\u4e09\u500d\u3002\u8fd9\u4e00\u6fc0\u589e\u4e3b\u8981\u5f52\u56e0\u4e8e\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u7684\u63a8\u51fa\uff0c\u8be5 ETF \u5438\u5f15\u4e86 326 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u6d41\u5165\u3002\u7ecf\u8fc7\u8c03\u6574\u540e\uff0c\u8003\u8651\u5230 Grayscale \u7684\u8d44\u91d1\u6d41\u51fa\uff0c\u65b0\u53d1\u884c\u7684 ETF \u8fc4\u4eca\u4e3a\u6b62\u5b9e\u73b0\u4e86 506 \u4ebf\u7f8e\u5143\u7684\u521b\u7eaa\u5f55\u8d44\u91d1\u6d41\u5165\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/d57302371ca3905c42a3852e00add7a41734433866327.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 1\"><\/p>\n<p class=\"ql-align-center\">\u5168\u7403\u6570\u5b57\u8d44\u4ea7\u57fa\u91d1\u6d41\u5165\u603b\u989d\uff08\u767e\u4e07\u7f8e\u5143\uff09\u3002\u6765\u6e90\uff1aBloomberg, CoinShares, data available as of close 23 November 2024<\/p>\n<p>\u5047\u8bbe\u7f8e\u56fd\u53ef\u6295\u8d44\u8d44\u4ea7\u603b\u989d\u4e3a 14.4 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5982\u679c 10% \u7684\u6295\u8d44\u8005\u51b3\u5b9a\u5c06 370 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u5206\u914d\u7ed9\u6bd4\u7279\u5e01\uff0c\u90a3\u4e48\u8fd9\u5c06\u53cd\u6620\u51fa\u5e73\u5747\u6295\u8d44\u7ec4\u5408\u914d\u7f6e\u4e3a 2.6%\u3002\u8fd9\u4e00\u6bd4\u4f8b\u662f\u6211\u4eec\u53bb\u5e74\u6b64\u65f6 1% \u9884\u6d4b\u7684\u4e24\u500d\uff0c\u9884\u8ba1\u8d44\u91d1\u6d41\u5165\u4e3a 144 \u4ebf\u7f8e\u5143\u3002\u7f8e\u56fd\u7684 ETF \u63d0\u4f9b\u5546\u73b0\u5728\u5df2\u6210\u4e3a\u5168\u7403\u7b2c\u4e8c\u5927\u6bd4\u7279\u5e01\u6301\u6709\u8005\uff0c\u6301\u6709 1.08 \u767e\u4e07\u6bd4\u7279\u5e01\uff0c\u8fd9\u4e00\u9700\u6c42\u6c34\u5e73\u662f\u77ff\u4e1a\u65b0\u94f8\u9020\u7684 19.1 \u4e07\u6bd4\u7279\u5e01\u7684\u4e24\u500d\u591a\u3002\u5168\u7403\u8303\u56f4\u5185\uff0cETP \u6301\u6709\u8005\u76ee\u524d\u6258\u7ba1\u7740 130 \u4e07\u6bd4\u7279\u5e01\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/2736034f1e5514192be3fef53367619a1734433866383.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 2\"><\/p>\n<p class=\"ql-align-center\">\u6bd4\u7279\u5e01 ETF \u9700\u6c42\u4e0e\u4f9b\u5e94\u3002\u6765\u6e90\uff1aBloomberg, CoinShares, data available as of close 23 November 2024<\/p>\n<p>\u8fd9\u6807\u5fd7\u7740\u6bd4\u7279\u5e01\u5386\u53f2\u4e0a\u7684\u4e00\u4e2a\u6781\u4e3a\u79ef\u6781\u7684\u4e8b\u4ef6\uff0c\u5c3d\u7ba1\u6211\u4eec\u5c1a\u672a\u770b\u5230\u8bb8\u591a\u4eba\uff08\u5305\u62ec\u6211\u4eec\u81ea\u5df1\uff09\u9884\u671f\u7684\u4ef7\u683c\u98d9\u5347\u3002\u6839\u636e\u8d44\u91d1\u6d41\u5165\u4e0e\u4ef7\u683c\u4e4b\u95f4\u7684\u5173\u7cfb\uff08\u8be6\u89c1\u6b64\u5904\uff09\uff0c\u6211\u4eec\u7684\u6a21\u578b\u663e\u793a\uff0c\u5728\u8fd9\u6837\u7684\u8d44\u91d1\u6d41\u5165\u6c34\u5e73\u4e0b\uff0c\u6bd4\u7279\u5e01\u5e94\u5f53\u5df2\u7ecf\u7a81\u7834 10 \u4e07\u7f8e\u5143\u5927\u5173\uff1b\u7136\u800c\uff0c\u4ef7\u683c\u4ecd\u7136\u5f98\u5f8a\u5728\u5386\u53f2\u6700\u9ad8\u70b9\u7684 7 \u4e07\u7f8e\u5143\u9644\u8fd1\u3002\u6211\u4eec\u5c06\u5176\u5f52\u56e0\u4e8e\u51e0\u4e2a\u56e0\u7d20\uff0c\u7279\u522b\u662f\u8d27\u5e01\u653f\u7b56\u548c\u653f\u6cbb\u6c14\u5019\uff0c\u6211\u4eec\u8ba4\u4e3a\u5b83\u4eec\u6700\u8fd1\u662f\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u4e3b\u8981\u9a71\u52a8\u529b\u3002<\/p>\n<p>\u7f8e\u56fd\u8054\u90a6\u50a8\u5907\u5c40\u7684\u8d27\u5e01\u653f\u7b56\u8f6c\u5411\u6bd4\u9884\u671f\u7684\u65f6\u95f4\u66f4\u957f\uff0c\u76f4\u5230 9 \u6708\u624d\u5230\u6765\uff0c\u5c3d\u7ba1 2023 \u5e74 12 \u6708\u7684\u6c11\u610f\u8c03\u67e5\u9884\u8ba1\u8fd9\u4e00\u8f6c\u53d8\u5c06\u5728\u4eca\u5e74 3 \u6708\u53d1\u751f\u3002\u8fd9\u4e00\u5ef6\u8fdf\u53ef\u80fd\u662f\u7531\u4e8e\u5bb6\u5ead\u50a8\u84c4\u8fc7\u5269\u3001\u7ecf\u6d4e\u589e\u957f\u9ad8\u4e8e\u9884\u671f\u4ee5\u53ca\u6301\u7eed\u7684\u9ad8\u901a\u80c0\u7b49\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u3002\u653f\u6cbb\u53d1\u5c55\u4e5f\u5e26\u6765\u4e86\u4e0d\u5229\u56e0\u7d20\uff0c\u6c11\u610f\u8c03\u67e5\u8868\u660e\uff0c\u6c11\u4e3b\u515a\u53ef\u80fd\u5728\u4eca\u5e74\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\uff0c\u8fd9\u524a\u5f31\u4e86\u5e02\u573a\u5bf9\u6570\u5b57\u8d44\u4ea7\u66f4\u52a0\u5bbd\u677e\u76d1\u7ba1\u7acb\u573a\u7684\u9884\u671f\u3002\u6b64\u5916\uff0c\u6295\u8d44\u5e73\u53f0\u4e5f\u82b1\u8d39\u4e86\u65f6\u95f4\u6765\u652f\u6301\u6bd4\u7279\u5e01 ETF \u4ea4\u6613\uff0c\u800c Grayscale \u7684\u5c01\u95ed\u5f0f\u6bd4\u7279\u5e01\u57fa\u91d1\u5219\u5e26\u6765\u4e86\u5de8\u5927\u7684\u629b\u552e\u538b\u529b\uff0c\u4eca\u5e74\u5df2\u6709\u4ef7\u503c 183 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u88ab\u539f\u672c\u5c01\u95ed\u7684\u6301\u6709\u8005\u629b\u552e\u3002<\/p>\n<p>\u4ee5\u592a\u574a\u57fa\u91d1\u4eca\u5e74\u7684\u8868\u73b0\u4e0d\u5982\u6bd4\u7279\u5e01\u3002\u5728\u4ee5\u592a\u574a\u63a8\u51fa\u4e4b\u524d\uff0c\u4ee5\u592a\u574a\u7684\u603b ETP \u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\uff08AuM\uff09\u5360\u6bd4\u7279\u5e01\u7684 20%\u3002\u6309\u7167\u8fd9\u4e2a\u6bd4\u4f8b\uff0c\u9884\u8ba1\u4f1a\u6709 32 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u6d41\u5165\u3002\u7136\u800c\uff0c\u5b9e\u9645\u6d41\u5165\u4ec5\u4e3a 11.1 \u4ebf\u7f8e\u5143\uff0c\u8003\u8651\u5230 Grayscale \u73b0\u6709\u6301\u4ed3\u7684 33 \u4ebf\u7f8e\u5143\u6d41\u51fa\u3002\u8fd9\u4e00\u5dee\u8ddd\u53ef\u80fd\u6e90\u4e8e\u5bf9\u4ee5\u592a\u574a Layer 1 \u6536\u5165\u7684\u62c5\u5fe7\uff0c\u5c24\u5176\u662f\u5728\u5176 6 \u6708\u7684 Dencun \u5347\u7ea7\u4e4b\u540e\uff0c\u6211\u4eec\u5c06\u5728\u6b64\u8fdb\u4e00\u6b65\u8ba8\u8bba\u3002<\/p>\n<p>\u5bf9\u4e8e 2025 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2.0\uff09\uff0c\u63a5\u53d7\u7a33\u5b9a\u5e01\u4ee5\u52a0\u5f3a\u7f8e\u5143\u5728\u56fd\u9645\u4e0a\u7684\u4e3b\u5bfc\u5730\u4f4d\u3002\u8fd9\u5bf9\u5c71\u5be8\u5e01\uff08Altcoins\uff09\u548c\u5e76\u8d2d\uff08M&amp;A\uff09\u6d3b\u52a8\u5e94\u4f1a\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\uff0c\u56e0\u4e3a\u4f20\u7edf\u91d1\u878d\u516c\u53f8\u5c06\u5728\u52a0\u5bc6\u8d44\u4ea7\u9886\u57df\u83b7\u5f97\u66f4\u591a\u7684\u660e\u786e\u6027\u548c\u4fe1\u5fc3\u3002<\/p>\n<p><\/p>\n<h3><strong>\u652f\u6301\u6bd4\u7279\u5e01\u6316\u77ff<\/strong><\/h3>\n<p>\u7279\u6717\u666e\u653f\u5e9c\u8ba1\u5212\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u5168\u7403\u6bd4\u7279\u5e01\u6316\u77ff\u4e2d\u5fc3\u3002\u5728\u6574\u4e2a\u7ade\u9009\u8fc7\u7a0b\u4e2d\uff0c\u7279\u6717\u666e\u4e0e\u77ff\u5de5\u4eec\u8fdb\u884c\u4e86\u4f1a\u9762\uff0c\u5e76\u627f\u8bfa\u4fdd\u62a4\u4ed6\u4eec\u7684\u8fd0\u8425\uff0c\u5f3a\u8c03\u6bd4\u7279\u5e01\u6316\u77ff\u5bf9\u4e8e\u91d1\u878d\u72ec\u7acb\u548c\u56fd\u5bb6\u5b89\u5168\u81f3\u5173\u91cd\u8981\u3002\u4ed6\u89c6\u6bd4\u7279\u5e01\u77ff\u5de5\u4e3a\u53cd\u5bf9\u592e\u884c\u6570\u5b57\u8d27\u5e01\uff08CBDCs\uff09\u7684\u634d\u536b\u8005\uff0c\u800c\u8fd9\u6b63\u662f\u4ed6\u7684\u653f\u5e9c\u6240\u53cd\u5bf9\u7684\u3002\u5728\u6bd4\u7279\u5e01 2024 \u5927\u4f1a\u4e0a\uff0c\u7279\u6717\u666e\u627f\u8bfa\u300c\u5c06\u4fdd\u6301\u7f8e\u56fd\u653f\u5e9c\u76ee\u524d\u6301\u6709\u6216\u672a\u6765\u83b7\u5f97\u7684 100% \u7684\u6bd4\u7279\u5e01\u2026\u2026\u8fd9\u5c06\u6709\u6548\u5730\u6210\u4e3a\u56fd\u5bb6\u6218\u7565\u6bd4\u7279\u5e01\u50a8\u5907\u7684\u6838\u5fc3\u300d\u3002<\/p>\n<p>\u7279\u6717\u666e\u65b0\u4efb\u547d\u7684\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u8d22\u653f\u90e8\u957f\u65af\u79d1\u7279\u00b7\u8d1d\u68ee\u7279\uff08Scott Bessent\uff09\u548c\u6210\u529f\u7684\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\uff0c\u4ee5\u53ca\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u91d1\u878d\u670d\u52a1\u516c\u53f8 Cantor Fitzgerald \u7684 CEO \u970d\u534e\u5fb7\u00b7\u5362\u7279\u5c3c\u514b\uff08Howard Lutnick\uff09\uff0c\u5df2\u88ab\u63d0\u540d\u9886\u5bfc\u653f\u5e9c\u7684\u8d38\u6613\u548c\u5173\u7a0e\u6218\u7565\uff0c\u62c5\u4efb\u5546\u52a1\u90e8\u90e8\u957f\u3002\u8fd9\u4e9b\u4efb\u547d\u8005\u53ef\u80fd\u4f1a\u652f\u6301\u7279\u6717\u666e\u5173\u4e8e\u6bd4\u7279\u5e01\u8d22\u653f\u50a8\u5907\u8d44\u4ea7\u7684\u5b8f\u4f1f\u76ee\u6807\u3002\u5c3d\u7ba1\u5bf9\u4e8e\u7279\u6717\u666e\u7684\u8a00\u8bba\u9700\u4fdd\u6301\u4e00\u5b9a\u7684\u6000\u7591\u6001\u5ea6\uff0c\u4f46\u8fd9\u4e00\u8a00\u8bba\u65e0\u7591\u662f\u79ef\u6781\u7684\u3002<\/p>\n<p>\u5728\u77ed\u671f\u5185\uff0c\u4e13\u6ce8\u4e8e\u6bd4\u7279\u5e01\u6316\u77ff\u7684\u77ff\u5de5\u53ef\u80fd\u4f1a\u8d85\u8fc7\u90a3\u4e9b\u5df2\u7ecf\u591a\u5143\u5316\u6536\u5165\u6765\u6e90\uff0c\u5982\u6d89\u8db3\u4eba\u5de5\u667a\u80fd\u6216\u673a\u5668\u5236\u9020\u7684\u77ff\u5de5\u3002<\/p>\n<p><\/p>\n<h3><strong>\u81ea\u4e3b\u7ba1\u7406\u4e0e\u91d1\u878d\u4e3b\u6743<\/strong><\/h3>\n<p>\u7279\u6717\u666e\u4e5f\u662f\u81ea\u4e3b\u7ba1\u7406\u7684\u575a\u5b9a\u652f\u6301\u8005\u3002\u5728\u540c\u4e00\u573a\u4f1a\u8bae\u4e0a\uff0c\u7279\u6717\u666e\u6307\u51fa\uff0c\u4ed6\u8ba4\u4e3a\u4e2a\u4eba\u5e94\u5f53\u5728\u6ca1\u6709\u653f\u5e9c\u5e72\u9884\u7684\u60c5\u51b5\u4e0b\u63a7\u5236\u81ea\u5df1\u7684\u6570\u5b57\u8d44\u4ea7\u3002\u7136\u800c\uff0c\u7279\u6717\u666e\u5728\u5236\u88c1\u548c\u94f6\u884c\u4fdd\u5bc6\u6cd5\u7b49\u95ee\u9898\u4e0a\u7684\u7acb\u573a\u5f80\u5f80\u8f83\u4e3a\u4e2d\u7acb\u6216\u4fdd\u5b88\u3002\u56e0\u6b64\uff0c\u4ed6\u5728\u81ea\u4e3b\u7ba1\u7406\u65b9\u9762\u7684\u96c4\u5fc3\u53ef\u80fd\u9762\u4e34\u6311\u6218\uff0c\u5c24\u5176\u662f\u5728\u8d44\u52a9\u975e\u6cd5\u6d3b\u52a8\u6216\u6d17\u94b1\u7b49\u95ee\u9898\u4e0a\u3002\u867d\u7136\u8fd9\u4e00\u653f\u7b56\u4e0d\u4f1a\u76f4\u63a5\u5f71\u54cd\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u6216\u4e2a\u4eba\uff0c\u4f46\u5bf9\u4e8e\u7f8e\u56fd\u6765\u8bf4\uff0c\u8fd9\u662f\u8fc8\u5411\u79c1\u4eba\u8d22\u4ea7\u4fdd\u62a4\u7684\u79ef\u6781\u4e00\u6b65\u3002<\/p>\n<p><\/p>\n<h3><strong>\u52a0\u5bc6\u8d27\u5e01\u7684\u7ecf\u6d4e\u524d\u666f<\/strong><\/h3>\n<p>\u7279\u6717\u666e\u7684\u7ecf\u6d4e\u653f\u7b56\u5728\u8d22\u653f\u548c\u8d27\u5e01\u4e0a\u503e\u5411\u4e8e\u6269\u5f20\uff0c\u4ed6\u652f\u6301\u8fdb\u4e00\u6b65\u51cf\u7a0e\uff0c\u5e76\u5e0c\u671b\u8054\u90a6\u50a8\u5907\u4e3b\u5e2d\u91c7\u53d6\u9e3d\u6d3e\u7acb\u573a\uff0c\u964d\u4f4e\u5229\u7387\uff0c\u589e\u52a0\u503a\u52a1\u8d1f\u62c5\uff0c\u5e76\u63a8\u52a8\u5ec9\u4ef7\u8d44\u672c\u6d41\u5165\u98ce\u9669\u8d44\u4ea7\uff0c\u5982\u52a0\u5bc6\u8d27\u5e01\u3002<\/p>\n<p>\u603b\u800c\u8a00\u4e4b\uff0c\u7279\u6717\u666e\u7684\u80dc\u5229\u610f\u5473\u7740\u4e00\u4e2a\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u653f\u5e9c\uff0c\u653f\u7b56\u5c06\u652f\u6301\u6bd4\u7279\u5e01\u6316\u77ff\u3001\u81ea\u4e3b\u7ba1\u7406\u3001\u94f6\u884c\u548c\u5e02\u573a\u7ed3\u6784\u76d1\u7ba1\u4ee5\u53ca\u7a33\u5b9a\u5e01\u5408\u6cd5\u5316\uff0c\u4e3a\u6570\u5b57\u8d44\u4ea7\u7684\u521b\u65b0\u548c\u589e\u957f\u521b\u9020\u6709\u5229\u73af\u5883\u3002\u968f\u7740\u7f8e\u56fd\u5411\u8fd9\u4e9b\u653f\u7b56\u8f6c\u53d8\uff0c\u5c3d\u7ba1\u6bd4\u7279\u5e01\u4ecd\u6709\u53ef\u80fd\u6210\u4e3a 2025 \u5e74\u8868\u73b0\u6700\u597d\u7684\u8d44\u4ea7\u4e4b\u4e00\uff0c\u4f46\u5176\u4ed6\u5e01\u79cd\uff08Altcoins\uff09\u53ef\u80fd\u4f1a\u8868\u73b0\u5f97\u66f4\u52a0\u7a81\u51fa\u3002<\/p>\n<p><\/p>\n<h2><strong>\u6bd4\u7279\u5e01\u6316\u77ff\u548c\u4eba\u5de5\u667a\u80fd\u7684\u7e41\u8363\uff1a\u503a\u52a1\u3001\u5e76\u8d2d\u4e0e\u6e05\u6d01\u80fd\u6e90<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aMAX SHANNON\uff0cCoinShares \u7814\u7a76\u5206\u6790\u5e08<\/strong><\/p>\n<p><\/p>\n<h3><strong>\u77ff\u5de5\u5728\u5229\u7387\u4e0b\u964d\u65f6\u589e\u52a0\u4f7f\u7528\u503a\u52a1\u5e02\u573a<\/strong><\/h3>\n<p>\u968f\u7740\u5229\u7387\u9010\u6e10\u6062\u590d\u6b63\u5e38\u6c34\u5e73\uff0c\u6bd4\u7279\u5e01\u77ff\u5de5\u9884\u8ba1\u5c06\u91cd\u8fd4\u503a\u52a1\u5e02\u573a\u3002\u50cf TeraWulf\u3001Core Scientific\u3001Marathon Digital \u548c Bitdeer Technologies \u7b49\u516c\u53f8\u5df2\u7ecf\u901a\u8fc7\u53ef\u8f6c\u6362\u503a\u5238\u53d1\u884c\u7b79\u96c6\u4e86\u8d85\u8fc7 25 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Marathon \u7684 2 \u4ebf\u7f8e\u5143\u4fe1\u7528\u989d\u5ea6\uff0c\u7d27\u968f\u5176\u540e\u7684\u662f Canaan \u7684 2230 \u4e07\u7f8e\u5143\u8d37\u6b3e\uff0c\u8fd9\u7b14\u8d37\u6b3e\u4ee5 530 \u4e2a\u6bd4\u7279\u5e01\u4e3a\u62c5\u4fdd\u3002\u8fd9\u4e00\u8d8b\u52bf\u4e0e\u6bd4\u7279\u5e01\u4ef7\u503c\u7684\u4e0a\u6da8\u76f8\u543b\u5408\uff0c\u4f7f\u5176\u6210\u4e3a\u66f4\u6709\u4ef7\u503c\u7684\u62b5\u62bc\u54c1\u3002\u56e0\u6b64\uff0c\u77ff\u5de5\u4eec\u53ef\u4ee5\u6839\u636e\u4ed6\u4eec\u4e0d\u65ad\u589e\u52a0\u7684\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u53d1\u884c\u66f4\u591a\u8d2c\u503c\u7684\u6cd5\u5e01\u503a\u52a1\uff0c\u4ece\u800c\u589e\u5f3a\u4ed6\u4eec\u7684\u8d22\u52a1\u6760\u6746\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/c464b65f5a9a577429fdcba75d7963141734433866459.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 3\"><\/p>\n<p class=\"ql-align-center\">\u77ff\u5de5\u878d\u8d44\uff08\u767e\u4e07\u7f8e\u5143\uff09\u3002\u6765\u6e90\uff1aBloomberg, CoinShares, data available as of close 01 October 2024<\/p>\n<p><\/p>\n<h3><strong>\u77ff\u5de5\u95f4\u7684\u8fdb\u4e00\u6b65\u5e76\u8d2d&nbsp;&nbsp;<\/strong><\/h3>\n<p>\u5982 Cleanspark \u6536\u8d2d Griid\u3001Riot \u4e0e Block Mining \u7684\u4ea4\u6613\uff0c\u4ee5\u53ca Bitfarms \u6536\u8d2d Stronghold\uff08\u5747\u4e13\u6ce8\u4e8e\u8fd0\u8425\u8bbe\u65bd\uff09\u7b49\u77ff\u5de5\u95f4\u7684\u6536\u8d2d\u6d3b\u52a8\uff0c\u9884\u8ba1\u5c06\u4f1a\u589e\u52a0\u3002\u6536\u8d2d\u56f0\u5883\u4e2d\u7684\u6216\u4ea4\u94a5\u5319\u77ff\u573a\u6bd4\u4ece\u5934\u5f00\u59cb\u5efa\u8bbe\u65b0\u8bbe\u65bd\u66f4\u5177\u6210\u672c\u6548\u76ca\u3002\u5f00\u53d1\u7eff\u5730\u9879\u76ee\u7684\u65f6\u95f4\u901a\u5e38\u9700\u8981\u591a\u5e74\uff0c\u800c\u6536\u8d2d\u5e76\u5347\u7ea7\u73b0\u6709\u57fa\u7840\u8bbe\u65bd\u53ea\u9700\u51e0\u4e2a\u6708\u65f6\u95f4\u5373\u53ef\u5b8c\u6210\u3002\u8fd9\u5927\u5927\u7f29\u77ed\u4e86\u5e02\u573a\u8fdb\u5165\u7684\u65f6\u95f4\uff0c\u5e76\u52a0\u901f\u4e86\u56de\u62a5\u7684\u5b9e\u73b0\uff0c\u56e0\u6b64\u6210\u4e3a\u77ff\u5de5\u7684\u6218\u7565\u91cd\u70b9\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/aa137b77ebd8216ba189c655e357de8f1734433866511.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 4\"><\/p>\n<p class=\"ql-align-center\">\u52a0\u6743\u5e73\u5747\u6bcf\u5146\u74e6\u6210\u672c\uff08\u767e\u4e07\u7f8e\u5143\uff09\u3002\u6765\u6e90\uff1aIndustry Sources, CoinShares, data available as of close 17 October 2024<\/p>\n<p><\/p>\n<h3><strong>AI \u8d85\u5927\u89c4\u6a21\u8ba1\u7b97\u516c\u53f8\u805a\u7126\u6e05\u6d01\u80fd\u6e90\u4e09\u91cd\u5197\u4f59<\/strong><\/h3>\n<p>\u77ff\u5de5\u4eec\u53ef\u80fd\u4f1a\u7ee7\u7eed\u7b7e\u8ba2\u571f\u5730\u6536\u8d2d\u671f\u6743\u534f\u8bae\uff0c\u4ee5\u6269\u5c55\u4ed6\u4eec\u7684\u80fd\u6e90\u7ec4\u5408\uff0c\u4ee5\u5e94\u5bf9\u5373\u5c06\u5230\u6765\u7684\u54c8\u5e0c\u7387\u548c \/ \u6216 GPU \u8ba1\u7b97\u80fd\u529b\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u6700\u53d7\u9752\u7750\u7684\u573a\u5730\u7279\u70b9\u662f Tier 3 \u6e05\u6d01\u80fd\u6e90\u5197\u4f59\u548c\u5343\u5146\u74e6\u7ea7\u7535\u529b\u4f9b\u5e94\u7ba1\u9053\u3002\u4f8b\u5982\uff0cTeraWulf \u7684 Lake Mariner \u573a\u5730\u5b8c\u5168\u4f9d\u9760\u6c34\u529b\u53d1\u7535\uff0c\u6839\u636e\u7ba1\u7406\u5c42\u7684\u8bf4\u6cd5\uff0c\u573a\u5730\u7684\u7535\u529b\u4f7f\u7528\u6548\u7387\uff08PUE\uff09\u4e3a 1.2\u3002\u8be5\u573a\u5730\u4f4d\u4e8e\u7ebd\u7ea6\uff0c\u6c14\u5019\u6bd4\u5fb7\u514b\u8428\u65af\u5dde\u66f4\u51c9\u723d\uff0c\u800c\u4e14\u901a\u8fc7\u4ece\u6e56\u4e2d\u76f4\u63a5\u5f15\u6c34\uff0c\u4ed6\u4eec\u8fd8\u53ef\u4ee5\u8fdb\u4e00\u6b65\u964d\u4f4e PUE\u3002<\/p>\n<p>\u4e00\u65e6\u8fd9\u4e9b\u4f18\u8d28\u6e05\u6d01\u80fd\u6e90\u573a\u5730\u88ab\u5145\u5206\u5229\u7528\uff0c\u5173\u6ce8\u70b9\u53ef\u80fd\u4f1a\u8f6c\u5411\u62e5\u6709\u5f3a\u5927\u53ef\u518d\u751f\u80fd\u6e90\u6df7\u5408\u7684\u5730\u533a\uff0c\u4f8b\u5982 PJM \u7535\u529b\u4e92\u8054\u5e02\u573a\uff08\u7ea6 60-65% \u7684\u53ef\u518d\u751f\u80fd\u6e90\uff09\u3002\u57fa\u4e8e\u8fd9\u4e00\u70b9\uff0cBitdeer \u5728\u4fc4\u4ea5\u4fc4\u5dde\u7684\u573a\u5730\uff08\u5230 2027 \u8d22\u5e74\u8fbe\u5230 791 \u5146\u74e6\uff09\u548c TeraWulf \u7684 Nautilus \u573a\u5730\uff082.5 \u5409\u74e6\uff09\u53ef\u80fd\u4f1a\u83b7\u5f97\u7ade\u4e89\u4f18\u52bf\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u9884\u8ba1\uff0c\u62e5\u6709\u6e05\u6d01\u80fd\u6e90\u80fd\u529b\u6216\u4f4d\u4e8e\u6709\u5438\u5f15\u529b\u5730\u533a\u7684\u516c\u53f8\uff0c\u6bd4\u90a3\u4e9b\u4e25\u91cd\u4f9d\u8d56\u50cf\u5fb7\u514b\u8428\u65af\u5dde\u8fd9\u6837\u4e0d\u592a\u7406\u60f3\u5730\u70b9\u7684\u516c\u53f8\uff0c\u66f4\u6709\u53ef\u80fd\u5438\u5f15 AI \u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002<\/p>\n<p><\/p>\n<h2><strong>\u6bd4\u7279\u5e01\u77ff\u673a ASIC \u4e09\u5de8\u5934\u7684\u7ec8\u7ed3<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aALEXANDRE SCHMIDT\uff0cCoinShares&nbsp;CFA &#8211; \u6307\u6570\u57fa\u91d1\u7ecf\u7406<\/strong><\/p>\n<p><\/p>\n<p>\u81ea 2013 \u5e74\u9996\u6b3e Canaan Avalon \u82af\u7247\u53d1\u5e03\u4ee5\u6765\uff0cASIC \u5236\u9020\u884c\u4e1a\u4e00\u76f4\u7531\u5c11\u6570\u51e0\u5bb6\u5173\u952e\u73a9\u5bb6\u4e3b\u5bfc\u3002\u4e2d\u56fd\u4e00\u76f4\u662f\u8be5\u884c\u4e1a\u7684\u6838\u5fc3\uff0c\u7edd\u5927\u591a\u6570 ASIC \u8bbe\u8ba1\u5e08\u548c\u5236\u9020\u5546\u90fd\u4f4d\u4e8e\u4e2d\u56fd\uff0c\u5373\u4f7f\u5728 2021 \u5e74\u653f\u5e9c\u5b9e\u65bd\u77ff\u4e1a\u7981\u4ee4\u540e\u4e5f\u672a\u6539\u53d8\u3002\u5982\u4eca\uff0c\u5e02\u573a\u5b9e\u9645\u5448\u73b0\u51fa\u4e09\u5de8\u5934\u5784\u65ad\u7684\u5c40\u9762\uff0c\u5176\u4e2d\u6bd4\u7279\u5927\u9646\uff08Bitmain\uff09\u5360\u4e3b\u5bfc\u5730\u4f4d\uff0c\u5176\u6b21\u662f\u5609\u6960\u79d1\u6280\uff08Canaan\uff09\u548c\u5fae\u6bd4\u7279\uff08MicroBT\uff09\uff08\u7edf\u79f0\u4e3a\u300c\u4e09\u5de8\u5934\u300d\uff09\uff0c\u867d\u7136\u5b83\u4eec\u603b\u90e8\u5747\u4f4d\u4e8e\u4e2d\u56fd\uff0c\u4f46\u4e5f\u5728\u56fd\u5916\u8bbe\u6709\u5236\u9020\u8bbe\u65bd\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/2f3bac664c28ad3b0f2a599028cb4de51734433866572.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 5\"><\/p>\n<p class=\"ql-align-center\">\u9884\u8ba1\u6bd4\u7279\u5e01 ASIC \u5e02\u573a\u4efd\u989d\u3002\u6765\u6e90\uff1aEstimated by CoinShares<\/p>\n<p><\/p>\n<p>\u968f\u7740\u6bd4\u7279\u5e01\u7684\u91c7\u7528\u548c\u4ef7\u683c\u589e\u957f\uff0c\u6316\u77ff\u5df2\u53d1\u5c55\u6210\u4e3a\u4e00\u4e2a\u66f4\u4e3a\u4e13\u4e1a\u5316\u7684\u884c\u4e1a\u3002\u81ea\u4ece\u9996\u6b3e ASIC \u82af\u7247\u7684\u63a8\u51fa\u4ee5\u6765\uff0c\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u54c8\u5e0c\u7387\u4ece\u7ea6 1 PH\/s \u589e\u957f\u81f3\u4eca\u5929\u8d85\u8fc7 600 EH\/s\uff0c\u589e\u957f\u5e45\u5ea6\u8fbe 600,000 \u500d\u3002\u9075\u5faa\u6469\u5c14\u5b9a\u5f8b\uff0c\u6bcf\u4e00\u4ee3\u65b0\u77ff\u673a\u7684\u6027\u80fd\u548c\u6548\u7387\u90fd\u5f97\u5230\u4e86\u663e\u8457\u63d0\u5347\uff0c\u63a8\u52a8\u4e86\u5236\u9020\u6210\u672c\u548c\u6bcf\u54c8\u5e0c\u4ef7\u683c\u7684\u4e0b\u964d\u3002<\/p>\n<p>\u6bd4\u7279\u5e01 ASIC \u5e02\u573a\u5df2\u7ecf\u53d8\u5f97\u76f8\u5f53\u5e9e\u5927\u3002\u5609\u6960\u79d1\u6280 2019 \u5e74\u7684 IPO \u6587\u4ef6\u8868\u660e\uff0c\u6bd4\u7279\u5e01\u77ff\u673a\u5e02\u573a\u4ece 2014 \u5e74\u7684 1.66 \u4ebf\u7f8e\u5143\u589e\u957f\u5230 2018 \u5e74\u7684 32 \u4ebf\u7f8e\u5143\u3002\u5728\u8fc7\u53bb\u4e09\u5e74\u4e2d\uff0c\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u7b97\u529b\u6bcf\u5e74\u589e\u957f 100 EH\/s \u81f3 200 EH\/s\u3002\u5c3d\u7ba1\u5e76\u975e\u6240\u6709\u589e\u957f\u90fd\u6765\u81ea\u65b0\u8d2d\u4e70\u7684\u8bbe\u5907\uff0c\u4f46\u6839\u636e\u5f53\u524d\u7684\u6316\u77ff\u7ecf\u6d4e\u72b6\u51b5\uff0c\u53ea\u6709\u6700\u65b0\u4e00\u4ee3\u7684\u9ad8\u6548\u77ff\u673a\u624d\u80fd\u76c8\u5229\uff0c\u56e0\u6b64\u6211\u4eec\u8ba4\u4e3a\u51e0\u4e4e\u6240\u6709\u7684\u589e\u957f\u90fd\u6765\u81ea\u65b0\u8d2d\u5165\u7684\u77ff\u673a\u3002\u6839\u636e\u5f53\u524d\u6bcf TH\/s \u7ea6 15 \u7f8e\u5143\u7684\u77ff\u673a\u4ef7\u683c\uff0c\u6211\u4eec\u4f30\u8ba1 2024 \u5e74\u6bd4\u7279\u5e01 ASIC \u5e02\u573a\u7684\u89c4\u6a21\u5c06\u5728 150 \u4ebf\u7f8e\u5143\u81f3 300 \u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8fd9\u4e00\u6570\u5b57\u5f97\u5230\u4e86\u4e1a\u5185\u4eba\u58eb\u7684\u786e\u8ba4\u3002<\/p>\n<p><\/p>\n<h3><strong>\u65b0\u5165\u573a\u8005\u6311\u6218\u4f20\u7edf\u5de8\u5934&nbsp;<\/strong><\/h3>\n<p>\u968f\u7740\u5e02\u573a\u5728 2023 \u5e74\u4e0b\u534a\u5e74\u91cd\u65b0\u6062\u590d\u52bf\u5934\uff0c\u65b0\u7684\u9879\u76ee\u5f00\u59cb\u6d8c\u73b0\uff0c\u5c24\u5176\u662f Auradine\u3001Bitdeer \u548c Block Inc.\u7684\u9879\u76ee\u3002\u8fd9\u662f\u81ea ASIC \u95ee\u4e16\u4ee5\u6765\u7684\u7b2c\u4e00\u6b21\uff0c\u51e0\u5bb6\u7ade\u4e89\u8005\u6b63\u540c\u65f6\u52a0\u901f\u63a8\u51fa\u65b0\u7684\u3001\u9ad8\u6548\u80fd\u7684\u77ff\u673a\uff0c\u8fd9\u4e9b\u77ff\u673a\u6709\u53ef\u80fd\u6700\u7ec8\u6311\u6218\u73b0\u6709\u7684\u884c\u4e1a\u5de8\u5934\uff0c\u5c24\u5176\u662f\u6bd4\u7279\u5927\u9646\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/ed7ba420af250b563475d597eb6e7dda1734433866628.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 6\"><\/p>\n<p class=\"ql-align-center\">\u6a2a\u5750\u6807\u4f9d\u6b21\u4e3a\uff1a\u5236\u9020\u5546\u3001\u6700\u65b0\u578b\u53f7\u3001\u6548\u7387\u3001\u53d1\u5e03\u65e5\u671f\u3002\u6765\u6e90\uff1aCoinShares, ASIM Miner Value, company data (as of 16 October 2024)<\/p>\n<p>\u6700\u5927\u7684\u95ee\u9898\u662f\uff0c\u8fd9\u4e9b\u65b0\u9879\u76ee\u662f\u5426\u4f1a\u6210\u529f\uff0c\u8fd8\u662f\u6211\u4eec\u4f1a\u518d\u6b21\u770b\u5230\u77ff\u673a\u521d\u521b\u516c\u53f8\u77ed\u6682\u7684\u8f89\u714c\u3002Auradine \u662f\u4e00\u5bb6\u603b\u90e8\u4f4d\u4e8e\u7f8e\u56fd\u7684\u6bd4\u7279\u5e01 ASIC \u8bbe\u8ba1\u516c\u53f8\uff0c\u5f97\u5230\u4e86\u6765\u81ea Marathon \u7684 4900 \u4e07\u7f8e\u5143\u6295\u8d44\uff0cMarathon \u7684 CEO Fred Thiel \u4e5f\u5728\u8be5\u516c\u53f8\u8463\u4e8b\u4f1a\u4efb\u804c\u3002Auradine \u7684\u7b2c\u4e00\u6b3e Teraflux \u77ff\u673a\u5728 2023 \u5e74\u7b2c\u56db\u5b63\u5ea6\u53d1\u5e03\uff0c\u5176\u6700\u65b0\u6b3e\u77ff\u673a\u7684\u6548\u7387\u6bd4\u7387\u4e3a\u6bcf\u592a\u54c8\u5e0c\uff08J\/TH\uff0915 \u5230 16 \u7126\u8033\uff0c\u51e0\u4e4e\u4e0e\u6bd4\u7279\u5927\u9646\u6700\u65b0\u7684 Antminer S21 XP Pro\uff08\u6548\u7387\u4e3a 13.5 J\/TH\uff09\u76f8\u5ab2\u7f8e\u3002\u6839\u636e CEO Sanjay Gupta \u7684\u8bf4\u6cd5\uff0c\u8be5\u516c\u53f8\u5df2\u6709\u8d85\u8fc7 30 \u4e2a\u5ba2\u6237\uff0c\u5c3d\u7ba1 Marathon \u4f3c\u4e4e\u662f\u6700\u5927\u7684\u5ba2\u6237\uff0c\u8fc7\u53bb\u4e00\u5e74\u5df2\u7ecf\u652f\u4ed8\u4e86 4410 \u4e07\u7f8e\u5143\u7684\u9884\u4ed8\u6b3e\u3002<\/p>\n<p>Bitdeer \u662f\u4e00\u5bb6\u5728 2023 \u5e74 4 \u6708\u4ece\u6bd4\u7279\u5927\u9646\u5206\u62c6\u51fa\u6765\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u6700\u521d\u53ea\u4f5c\u4e3a\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8\u8fd0\u8425\u30022024 \u5e74 3 \u6708\uff0c\u8be5\u516c\u53f8\u5ba3\u5e03\u63a8\u51fa\u81ea\u6709\u7684\u6bd4\u7279\u5e01\u77ff\u673a\uff0c\u91c7\u7528 SEAL01 \u82af\u7247\u3002\u5230 2024 \u5e74 9 \u6708\uff0cBitdeer \u5b8c\u6210\u4e86\u5176 SEAL02 \u82af\u7247\u7684\u6d4b\u8bd5\uff0c\u5728\u6b20\u9891\u8bbe\u7f6e\u4e0b\u53ef\u5b9e\u73b0 13.5 J\/TH \u7684\u6548\u7387\u3002\u8fd9\u4e9b\u82af\u7247\u5df2\u88ab\u6574\u5408\u8fdb Bitdeer \u7684 SEALMINER A2 \u77ff\u673a\uff0c\u5e76\u4e8e 2024 \u5e74 10 \u6708\u5f00\u59cb\u91cf\u4ea7\u3002Bitdeer \u7684\u7ade\u4e89\u4f18\u52bf\u5728\u4e8e\u96c7\u4f63\u4e86\u524d\u6bd4\u7279\u5927\u9646\u7684\u5de5\u7a0b\u5e08\uff0c\u8fd9\u4e9b\u5de5\u7a0b\u5e08\u5728\u5927\u89c4\u6a21\u63a8\u51fa\u6bd4\u7279\u5e01\u77ff\u673a\u65b9\u9762\u6709\u6210\u529f\u7ecf\u9a8c\uff0c\u5e76\u4e14\u62e5\u6709\u80fd\u591f\u786e\u4fdd\u4f9b\u5e94\u94fe\u534f\u8bae\u7684\u884c\u4e1a\u4eba\u8109\u3002<\/p>\n<p>\u6700\u540e\u4e00\u4e2a\u5165\u573a\u8005\u662f Block Inc.\uff0c\u8be5\u516c\u53f8\u6b63\u5728\u4f7f\u7528 3 \u7eb3\u7c73\u5de5\u827a\u5f00\u53d1\u6bd4\u7279\u5e01\u77ff\u673a\u82af\u7247\u3002\u7531 Twitter \u521b\u59cb\u4eba\u548c\u6bd4\u7279\u5e01\u5021\u5bfc\u8005 Jack Dorsey \u9886\u5bfc\uff0cBlock \u7684\u76ee\u6807\u662f\u300c\u5b9e\u73b0\u6bd4\u7279\u5e01\u6316\u77ff\u7684\u6c11\u4e3b\u5316\u300d\u3002\u867d\u7136 Block \u4e3b\u8981\u88ab\u89c6\u4e3a\u4e00\u5bb6\u91d1\u878d\u79d1\u6280\u516c\u53f8\uff0c\u4f46\u5b83\u901a\u8fc7\u4e3a Square \u9500\u552e\u70b9\u7cfb\u7edf\u5f00\u53d1\u82af\u7247\uff0c\u79ef\u7d2f\u4e86\u4e30\u5bcc\u7684 ASIC \u7ecf\u9a8c\u30022024 \u5e74 7 \u6708\uff0cBlock \u4e0e Core Scientific \u5ba3\u5e03\u5408\u4f5c\uff0c\u5f00\u53d1\u5e76\u90e8\u7f72 15 EH\/s \u7684\u77ff\u673a\uff0c\u4f7f\u7528 Block \u7684\u65b0\u82af\u7247\u3002\u8be5\u9879\u76ee\u7531 Block \u7684 Proto \u56e2\u961f\u3001ePIC Blockchain Technologies \u4ee5\u53ca Core Scientific \u5171\u540c\u53c2\u4e0e\u3002\u7136\u800c\uff0c\u4e0e Auradine \u548c Bitdeer \u4e0d\u540c\uff0cBlock \u4e0e Core Scientific \u7684\u5408\u4f5c\u5c1a\u672a\u53d1\u5e03\u5de5\u4f5c\u539f\u578b\uff0cBlock \u7684\u82af\u7247\u6216\u8054\u5408\u5f00\u53d1\u7684\u77ff\u673a\u662f\u5426\u80fd\u5e7f\u6cdb\u5546\u4e1a\u5316\u4ecd\u672a\u5ba3\u5e03\u3002<\/p>\n<p><\/p>\n<h3><strong>\u65b0\u7ade\u4e89\u8005\u7684\u6210\u529f\u53d6\u51b3\u4e8e\u53ef\u9760\u6027\u548c\u89c4\u6a21\u6269\u5c55<\/strong><\/h3>\n<p>\u8fd9\u4e9b\u65b0\u5174\u7ade\u4e89\u8005\u80fd\u5426\u6311\u6218\u300c\u524d\u4e09\u5927\u300d\u5382\u5546\u7684\u4e3b\u5bfc\u5730\u4f4d\uff0c\u5f88\u5927\u7a0b\u5ea6\u4e0a\u53d6\u51b3\u4e8e\u4ed6\u4eec\u662f\u5426\u80fd\u591f\u6210\u529f\u63a8\u51fa\u53ef\u7528\u7684\u4ea7\u54c1\uff0c\u5e76\u8fc5\u901f\u6269\u5927\u751f\u4ea7\u89c4\u6a21\u3002\u800c\u8fd9\u4e00\u5207\u53c8\u4f9d\u8d56\u4e8e\u786e\u4fdd\u5728\u534a\u5bfc\u4f53\u5236\u9020\u5382\u7684\u4ea7\u80fd\u3002\u6b64\u5916\uff0c\u77ff\u4e1a\u8fd0\u8425\u5546\u5bf9\u65b0\u4ea7\u54c1\u7684\u6000\u7591\uff0c\u7279\u522b\u662f\u5bf9\u5176\u53ef\u9760\u6027\u7684\u62c5\u5fe7\uff0c\u4e5f\u6784\u6210\u4e86\u6311\u6218\u3002\u7136\u800c\uff0c\u65b0\u7684\u7ade\u4e89\u8005\u7684\u51fa\u73b0\u662f\u53d7\u6b22\u8fce\u7684\uff0c\u56e0\u4e3a\u5b83\u6709\u53ef\u80fd\u524a\u5f31\u524d\u4e09\u5927\u5382\u5546\u7684\u5b9a\u4ef7\u6743\uff0c\u8fdb\u800c\u4fc3\u4f7f\u77ff\u673a\u53d8\u5f97\u66f4\u52a0\u9ad8\u6548\uff0c\u6700\u7ec8\u5b9e\u73b0\u66f4\u9ad8\u7684\u76c8\u5229\u3002<\/p>\n<p><\/p>\n<h2><strong>\u6bd4\u7279\u5e01\u5954\u5411\u7f8e\u56fd\u91d1\u878d\u884c\u4e1a<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aMATTHEW KIMMELL\uff0cCoinShares&nbsp;\u6570\u5b57\u8d44\u4ea7\u5206\u6790\u5e08<\/strong><\/p>\n<p><\/p>\n<p>\u81ea\u4ece 2 \u6708\u4efd\u63a8\u51fa\u4ee5\u6765\uff0c\u7f8e\u56fd\u6bd4\u7279\u5e01 ETF \u53d6\u5f97\u4e86\u5de8\u5927\u7684\u6210\u529f\u3002\u5728 2024 \u5e74\u7f8e\u56fd\u63a8\u51fa\u7684 575 \u53ea ETF \u4e2d\uff0c\u6309\u8d44\u91d1\u6d41\u5165\u6392\u540d\u524d\u56db\u7684\u5168\u662f\u73b0\u8d27\u6bd4\u7279\u5e01\u4ea7\u54c1\uff1aIBIT\u3001FBTC\u3001ARKB \u548c BITB\u3002\u5728\u63a8\u51fa\u540e\u7684\u5341\u4e2a\u6708\u4e2d\uff0c\u6709\u4e5d\u4e2a\u6708\u90fd\u51fa\u73b0\u4e86\u6b63\u5411\u8d44\u91d1\u6d41\u5165\u3002\u4e0d\u5230\u4e00\u5e74\u65f6\u95f4\uff0c\u8fd9\u4e9b\u73b0\u8d27\u6bd4\u7279\u5e01\u4ea7\u54c1\u7684\u603b\u6301\u5e01\u91cf\u5df2\u63a5\u8fd1 1 \u767e\u4e07\u679a\uff0c\u51e0\u4e4e\u4e0e\u4efb\u4f55\u5df2\u77e5\u7684\u6301\u5e01\u5b9e\u4f53\u76f8\u5f53\u2014\u2014\u8fd9\u975e\u5e38\u5e9e\u5927\uff0c\u5c3d\u7ba1\u4ecd\u7565\u5c11\u4e8e\u4f30\u8ba1\u7684\u4e2d\u672c\u806a\u6301\u6709\u7684 110 \u4e07\u679a\u6bd4\u7279\u5e01\u3002\u4f5c\u4e3a\u5bf9\u6bd4\uff0c\u6bd4\u7279\u5e01 ETF \u5728\u9996\u5e74\u5185\u7684\u8d44\u91d1\u6d41\u5165\u91cf\uff0c\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u9ec4\u91d1 ETF \u81ea 2004 \u5e74\u63a8\u51fa\u4ee5\u6765\uff0c\u4e94\u5e74\u624d\u8fbe\u5230\u4e86\u8fd9\u4e00\u6c34\u5e73\u3002\u5982\u6b64\u5f3a\u52b2\u7684\u9700\u6c42\u5f15\u53d1\u4e86\u4e00\u4e2a\u91cd\u8981\u95ee\u9898\uff1a\u662f\u8c01\u5728\u8d2d\u4e70\u8fd9\u4e9b ETF\uff1f\u5b83\u4eec\u7684\u8d44\u91d1\u6d41\u5165\u80fd\u5426\u6301\u7eed\uff1f<\/p>\n<p><\/p>\n<h3><strong>\u4e13\u4e1a\u6295\u8d44\u8005\u5360\u7f8e\u56fd\u6bd4\u7279\u5e01 ETF \u6301\u4ed3\u7684 20%<\/strong><\/h3>\n<p>\u901a\u8fc7 13-F \u6587\u4ef6\uff0c\u6211\u4eec\u53ef\u4ee5\u4e86\u89e3\u5230\u8d2d\u4e70\u8fd9\u4e9b ETF \u7684\u6295\u8d44\u8005\u6765\u6e90\u3002\u8fd9\u4e9b\u6587\u4ef6\u662f\u7531\u7ba1\u7406\u8d44\u4ea7\u8d85\u8fc7 1 \u4ebf\u7f8e\u5143\u7684\u6295\u8d44\u7ecf\u7406\u63d0\u4ea4\u7684\uff0c\u5185\u5bb9\u663e\u793a\uff0c\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u4e2d\u5927\u7ea6 20% \u7684\u8d44\u4ea7\u7531\u4e13\u4e1a\u673a\u6784\u548c\u57fa\u91d1\u7ecf\u7406\u6301\u6709\uff0c\u8fd9\u4e5f\u610f\u5473\u7740\u5269\u4e0b\u7684 80% \u4e3b\u8981\u6765\u81ea\u96f6\u552e\u6295\u8d44\u8005\u6216\u8f83\u5c0f\u7684\u91d1\u878d\u4e13\u4e1a\u4eba\u58eb\u3002<\/p>\n<p>\u6839\u636e 13-F \u8868\u683c\uff0c\u8fd9\u4e9b ETF \u7684\u6301\u6709\u8005\u8d85\u8fc7 1200 \u4e2a\u3002\u5176\u4e2d 984 \u4e2a\u6301\u6709\u8005\u4e3a\u6295\u8d44\u987e\u95ee\uff0c\u5360\u6240\u6709\u63d0\u4ea4\u8005\u7684 78%\uff0c\u4f46\u4ed6\u4eec\u4ec5\u5360\u603b\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\uff08AUM\uff09\u7684 41%\u3002\u4e86\u89e3\u8fd9\u4e9b\u6295\u8d44\u987e\u95ee\u7684\u80cc\u666f\u6709\u52a9\u4e8e\u66f4\u5168\u9762\u5730\u4e86\u89e3\u60c5\u51b5\uff0c\u4f8b\u5982\u9ad8\u76db\u4ee5 7.41 \u4ebf\u7f8e\u5143\u7684\u6301\u4ed3\u53ef\u80fd\u66f4\u591a\u662f\u4f5c\u4e3a\u4e00\u822c\u7684\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff0c\u800c\u50cf Ark \u6295\u8d44\u7ba1\u7406\u548c VanEck \u8fd9\u6837\u7684\u516c\u53f8\u5206\u522b\u6301\u6709 2.06 \u4ebf\u7f8e\u5143\u548c 8000 \u4e07\u7f8e\u5143\u7684\u8d44\u91d1\uff0c\u5e76\u63a8\u51fa\u4e86\u81ea\u5df1\u7684\u73b0\u8d27\u6bd4\u7279\u5e01\u4ea7\u54c1\u3002<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u4e5f\u5360\u6709\u76f8\u5f53\u4e00\u90e8\u5206\u4efd\u989d\uff0c\u5e76\u4e14\u5e73\u5747\u6301\u4ed3\u89c4\u6a21\u548c\u6295\u8d44\u7ec4\u5408\u6743\u91cd\u90fd\u8f83\u5927\u3002\u5171\u6709 138 \u5bb6\u5bf9\u51b2\u57fa\u91d1\u6301\u6709\u8fd9\u4e9b ETF\uff0c\u5408\u8ba1\u5360 13-F \u62a5\u544a\u8005\u603b\u8d44\u4ea7\u7684 38%\u3002\u5176\u4e2d\uff0c\u8457\u540d\u7684\u6301\u6709\u8005\u5305\u62ec\u5343\u79a7\u7ba1\u7406\u3001Schonfeld \u6218\u7565\u987e\u95ee\u548c Aristeia \u8d44\u672c\u3002\u6211\u4eec\u6000\u7591\u8fd9\u4e9b\u8d44\u91d1\u6d41\u5165\u7684\u7a33\u5b9a\u6027\u8f83\u5dee\uff0c\u56e0\u4e3a\u5bf9\u51b2\u57fa\u91d1\u5f80\u5f80\u5728\u914d\u7f6e\u4e2d\u66f4\u5177\u673a\u4f1a\u4e3b\u4e49\u3002\u6b64\u5916\uff0c\u57fa\u5dee\u4ea4\u6613\u5728\u4eca\u5e74\u4e00\u76f4\u5f88\u6709\u5438\u5f15\u529b\uff0c\u53ef\u80fd\u662f\u5bf9\u51b2\u57fa\u91d1\u9700\u6c42\u7684\u91cd\u8981\u6765\u6e90\u3002<\/p>\n<p>&nbsp;<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/7127d6e02b81697bde9a4ccf9271e5941734433866690.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 7\"><\/p>\n<p class=\"ql-align-center\">\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u65e5\u4ea4\u6613\u91cf\uff08\u7f8e\u5143\uff0c\u5341\u4ebf\u7f8e\u5143\uff09\u4e0e\u671f\u8d27\u5e74\u5316\u6eda\u52a8\u57fa\u51c6\uff083 \u4e2a\u6708\uff09\u2014\u2014\u6240\u6709\u4ea4\u6613\u6240\u3002\u6765\u6e90\uff1aBloomberg, Glassnode, CoinShares, data available as of 22 November 2024<\/p>\n<p><\/p>\n<h3><strong>\u6bd4\u7279\u5e01 ETF \u5927\u6982\u7387\u80fd\u6301\u7eed\u6210\u529f<\/strong><\/h3>\n<p>\u6bd4\u7279\u5e01 ETF \u7684\u672a\u6765\u53d1\u5c55\u8def\u5f84\u4f9d\u8d56\u4e8e\u51e0\u4e2a\u56e0\u7d20\u3002\u4ee4\u4eba\u9f13\u821e\u7684\u662f\uff0c2024 \u5e74 3 \u6708\u5230 9 \u6708\u7684 13-F \u62a5\u544a\u63d0\u4ea4\u4eba\u6570\u589e\u957f\u4e86 20%\u3002\u8fd9\u4e00\u589e\u957f\u4e3b\u8981\u6765\u81ea\u88ab\u5f52\u7c7b\u4e3a\u6295\u8d44\u987e\u95ee\u7684\u673a\u6784\uff0c\u663e\u793a\u51fa\u6bd4\u7279\u5e01 ETF \u7684 adoption \u6b63\u5728\u589e\u957f\u3002\u7136\u800c\uff0c\u867d\u7136\u5bf9\u51b2\u57fa\u91d1\u4ecd\u5360\u636e\u4e86\u7ba1\u7406\u8d44\u4ea7\uff08AUM\uff09\u7684\u4e00\u5927\u90e8\u5206\uff0c\u4f46\u5b83\u4eec\u66f4\u503e\u5411\u4e8e\u8fdb\u884c\u4ea4\u6613\u800c\u975e\u957f\u671f\u6301\u6709\u8fd9\u4e9b ETF\u3002\u5982\u679c\u5e02\u573a\u60c5\u7eea\u53d1\u751f\u53d8\u5316\uff0c\u6216\u8005\u67d0\u4e9b\u4ea4\u6613\u53d1\u751f\u53cd\u8f6c\uff0c\u8fd9\u4e9b\u57fa\u91d1\u53ef\u80fd\u4f1a\u8fc5\u901f\u9000\u51fa\u4ed3\u4f4d\uff0c\u5bfc\u81f4\u8d44\u91d1\u6d41\u51fa\u3002<\/p>\n<p>\u53e6\u4e00\u4e2a\u9700\u8981\u8003\u8651\u7684\u56e0\u7d20\u662f\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u6bd4\u7279\u5e01 ETF \u914d\u7f6e\u76f8\u5bf9\u8f83\u5c0f\u3002\u6bd4\u7279\u5e01\u4ecd\u88ab\u5e7f\u6cdb\u89c6\u4e3a\u4e00\u79cd\u9ad8\u98ce\u9669\u8d44\u4ea7\uff0c\u8bb8\u591a\u7ecf\u7406\u4eba\u5c06\u5176\u89c6\u4e3a\u300c\u53e6\u7c7b\u6295\u8d44\u300d\u7c7b\u522b\u2014\u2014\u6211\u4eec\u4e5f\u79f0\u5176\u4e3a\u6570\u5b57\u9ec4\u91d1\u3002\u76f8\u6bd4\u80a1\u7968\u548c\u503a\u5238\uff0c\u53e6\u7c7b\u6295\u8d44\u7684\u89c4\u6a21\u901a\u5e38\u8f83\u5c0f\uff0c\u8fd9\u9650\u5236\u4e86\u5176\u5728\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u914d\u7f6e\u6f5c\u529b\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u6bd4\u7279\u5e01 ETF \u4e0a\u5e02\u8fd8\u4e0d\u5230\u4e00\u5e74\uff0c\u8bb8\u591a\u4e13\u4e1a\u6295\u8d44\u8005\u53ef\u80fd\u4ecd\u5728\u83b7\u5f97\u5185\u90e8\u6279\u51c6\u6216\u901a\u8fc7\u6295\u8d44\u59d4\u5458\u4f1a\u8fdb\u884c\u5c3d\u804c\u8c03\u67e5\u3002<\/p>\n<p>\u9274\u4e8e\u7f8e\u56fd\u91d1\u878d\u4e13\u4e1a\u4eba\u58eb\u7684\u5e02\u573a\u89c4\u6a21\uff0c\u5373\u4fbf\u662f\u8f83\u5c0f\u7684\u6295\u8d44\u7ec4\u5408\u914d\u7f6e\u4e5f\u53ef\u80fd\u5e26\u6765\u53ef\u89c2\u7684\u8d44\u91d1\u6d41\u5165\uff0c\u524d\u63d0\u662f\u6bd4\u7279\u5e01\u6210\u4e3a\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7684\u6807\u51c6\u7ec4\u6210\u90e8\u5206\u3002\u7136\u800c\uff0c\u6bd4\u7279\u5e01\u7684\u7eb3\u5165\u5c1a\u4e0d\u666e\u904d\uff0c\u4f46\u5b83\u4f5c\u4e3a\u5206\u6563\u98ce\u9669\u5de5\u5177\u7684\u660e\u663e\u4f18\u52bf\u5f97\u5230\u4e86\u8ba4\u53ef\uff0c\u4e14\u5df2\u7ecf\u6709\u591a\u4e2a\u9f13\u821e\u4eba\u5fc3\u7684\u4f8b\u5b50\u3002\u4f8b\u5982\uff0c\u5bcc\u8fbe\u5c06\u5176 FBTC \u4ea7\u54c1\u7eb3\u5165\u5176\u5168\u5408\u4e00\u4fdd\u5b88\u578b ETF\uff1b\u5bc6\u6b47\u6839\u5dde\u548c\u5a01\u65af\u5eb7\u661f\u5dde\u5df2\u5c06\u6bd4\u7279\u5e01 ETF \u7eb3\u5165\u5dde\u517b\u8001\u57fa\u91d1\uff1b\u6700\u8fd1\uff0c\u57c3\u9ed8\u91cc\u5927\u5b66\u4e5f\u5728\u5176\u6350\u8d60\u57fa\u91d1\u6295\u8d44\u7ec4\u5408\u4e2d\u6301\u6709\u4e86\u4e00\u4e9b\u6bd4\u7279\u5e01 ETF\u3002<\/p>\n<p>\u4ece\u96f6\u552e\u89d2\u5ea6\u6765\u770b\uff0c\u8fd9\u4f3c\u4e4e\u4ecd\u7136\u662f\u6bd4\u7279\u5e01 ETF \u9700\u6c42\u7684\u4e3b\u5bfc\u6765\u6e90\uff0c\u4e14\u4ecd\u6709\u589e\u957f\u7a7a\u95f4\u3002\u67d0\u4e9b\u7ecf\u7eaa\u5546\uff0c\u5982\u5148\u950b\u96c6\u56e2\uff08Vanguard\uff09\uff0c\u5c1a\u672a\u5f00\u653e\u6bd4\u7279\u5e01 ETF \u7684\u8bbf\u95ee\u6743\u9650\u3002\u4e00\u65e6\u4ed6\u4eec\u5f00\u542f\u8fd9\u4e9b\u670d\u52a1\uff0c\u4e14\u50cf\u5bcc\u8fbe\u3001Robinhood \u548c\u4e92\u52a8\u7ecf\u7eaa\u5546\uff08Interactive Brokers\uff09\u7b49\u516c\u53f8\u7ee7\u7eed\u63d0\u4f9b\u8bbf\u95ee\u6e20\u9053\uff0c\u96f6\u552e\u53c2\u4e0e\u8005\u7684\u6570\u91cf\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u589e\u957f\u3002<\/p>\n<p><\/p>\n<h3><strong>\u7f8e\u56fd\u6bd4\u7279\u5e01 ETF \u7684\u524d\u666f\u770b\u8d77\u6765\u4e50\u89c2<\/strong><\/h3>\n<p>\u6bd4\u7279\u5e01 ETF \u7684\u63a8\u51fa\u6e05\u695a\u5730\u5c55\u793a\u4e86\u7f8e\u56fd\u6295\u8d44\u8005\u5e0c\u671b\u901a\u8fc7\u719f\u6089\u7684\u91d1\u878d\u4ea7\u54c1\u83b7\u5f97\u6bd4\u7279\u5e01\u655e\u53e3\u7684\u9700\u6c42\u3002\u8fd9\u4e9b ETF \u5e76\u4e0d\u4e00\u5b9a\u5f15\u53d1\u4e86\u4e13\u4e1a\u91d1\u878d\u7ecf\u7406\u4eec\u5bf9\u6bd4\u7279\u5e01\u6295\u8d44\u6f5c\u529b\u7684\u6025\u5207\u8bc4\u4f30\uff0c\u4f46\u9274\u4e8e\u5e02\u573a\u7684\u9700\u6c42\u3001\u5185\u90e8\u6279\u51c6\u7a0b\u5e8f\u8fdb\u5c55\u987a\u5229\u3001\u4ee5\u53ca\u540c\u884c\u9010\u6e10\u627f\u8ba4\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e00\u79cd\u53ef\u884c\u8d44\u4ea7\u7684\u538b\u529b\uff0c\u6211\u4eec\u9884\u8ba1\u4f1a\u6709\u66f4\u591a\u7684\u8bc4\u4f30\u968f\u4e4b\u800c\u6765\u3002<\/p>\n<p>\u83b7\u5f97\u8bbf\u95ee\u6743\u9650\u662f\u7b2c\u4e00\u6b65\uff0c\u8bc4\u4f30\u5219\u662f\u4e0b\u4e00\u6b65\u2014\u2014\u8fd9\u4e2a\u8fc7\u7a0b\u53ef\u80fd\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u9010\u6e10\u5c55\u5f00\u3002\u6bd4\u7279\u5e01\u7231\u597d\u8005\u5e94\u8c28\u614e\u5730\u5ba3\u79f0\u300c\u673a\u6784\u8d44\u91d1\u5df2\u7ecf\u5230\u6765\u300d\uff0c\u56e0\u4e3a\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u914d\u7f6e\u6bd4\u4f8b\u76f8\u5bf9\u8f83\u5c0f\uff0c\u800c\u4e14 13-F \u62a5\u544a\u7684\u673a\u6784\u4ec5\u5360\u603b\u8d44\u4ea7\u7ba1\u7406\u7684 20%\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u4ecd\u6709\u8bb8\u591a\u503c\u5f97\u5174\u594b\u7684\u5730\u65b9\u3002<\/p>\n<p>\u8fd9\u4e9b\u4ea7\u54c1\u7684\u5feb\u901f\u6210\u529f\u5145\u5206\u4f53\u73b0\u4e86\u6bd4\u7279\u5e01\u9700\u6c42\u7684\u5f3a\u52b2\uff0c\u5e76\u4e14\u5982\u679c\u4e13\u4e1a\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a\u6807\u51c6\u6295\u8d44\u7ec4\u5408\u7684\u4e00\u90e8\u5206\uff0c\u53ef\u80fd\u4f1a\u63a8\u52a8\u66f4\u5927\u7684\u666e\u53ca\u3002\u6bd4\u7279\u5e01 ETF \u7684\u65c5\u7a0b\u624d\u521a\u521a\u5f00\u59cb\uff0c\u672a\u6765\u5145\u6ee1\u5149\u660e\u524d\u666f\u3002<\/p>\n<p><\/p>\n<h2><strong>\u6bd4\u7279\u5e01\u6536\u76ca\u516c\u53f8\u5d1b\u8d77<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aSATISH PATEL\uff0c CoinShares CFA &#8211; \u6295\u8d44\u5206\u6790\u5e08<\/strong><\/p>\n<p>\u6bd4\u7279\u5e01\u6536\u76ca\u516c\u53f8\u6b63\u5728\u91cd\u5851\u4f01\u4e1a\u91d1\u878d\u7684\u683c\u5c40\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u4f01\u4e1a\u5c06\u6bd4\u7279\u5e01\u4f5c\u4e3a\u8d44\u91d1\u50a8\u5907\u8d44\u4ea7\uff0c\u8fd9\u4e00\u8d8b\u52bf\u53cd\u6620\u4e86\u6bd4\u7279\u5e01\u4e0d\u4ec5\u4f5c\u4e3a\u4ef7\u503c\u50a8\u5b58\u5de5\u5177\u7684\u6f5c\u529b\uff0c\u8fd8\u4f5c\u4e3a\u751f\u6210\u6536\u76ca\u7684\u624b\u6bb5\u3002\u8fd9\u91cc\u6240\u8bf4\u7684\u6536\u76ca\u5305\u62ec\uff1a<\/p>\n<ul>\n<li>\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u76f8\u5bf9\u4e8e\u516c\u53f8\u80a1\u7968\u7684\u589e\u957f\uff1b<\/li>\n<li>\u6536\u76ca\u519c\u4e1a\uff0c\u5373\u901a\u8fc7\u501f\u51fa\u6bd4\u7279\u5e01\u6765\u4ea7\u751f\u56de\u62a5\uff1b<\/li>\n<li>\u5229\u7528\u884d\u751f\u54c1\u521b\u9020\u6536\u5165\u7684\u66ff\u4ee3\u7b56\u7565\uff0c\u4ee5\u4fbf\u4ece\u6bd4\u7279\u5e01\u50a8\u5907\u4e2d\u83b7\u76ca\u3002<\/li>\n<\/ul>\n<p><\/p>\n<p>MicroStrategy \u6210\u4e3a\u4e86\u4f01\u4e1a\u6bd4\u7279\u5e01\u6295\u8d44\u7684\u4ee3\u540d\u8bcd\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708 5 \u65e5\uff0c\u516c\u53f8\u6301\u6709 402,100 \u4e2a\u6bd4\u7279\u5e01\uff0c\u5e02\u503c\u7ea6\u4e3a 398 \u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u5f15\u5165\u4e86\u81ea\u5df1\u7684\u300cBTC \u6536\u76ca\u300d\u6307\u6807\uff0c\u7528\u6765\u8861\u91cf\u5176\u6218\u7565\u7684\u6709\u6548\u6027\uff0c\u5e2e\u52a9\u6295\u8d44\u8005\u4e86\u89e3\u6bd4\u7279\u5e01\u6536\u8d2d\u5982\u4f55\u4e3a\u80a1\u4e1c\u521b\u9020\u4ef7\u503c\u3002\u5173\u4e8e MicroStrategy \u6295\u8d44\u6848\u4f8b\u7684\u8be6\u7ec6\u5206\u6790\uff0c\u8bf7\u53c2\u89c1\u6211\u4eec\u7684\u6df1\u5165\u5206\u6790\u3002<\/p>\n<p>\u540c\u6837\uff0cBlock \u516c\u53f8\u627f\u8bfa\u5c06\u5176\u6bd4\u7279\u5e01\u4ea7\u54c1\u5229\u6da6\u7684 10% \u7528\u4e8e\u6536\u8d2d\u6bd4\u7279\u5e01\uff0c\u5b9e\u9645\u4e0a\u91c7\u53d6\u4e86\u5e73\u5747\u6210\u672c\u6cd5\u7684\u7b56\u7565\u6765\u589e\u5f3a\u5176\u8d44\u91d1\u50a8\u5907\u3002\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 Marathon Digital \u4e5f\u91c7\u53d6\u4e86\u7c7b\u4f3c MicroStrategy \u7684\u65b9\u5f0f\uff0c\u5229\u7528\u4f4e\u5229\u7387\u503a\u52a1\u6536\u8d2d\u6bd4\u7279\u5e01\u30022024 \u5e74 8 \u6708\uff0c\u516c\u53f8\u53d1\u884c\u4e86\u4ef7\u503c 3 \u4ebf\u7f8e\u5143\u7684\u53ef\u8f6c\u6362\u503a\u5238\uff0c\u5e74\u5229\u7387\u4e3a 2.125%\uff0c\u968f\u540e\u4e8e 2024 \u5e74 11 \u6708\u548c 12 \u6708\u5206\u522b\u8fdb\u884c\u4e86 10 \u4ebf\u7f8e\u5143\u548c 8.5 \u4ebf\u7f8e\u5143\u7684\u878d\u8d44\uff0c\u5e74\u5229\u7387\u4e3a 0%\u3002\u8fd9\u79cd\u505a\u6cd5\u4f7f\u5f97 Marathon \u80fd\u591f\u5229\u7528\u6709\u5229\u7684\u501f\u6b3e\u6761\u4ef6\u6765\u589e\u52a0\u6bd4\u7279\u5e01\u50a8\u5907\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/b85916453b447d6ed3221b897046ea4e1734433866760.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 8\"><\/p>\n<p class=\"ql-align-center\">\u6a2a\u5750\u6807\u4f9d\u6b21\u4e3a\uff1a\u4f01\u4e1a\u6bd4\u7279\u5e01\u4f59\u989d\uff08\u4e0d\u5305\u62ec\u6bd4\u7279\u5e01\u77ff\u5de5\uff09\u3001\u6301\u6709\u7684\u6bd4\u7279\u5e01\u603b\u91cf\u3001\u6bd4\u7279\u5e01\u603b\u91cf \/ \u5e02\u503c\u3002\u6765\u6e90\uff1aBitcoinTreasuries.net, Bloomberg, CoinShares, data as of 5th December 2024<\/p>\n<p><\/p>\n<p>\u4eca\u5e74\u4e00\u4e2a\u663e\u8457\u7684\u53d1\u5c55\u662f\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5141\u8bb8 BNY Mellon \u5c06\u6bd4\u7279\u5e01\u548c\u5176\u4ed6\u52a0\u5bc6\u8d27\u5e01\u8bc1\u5238\u89c6\u4e3a\u8d44\u4ea7\u800c\u975e\u8d1f\u503a\uff0c\u8fd9\u4f7f\u5f97\u8be5\u94f6\u884c\u80fd\u591f\u4e3a\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4ea4\u6613\u4ea7\u54c1\u63d0\u4f9b\u6258\u7ba1\u670d\u52a1\u3002\u8fd9\u4e00\u5206\u7c7b\u4e0e MicroStrategy \u52aa\u529b\u6539\u5584\u5176\u6bd4\u7279\u5e01\u6301\u6709\u4f1a\u8ba1\u5904\u7406\u7684\u65b9\u5411\u4e00\u81f4\uff0c\u4ee5\u524d\u6839\u636e\u73b0\u884c\u7684 GAAP \u51c6\u5219\uff0c\u6bd4\u7279\u5e01\u6301\u6709\u66fe\u9762\u4e34\u51cf\u503c\u635f\u5931\u3002\u901a\u8fc7\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a\u8d44\u4ea7\uff0cMicroStrategy \u7b49\u516c\u53f8\u53ef\u4ee5\u5448\u73b0\u66f4\u6709\u5229\u7684\u8d22\u52a1\u72b6\u51b5\uff0c\u53ef\u80fd\u7f13\u89e3\u6bd4\u7279\u5e01\u4ef7\u683c\u6ce2\u52a8\u5bf9\u62a5\u544a\u6536\u76ca\u7684\u8d1f\u9762\u5f71\u54cd\u3002\u6b64\u5916\uff0c\u8fd9\u4e00\u53d8\u5316\u8fd8\u53ef\u80fd\u63d0\u5347 MicroStrategy \u901a\u8fc7\u5178\u578b\u7684\u5e02\u573a\u5229\u7387\uff084-6%\uff09\u501f\u8d37\u6bd4\u7279\u5e01\u7684\u80fd\u529b\uff0c\u4ece\u800c\u62b5\u6d88\u5176\u5229\u606f\u652f\u4ed8\u3002<\/p>\n<p>Semler Scientific \u662f\u4e00\u5bb6\u533b\u7597\u6280\u672f\u516c\u53f8\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708 5 \u65e5\uff0c\u516c\u53f8\u5c06\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e3b\u8981\u7684\u8d44\u91d1\u50a8\u5907\uff0c\u6301\u6709 1,873 \u4e2a\u6bd4\u7279\u5e01\uff0c\u5e02\u503c\u7ea6\u4e3a 1.85 \u4ebf\u7f8e\u5143\u3002\u6b64\u5916\uff0c\u65e5\u672c\u4f20\u7edf\u9152\u5e97\u4f01\u4e1a Metaplanet \u4e5f\u5f00\u59cb\u79ef\u7d2f\u6bd4\u7279\u5e01\uff0c\u5e76\u5b9e\u65bd\u4e86 MicroStrategy \u7684 BTC \u6536\u76ca\u6307\u6807\u3002\u622a\u81f3 2024 \u5e74 12 \u6708 5 \u65e5\uff0c\u8be5\u516c\u53f8\u6301\u6709 1,142 \u4e2a\u6bd4\u7279\u5e01\uff0c\u5e76\u79ef\u6781\u901a\u8fc7\u4f7f\u7528\u6bd4\u7279\u5e01\u671f\u6743\u8fdb\u884c\u6536\u76ca\u751f\u6210\uff0c\u8ba1\u5212\u5728\u4eca\u5e74\u5b9e\u73b0\u76c8\u5229\u3002\u8fd9\u4e9b\u4e3e\u63aa\u7a81\u663e\u4e86\u4f20\u7edf\u4f01\u4e1a\u548c\u79d1\u6280\u5bfc\u5411\u516c\u53f8\u666e\u904d\u8f6c\u5411\u6bd4\u7279\u5e01\u6536\u76ca\u7b56\u7565\u7684\u8d8b\u52bf\uff0c\u9884\u8ba1\u8fd9\u4e00\u8d8b\u52bf\u5c06\u5728 2025 \u5e74\u52a0\u901f\u3002<\/p>\n<p>2024 \u5e74\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u5927\u578b\u516c\u53f8\u5f00\u59cb\u63a5\u53d7\u52a0\u5bc6\u8d27\u5e01\u4f5c\u4e3a\u652f\u4ed8\u624b\u6bb5\uff0c\u6697\u793a\u7740 2025 \u5e74\u53ef\u80fd\u51fa\u73b0\u66f4\u591a\u516c\u53f8\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u5176\u8d44\u91d1\u50a8\u5907\u3002\u4f8b\u5982\uff0c\u8c6a\u534e\u6c7d\u8f66\u5236\u9020\u5546\u6cd5\u62c9\u5229\u5df2\u7ecf\u5f00\u59cb\u5728\u7f8e\u56fd\u63a5\u53d7\u52a0\u5bc6\u8d27\u5e01\u652f\u4ed8\uff0c\u5e76\u8ba1\u5212\u6269\u5c55\u81f3\u6b27\u6d32\u3002\u6b64\u5916\uff0c\u5fae\u8f6f\u6b63\u5728\u8bc4\u4f30\u80a1\u4e1c\u63d0\u6848\uff0c\u8003\u8651\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u5176\u6295\u8d44\u6218\u7565\uff0c\u9884\u8ba1\u5c06\u5728 2024 \u5e74 12 \u6708 10 \u65e5\u7684\u4f1a\u8bae\u4e0a\u505a\u51fa\u51b3\u5b9a\u3002AT&amp;T\u3001Whole Foods\u3001Home Depot \u548c AMC \u5f71\u9662\u7b49\u96f6\u552e\u5546\u4e5f\u901a\u8fc7 BitPay\u3001Flexa \u548c Spedn \u7b49\u5e73\u53f0\u63a5\u53d7\u6bd4\u7279\u5e01\u652f\u4ed8\uff0c\u8de8\u884c\u4e1a\u7684\u63a5\u53d7\u5ea6\u6b63\u5728\u63d0\u9ad8\u3002\u76ee\u524d\uff0c\u50cf\u4e9a\u9a6c\u900a\u3001Shopify\u3001Nike\u3001Expedia \u548c PayPal \u7b49\u7535\u5546\u5de8\u5934\u5df2\u7ecf\u53c2\u4e0e\u4e86\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\uff0c\u65e0\u8bba\u662f\u901a\u8fc7\u652f\u4ed8\u8fd8\u662f\u6295\u8d44\uff0c\u672a\u6765\u4e5f\u53ef\u80fd\u5728 2025 \u5e74\u8003\u8651\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u5176\u8d44\u91d1\u50a8\u5907\u3002<\/p>\n<p>\u6839\u636e BitcoinTreasuries.net \u7684\u6570\u636e\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708 5 \u65e5\uff0c\u4f01\u4e1a\u6301\u6709\u7684\u6bd4\u7279\u5e01\u603b\u91cf\u8fbe\u5230\u4e86\u7ea6 939,190 \u4e2a\uff0c\u6bd4 2020 \u5e74 12 \u6708\u7684 80,000 \u4e2a\u5927\u5e45\u589e\u957f\uff0c\u4e0a\u5e02\u516c\u53f8\u72ec\u5360 528,772 \u4e2a\uff0c\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\u7684\u7ea6 2.5%\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u79ef\u7d2f\u8d8b\u52bf\u9884\u8ba1\u4f1a\u6301\u7eed\uff0c\u5e76\u53ef\u80fd\u5728 2025 \u5e74\u8fdb\u4e00\u6b65\u52a0\u5f3a\uff0c\u5c24\u5176\u662f\u5728\u76d1\u7ba1\u660e\u6670\u548c\u653f\u6cbb\u53d1\u5c55\u521b\u9020\u4e86\u66f4\u52a0\u7a33\u5b9a\u7684\u4f01\u4e1a\u6295\u8d44\u6570\u5b57\u8d44\u4ea7\u6846\u67b6\u7684\u80cc\u666f\u4e0b\u3002<\/p>\n<p><\/p>\n<h2><strong>\u5173\u6ce8\u95ea\u7535\u7f51\u7edc\u7684\u6700\u65b0\u52a8\u6001<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aCHRIS BENDIKSEN\uff0c&nbsp;CoinShares&nbsp;\u6bd4\u7279\u5e01\u7814\u7a76\u4e3b\u7ba1<\/strong><\/p>\n<p>\u7531\u4e8e\u5176\u5728\u5b89\u5168\u6027\u548c\u7b80\u6d01\u6027\u4e0a\u7684\u91cd\u70b9\uff0cBitcoin \u5728\u57fa\u7840\u5c42\u9762\u4e0a\u727a\u7272\u4e86\u53ef\u6269\u5c55\u6027\uff0c\u4ee5\u6700\u5927\u5316\u53bb\u4e2d\u5fc3\u5316\u548c\u6297\u5ba1\u67e5\u80fd\u529b\u3002\u56e0\u6b64\uff0c\u5176\u6570\u636e\u5904\u7406\u80fd\u529b\u53d7\u5230\u4e25\u683c\u9650\u5236\uff0c\u5728\u9700\u6c42\u9ad8\u5cf0\u671f\u95f4\uff0c\u5bfc\u81f4\u5904\u7406\u901f\u5ea6\u8f83\u6162\u548c\u4ea4\u6613\u8d39\u7528\u8f83\u9ad8\u3002<\/p>\n<p>\u4e3a\u4e86\u7f13\u89e3\u8fd9\u4e9b\u95ee\u9898\uff0c\u63d0\u51fa\u4e86\u5404\u79cd\u7b2c\u4e8c\u5c42\uff08L2\uff09\u89e3\u51b3\u65b9\u6848\uff0c\u5c06\u5c0f\u989d\u4ea4\u6613\u4ece L1 \u8f6c\u79fb\u51fa\u53bb\uff0c\u4e3a\u66f4\u9ad8\u5bb9\u91cf\u548c\u5feb\u901f\u5904\u7406\u63d0\u4f9b\u4e13\u7528\u7a7a\u95f4\u3002<\/p>\n<p>\u5176\u4e2d\u6700\u6210\u529f\u7684\u89e3\u51b3\u65b9\u6848\u5c31\u662f\u95ea\u7535\u7f51\u7edc\uff08LN\uff09\u3002\u95ea\u7535\u7f51\u7edc\u65e8\u5728\u8865\u5145\u6bd4\u7279\u5e01\u7684\u57fa\u7840\u5c42\uff0c\u5b83\u901a\u8fc7\u9884\u5148\u8d44\u52a9\u7684\u901a\u9053\u5b9e\u73b0\u4f4e\u6210\u672c\u3001\u5373\u65f6\u652f\u4ed8\uff0c\u8fd9\u4e9b\u901a\u9053\u5728\u6bd4\u7279\u5e01\u4e3b\u7f51\u7edc\u4e4b\u5916\u8fd0\u884c\uff0c\u4f46\u4ecd\u5728\u9700\u8981\u65f6\u5229\u7528\u4e3b\u94fe\u7684\u5b89\u5168\u6027\u3002<\/p>\n<p>\u5728 2024 \u5e74\uff0c\u95ea\u7535\u7f51\u7edc\u5df2\u7ecf\u5de9\u56fa\u4e86\u81ea\u5df1\u5728\u6bd4\u7279\u5e01\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u89d2\u8272\uff0c\u91c7\u7528\u7387\u548c\u53d1\u5c55\u4e0d\u65ad\u4e0a\u5347\u3002\u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u5c06\u7b80\u8981\u63a2\u8ba8\u95ea\u7535\u7f51\u7edc\u7684\u73b0\u72b6\uff0c\u91cd\u70b9\u5173\u6ce8\u5176\u91c7\u7528\u60c5\u51b5\u3001\u9762\u4e34\u7684\u6311\u6218\u53ca\u672a\u6765\u53d1\u5c55\u8d8b\u52bf\u3002<\/p>\n<p><\/p>\n<h3><strong>\u5927\u591a\u6570\u516c\u5f00\u53ef\u89c1\u7684\u7f51\u7edc\u6307\u6807\u5728 2024 \u5e74\u4fdd\u6301\u5e73\u7a33<\/strong><\/h3>\n<p>\u89c2\u5bdf\u4e00\u4e9b\u6807\u51c6\u7684\u7f51\u7edc\u6307\u6807\uff0c\u95ea\u7535\u7f51\u7edc\u7684\u89c4\u6a21\u548c\u5bb9\u91cf\u5728 2024 \u5e74\u57fa\u672c\u4fdd\u6301\u5e73\u7a33\u3002\u4e8b\u5b9e\u4e0a\uff0c\u81ea 2022 \u5e74\u4ee5\u6765\uff0c\u8bb8\u591a\u8fd9\u4e9b\u6307\u6807\u4e00\u76f4\u4fdd\u6301\u5e73\u7a33\uff0c\u751a\u81f3\u6709\u6240\u4e0b\u964d\u3002\u6839\u636e Bitcoinvisuals \u7684\u6570\u636e\uff0c\u76ee\u524d\u8282\u70b9\u6570\u91cf\u4e0e 2021 \u5e74\u672b\u5dee\u4e0d\u591a\uff0c\u7f51\u7edc\u7684\u603b\u5bb9\u91cf\u7ea6\u4e3a 5,300 BTC\uff0c\u4e0e 2023 \u5e74\u521d\u57fa\u672c\u6301\u5e73\u3002\u901a\u9053\u7684\u603b\u6570\u5728 2022 \u5e74\u521d\u8fbe\u5230\u4e86\u7ea6 84,000 \u4e2a\u7684\u5cf0\u503c\uff0c\u4e4b\u540e\u51cf\u5c11\u4e86\u5927\u7ea6 35%\uff0c\u76ee\u524d\u4e3a 55,000 \u4e2a\u3002\u8fd9\u770b\u8d77\u6765\u5e76\u4e0d\u592a\u4e50\u89c2\u3002\u90a3\u4e48\uff0c\u7a76\u7adf\u53d1\u751f\u4e86\u4ec0\u4e48\u5462\uff1f<\/p>\n<p>\u5728\u53bb\u5e74\u5173\u4e8e\u95ea\u7535\u7f51\u7edc\u7684\u5e74\u5ea6\u65d7\u8230\u62a5\u544a\u4e2d\uff0cRiver Financial \u63d0\u51fa\u4e86\u4e00\u4e9b\u7406\u7531\uff0c\u8bf4\u660e\u4e3a\u4ec0\u4e48\u5728\u5206\u6790\u95ea\u7535\u7f51\u7edc\u65f6\uff0c\u5355\u7eaf\u4f7f\u7528\u5e76\u8ffd\u8e2a\u7b80\u5355\u7684\u516c\u5f00\u6570\u636e\u70b9\u53ef\u80fd\u4f1a\u5b58\u5728\u95ee\u9898\uff1a<\/p>\n<ol>\n<li>\u4e0e\u6bd4\u7279\u5e01\u7684 L1 \u4e0d\u540c\uff0c\u95ea\u7535\u7f51\u7edc\u4e0a\u7684\u4ea4\u6613\u4fe1\u606f\u5e76\u4e0d\u516c\u5f00\u2014\u2014\u53ea\u6709\u76f4\u63a5\u53c2\u4e0e\u7684\u5404\u65b9\uff08\u53d1\u9001\u65b9\u3001\u8def\u7531\u8282\u70b9\u6216\u63a5\u6536\u65b9\uff09\u624d\u53ef\u80fd\u77e5\u9053\u95ea\u7535\u7f51\u7edc\u4ea4\u6613\u7684\u4efb\u4f55\u4fe1\u606f\u3002<\/li>\n<li>\u8282\u70b9\u6570\u91cf\u7684\u589e\u52a0\u5e76\u4e0d\u610f\u5473\u7740\u66f4\u591a\u7684\u4f7f\u7528\u2014\u2014\u8bb8\u591a\u95ea\u7535\u7f51\u7edc\u7528\u6237\u66f4\u559c\u6b22\u4f7f\u7528\u95ea\u7535\u670d\u52a1\u63d0\u4f9b\u5546\uff08LSPs\uff09\uff0c\u800c\u4e0d\u662f\u7ba1\u7406\u81ea\u5df1\u7684\u901a\u9053\uff0cLSPs \u53ef\u4ee5\u901a\u8fc7\u4e00\u4e2a\u8282\u70b9\u670d\u52a1\u65e0\u9650\u6570\u91cf\u7684\u7528\u6237\u3002<\/li>\n<li>\u7531\u4e8e\u5176\u9690\u79c1\u7279\u6027\uff0c\u95ea\u7535\u7f51\u7edc\u7684\u4f7f\u7528\u589e\u957f\u4e0d\u80fd\u4ec5\u901a\u8fc7\u7b80\u5355\u7684\u7f51\u7edc\u6307\u6807\u51c6\u786e\u8bc4\u4f30\uff0c\u6700\u597d\u901a\u8fc7\u4f20\u7edf\u7684\u6307\u6807\uff08\u5982\u884c\u4e1a\u7b79\u96c6\u7684\u8d44\u91d1\uff09\u6765\u8bc4\u4f30\u3002<\/li>\n<\/ol>\n<p><\/p>\n<p>\u6211\u4eec\u5e94\u8be5\u7b80\u8981\u4ecb\u7ecd\u4e00\u4e0b\u4e3a\u4ec0\u4e48\u6700\u8fd1\u95ea\u7535\u670d\u52a1\u63d0\u4f9b\u5546\uff08LSPs\uff09\u53d8\u5f97\u5982\u6b64\u666e\u904d\u3002<\/p>\n<p>\u95ea\u7535\u670d\u52a1\u63d0\u4f9b\u5546\uff08LSPs\uff09\u4e3a\u81ea\u5df1\u8fd0\u884c\u8282\u70b9\u7684\u4eba\u4ee5\u53ca\u5e0c\u671b\u901a\u8fc7\u5b8c\u5168\u6258\u7ba1\u670d\u52a1\u63d0\u4f9b\u5546\u8bbf\u95ee\u95ea\u7535\u7f51\u7edc\u7684\u4eba\u63d0\u4f9b\u4e86\u82e5\u5e72\u4f18\u52bf\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u90a3\u4e9b\u8fd0\u884c\u81ea\u5df1\u8282\u70b9\u7684\u7528\u6237\u53ef\u4ee5\u4f7f\u7528 LSP \u6765\u83b7\u53d6\u901a\u9053\u7684\u6d41\u5165\u6d41\u52a8\u6027\uff0c\u5e76\u652f\u4ed8\u4e00\u5b9a\u7684\u8d39\u7528\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u7528\u6237\u5229\u7528 LSP \u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u5229\u7528\u5176\u5173\u7cfb\u548c\u8d44\u672c\u4e3a\u7528\u6237\u63d0\u4f9b\u66f4\u591a\u7684\u9009\u62e9\u548c\u66f4\u9ad8\u6548\u7684\u652f\u4ed8\u8def\u5f84\u3002\u4f46\u5373\u4fbf\u5982\u6b64\uff0c\u8fd0\u884c\u4e00\u4e2a\u4e13\u7528\u7684\u95ea\u7535\u8282\u70b9\u4ecd\u7136\u662f\u6709\u6210\u672c\u7684\uff0c\u5e76\u4e14\u9700\u8981\u8fd0\u884c\u6bd4\u7279\u5e01\u8282\u70b9\u3001\u7ba1\u7406\u6d41\u52a8\u6027\uff08\u5373\u4f7f\u901a\u8fc7\u8fde\u63a5 LSP \u6765\u7f13\u89e3\uff09\u3001\u76d1\u63a7\u5728\u7ebf\u65f6\u95f4\u3001\u8fdb\u884c\u8f6f\u4ef6\u66f4\u65b0\u4ee5\u53ca\u786e\u4fdd\u8282\u70b9\u5b89\u5168\uff0c\u8fd9\u4e9b\u90fd\u53ef\u80fd\u662f\u65f6\u95f4\u5bc6\u96c6\u578b\u7684\uff0c\u5e76\u4e14\u9700\u8981\u4e13\u4e1a\u77e5\u8bc6\u3002<\/p>\n<p>\u5bf9\u4e8e\u90a3\u4e9b\u5e0c\u671b\u5c06\u4e00\u5207\u5916\u5305\u7684\u4eba\u6765\u8bf4\uff0c\u4f7f\u7528\u5b8c\u5168\u6258\u7ba1\u7684\u670d\u52a1\u6bd4\u81ea\u5df1\u8fd0\u884c\u95ea\u7535\u8282\u70b9\u5177\u6709\u66f4\u591a\u4f18\u52bf\uff0c\u4f8b\u5982\u66f4\u4f4e\u7684\u6210\u672c\u548c\u66f4\u5c11\u7684\u6280\u672f\u590d\u6742\u6027\u3002\u94b1\u5305\u63d0\u4f9b\u5546\u548c LSP \u53ef\u4ee5\u5408\u4f5c\uff0c\u4e3a\u7528\u6237\u5904\u7406\u6240\u6709\u6280\u672f\u548c\u6d41\u52a8\u6027\u76f8\u5173\u7684\u4efb\u52a1\uff0c\u63d0\u4f9b\u4e00\u79cd\u8f7b\u677e\u3001\u9ad8\u6548\u7684\u65b9\u5f0f\u6765\u8bbf\u95ee\u95ea\u7535\u7f51\u7edc\uff0c\u800c\u4e0d\u9700\u8981\u786c\u4ef6\u6216\u6301\u7eed\u7684\u7ef4\u62a4\u3002\u5bf9\u4e8e\u666e\u901a\u7528\u6237\u6765\u8bf4\uff0c\u8d39\u7528\u53ef\u80fd\u6bd4\u81ea\u5df1\u7ba1\u7406\u8282\u70b9\u66f4\u5177\u6210\u672c\u6548\u76ca\uff0c\u5e76\u4e14\u5b8c\u5168\u6d88\u9664\u4e86\u901a\u9053\u7ba1\u7406\u548c\u6d41\u52a8\u6027\u7684\u6982\u5ff5\u3002<\/p>\n<p>\u65e0\u8bba\u662f\u54ea\u79cd\u5916\u5305\u65b9\u5f0f\uff0c\u901a\u5e38\u90fd\u80fd\u5e26\u6765\u66f4\u5feb\u7684\u5165\u9a7b\u3001\u66f4\u53ef\u9760\u7684\u5728\u7ebf\u65f6\u95f4\u548c\u66f4\u597d\u7684\u8def\u7531\u6548\u7387\uff0c\u4f7f\u5176\u5bf9\u4e8e\u90a3\u4e9b\u91cd\u89c6\u4fbf\u6377\u548c\u901f\u5ea6\u7684\u7528\u6237\u66f4\u5177\u5438\u5f15\u529b\u3002\u5bf9\u4e8e\u90a3\u4e9b\u5076\u5c14\u8fd0\u884c\u8282\u70b9\u548c\u4f7f\u7528\u7f51\u7edc\u7684\u7528\u6237\uff0cLSP \u4e5f\u80fd\u907f\u514d\u7e41\u7410\u7684\u8bbe\u7f6e\uff0c\u5e76\u4e13\u95e8\u8fce\u5408\u90a3\u4e9b\u559c\u6b22\u7b80\u5355\u7684\u4eba\u3002\u8fd9\u5f88\u53ef\u80fd\u662f\u5e0c\u671b\u4f7f\u7528\u6bd4\u7279\u5e01\u8fdb\u884c\u5c0f\u989d\u65e5\u5e38\u652f\u4ed8\u7684\u4e3b\u8981\u4eba\u7fa4\uff0c\u4ed6\u4eec\u5bf9\u4e8e\u5ba1\u67e5\u6216\u8d44\u4ea7\u6ca1\u6536\u7684\u6297\u6027\u8981\u6c42\u5e76\u4e0d\u9ad8\u3002<\/p>\n<p><\/p>\n<h3><strong>\u95ea\u7535\u7f51\u7edc\u9886\u57df\u7684\u98ce\u9669\u6295\u8d44\u8d44\u91d1\u5065\u5eb7\uff0c\u4f46\u9ad8\u5ea6\u96c6\u4e2d<\/strong><\/h3>\n<p>\u81ea 2021 \u5e74\u4ee5\u6765\uff0c\u4e00\u4e9b\u95ea\u7535\u7f51\u7edc\u516c\u53f8\u5df2\u7ecf\u83b7\u5f97\u4e86\u53ef\u89c2\u7684\u98ce\u9669\u6295\u8d44\u8d44\u91d1\uff0c\u7528\u4e8e\u4e1a\u52a1\u6269\u5c55\uff0c\u4f46\u8fd9\u4e00\u9886\u57df\u4e3b\u8981\u7531\u4e24\u5bb6\u4f01\u4e1a\u4e3b\u5bfc\uff0c\u5206\u522b\u662f Strike \u548c River\u3002Strike \u5728 2022 \u5e74 9 \u6708\u7684 B \u8f6e\u878d\u8d44\u4e2d\u83b7\u5f97\u4e86 8000 \u4e07\u7f8e\u5143\uff0c\u7531 Ten31 \u9886\u6295\uff0c\u7528\u4e8e\u589e\u5f3a\u5176\u96f6\u552e\u548c\u5168\u7403\u652f\u4ed8\u89e3\u51b3\u65b9\u6848\u3002\u5728 2021 \u5e74\u5b8c\u6210 1200 \u4e07\u7f8e\u5143\u7684 A \u8f6e\u878d\u8d44\u540e\uff0cRiver Financial \u5728 2022 \u5e74 1 \u6708\u53c8\u83b7\u5f97\u4e86 3500 \u4e07\u7f8e\u5143\u7684 B \u8f6e\u878d\u8d44\uff0c\u5de9\u56fa\u4e86\u5176\u4f5c\u4e3a\u53e6\u4e00\u4e2a\u4e3b\u8981\u95ea\u7535\u670d\u52a1\u63d0\u4f9b\u5546\uff08LSP\uff09\u7684\u5730\u4f4d\u3002<\/p>\n<p>\u4e00\u4e9b\u8f83\u5c0f\u7684\u516c\u53f8\uff0c\u5982 Amboss Technologies\uff0c\u4e13\u6ce8\u4e8e\u95ea\u7535\u652f\u4ed8\u7684\u6570\u636e\u5206\u6790\uff0c\u6210\u529f\u7b79\u96c6\u4e86 400 \u4e07\u7f8e\u5143\u7528\u4e8e\u4eba\u5de5\u667a\u80fd\u7814\u7a76\u548c\u8def\u7531\u4f18\u5316\u3002\u8fd9\u4e9b\u878d\u8d44\u8f6e\u6b21\u53cd\u6620\u51fa\u6295\u8d44\u8005\u5bf9\u95ea\u7535\u7f51\u7edc\u6f5c\u529b\u7684\u4fe1\u5fc3\u4e0d\u65ad\u589e\u957f\u3002<\/p>\n<p><\/p>\n<h3><strong>\u95ea\u7535\u7f51\u7edc\u7528\u6237\u589e\u957f\u6765\u81ea\u591a\u4e2a\u7528\u6237\u7fa4\u4f53<\/strong><\/h3>\n<p>\u300aRiver Lightning Report 2023\u300b\u63d0\u4f9b\u4e86\u5173\u4e8e\u7528\u6237\u589e\u957f\u7684\u8be6\u7ec6\u6982\u8ff0\uff0c\u62a5\u544a\u6307\u51fa\uff0c\u4ed6\u4eec\u89c2\u5bdf\u5230\u7684\u652f\u4ed8\u91cf\u5728\u8fc7\u53bb\u4e24\u5e74\u589e\u957f\u4e86 1212%\uff0c\u8fd9\u4e00\u589e\u957f\u53cd\u6620\u4e86\u4e2a\u4eba\u548c\u4f01\u4e1a\u7684\u5171\u540c\u91c7\u7528\u3002\u4e3b\u8981\u9a71\u52a8\u56e0\u7d20\u5305\u62ec\u4f4e\u8d39\u7528\u3001\u5feb\u901f\u7ed3\u7b97\u548c\u5904\u7406\u5fae\u4ea4\u6613\u7684\u80fd\u529b\uff0c\u7279\u522b\u662f\u5728\u6e38\u620f\u548c\u8de8\u5883\u652f\u4ed8\u7b49\u884c\u4e1a\u4e2d\u5177\u6709\u91cd\u8981\u4f5c\u7528\u3002\u62a5\u544a\u8fd8\u5f3a\u8c03\u4e86\u8282\u70b9\u53c2\u4e0e\u5ea6\u7684\u589e\u52a0\uff08\u4e0d\u4ec5\u4ec5\u662f\u8282\u70b9\u7684\u5b58\u5728\uff09\uff0c\u8fd9\u63d0\u9ad8\u4e86\u7f51\u7edc\u7684\u6574\u4f53\u6548\u7387\u548c\u6d41\u52a8\u6027\u3002\u6b64\u5916\uff0c\u66f4\u52a0\u7528\u6237\u53cb\u597d\u7684\u94b1\u5305\u548c\u5e73\u53f0\u7684\u5f00\u53d1\uff0c\u4f7f\u5f97\u95ea\u7535\u7f51\u7edc\u66f4\u52a0\u6613\u4e8e\u4f7f\u7528\uff0c\u8fdb\u4e00\u6b65\u63a8\u52a8\u4e86\u91c7\u7528\uff0c\u7279\u522b\u662f\u5728\u4f20\u7edf\u94f6\u884c\u57fa\u7840\u8bbe\u65bd\u6709\u9650\u7684\u5730\u533a\u3002<\/p>\n<p>\u4f01\u4e1a\uff0c\u7279\u522b\u662f\u5728\u6e38\u620f\u548c\u8de8\u5883\u6c47\u6b3e\u7b49\u884c\u4e1a\uff0c\u6b63\u5728\u5229\u7528\u95ea\u7535\u7f51\u7edc\u7684\u4f4e\u4ea4\u6613\u8d39\u7528\u548c\u5feb\u901f\u652f\u4ed8\u80fd\u529b\u3002\u4e2a\u4eba\u4e5f\u56e0\u4e3a\u95ea\u7535\u7f51\u7edc\u7684\u6613\u7528\u6027\u548c\u53ef\u6269\u5c55\u6027\uff0c\u5f00\u59cb\u5c06\u5176\u7528\u4e8e\u65e5\u5e38\u4ea4\u6613\u548c\u5fae\u4ea4\u6613\u3002\u6b64\u5916\uff0c\u4f20\u7edf\u94f6\u884c\u57fa\u7840\u8bbe\u65bd\u6709\u9650\u7684\u5730\u533a\u7684\u7528\u6237\u53d1\u73b0\uff0c\u95ea\u7535\u7f51\u7edc\u7279\u522b\u6709\u4ef7\u503c\uff0c\u56e0\u4e3a\u5b83\u63d0\u4f9b\u4e86\u4e00\u4e2a\u5feb\u901f\u4e14\u6210\u672c\u6548\u76ca\u9ad8\u7684\u66ff\u4ee3\u65b9\u6848\uff0c\u80fd\u591f\u589e\u5f3a\u91d1\u878d\u5305\u5bb9\u6027\u3002<\/p>\n<p>\u62a5\u544a\u6307\u51fa\uff0c\u95ea\u7535\u7f51\u7edc\u7684\u96c6\u6210\uff0c\u5982\u5728\u793e\u4ea4\u5a92\u4f53\u5e73\u53f0\uff08\u4f8b\u5982 Nostr\uff09\u4e2d\u7684\u5e94\u7528\uff0c\u8fdb\u4e00\u6b65\u63a8\u52a8\u4e86\u589e\u957f\uff0c\u4f7f\u7528\u6237\u80fd\u591f\u66f4\u4fbf\u6377\u5730\u5728\u5168\u7403\u8303\u56f4\u5185\u53d1\u9001\u548c\u63a5\u6536\u6bd4\u7279\u5e01\u3002\u8fd9\u79cd\u5546\u4e1a\u7528\u4f8b\u4e0e\u4e2a\u4eba\u53ef\u8bbf\u95ee\u6027\u7684\u7ed3\u5408\uff0c\u4f7f\u5f97\u95ea\u7535\u7f51\u7edc\u6210\u4e3a\u8d8a\u6765\u8d8a\u591a\u5bfb\u6c42\u66f4\u9ad8\u6548\u3001\u4f4e\u6210\u672c\u6570\u5b57\u652f\u4ed8\u7684\u4eba\u7684\u5b9e\u9645\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n<p><\/p>\n<h3><strong>\u6211\u4eec\u8ba4\u4e3a\uff0c\u95ea\u7535\u7f51\u7edc\u6b63\u5728\u300c\u5bfb\u627e\u81ea\u6211\u300d<\/strong><\/h3>\n<p>\u76ee\u524d\u7684\u95ea\u7535\u7f51\u7edc\u72b6\u6001\uff0c\u5e76\u4e0d\u50cf\u8bb8\u591a\u7231\u597d\u8005\u5728 2016 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LN\uff09\u901a\u8fc7\u5141\u8bb8\u7528\u6237\u5f00\u542f\u94fe\u4e0b\u652f\u4ed8\u901a\u9053\uff0c\u63d0\u4f9b\u5feb\u901f\u3001\u4f4e\u6210\u672c\u7684\u8f6c\u8d26\u670d\u52a1\uff0c\u4ece\u800c\u7f13\u89e3\u4e86\u8fd9\u4e00\u95ee\u9898\u3002\u7528\u6237\u53ea\u6709\u5728\u901a\u9053\u5f00\u542f\u548c\u5173\u95ed\u65f6\uff0c\u624d\u9700\u8981\u5728\u94fe\u4e0a\u7ed3\u7b97\u3002\u7136\u800c\uff0c\u95ea\u7535\u7f51\u7edc\u4e5f\u6709\u5176\u5c40\u9650\u6027\u3002\u67d0\u4e9b\u94fe\u4e0a\u64cd\u4f5c\u4ecd\u7136\u662f\u5fc5\u9700\u7684\uff0c\u8fd9\u4e9b\u64cd\u4f5c\u53ef\u80fd\u4f1a\u5e26\u6765\u8f83\u9ad8\u7684\u8d39\u7528\uff0c\u5c24\u5176\u662f\u5728\u4ea4\u6613\u8d39\u7528\u4e0a\u5347\u7684\u60c5\u51b5\u4e0b\u3002&nbsp;<\/p>\n<p>\u95ea\u7535\u7f51\u7edc\u63d0\u9ad8\u4e86\u4ea4\u6613\u901f\u5ea6\uff0c\u4f46\u5c1a\u672a\u5b8c\u5168\u5b9e\u73b0\u6bd4\u7279\u5e01\u53bb\u4e2d\u5fc3\u5316\u8f6c\u79fb\u4ef7\u503c\u7684\u76ee\u6807\u2014\u2014\u5373\u4e0d\u4f9d\u8d56\u7b2c\u4e09\u65b9\u3002\u7531\u4e8e\u6210\u672c\u548c\u4e0d\u4fbf\uff0c\u6301\u6709\u548c\u8f6c\u79fb\u6bd4\u7279\u5e01\u901a\u5e38\u4ecd\u6d89\u53ca\u7b2c\u4e09\u65b9\uff0c\u5982\u4ea4\u6613\u6240\u3001\u94b1\u5305\u63d0\u4f9b\u5546\u548c\u91d1\u878d\u4ea7\u54c1\u3002&nbsp;<\/p>\n<p>\u300c\u5951\u7ea6\u300d\uff08Covenants\uff09\u53ef\u80fd\u4f1a\u6539\u53d8\u8fd9\u4e00\u73b0\u72b6\u3002\u5951\u7ea6\u80fd\u591f\u5141\u8bb8\u591a\u4e2a\u7528\u6237\u5171\u4eab\u540c\u4e00\u7b14\u672a\u82b1\u8d39\u4ea4\u6613\u8f93\u51fa\uff08UTXO\uff09\uff0c\u800c\u4e0d\u5931\u53bb\u5bf9\u8fd9\u7b14\u8d44\u91d1\u7684\u5355\u65b9\u9762\u63a7\u5236\uff0c\u4ece\u800c\u5b9e\u73b0\u65b0\u7684\u6258\u7ba1\u5f62\u5f0f\u3001\u6210\u672c\u5206\u644a\uff0c\u5e76\u51cf\u5c11\u5728\u9ad8\u8d39\u7528\u73af\u5883\u4e0b\u51fa\u73b0\u7684\u95ee\u9898\u3002&nbsp;<\/p>\n<p>\u4ece\u66f4\u5e7f\u6cdb\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u5951\u7ea6\u662f\u671d\u7740\u8ba9\u6bd4\u7279\u5e01\u66f4\u52a0\u9002\u5408\u65e5\u5e38\u4f7f\u7528\u7684\u4e00\u6b65\uff0c\u540c\u65f6\u53c8\u80fd\u4fdd\u6301\u4e2a\u4eba\u81ea\u7531\u3002<\/p>\n<p><\/p>\n<h3><strong>\u5951\u7ea6\u4e3a\u6bd4\u7279\u5e01\u4e8c\u5c42\u7f51\u7edc\u89e3\u9501\u4e86\u65b0\u7684\u53ef\u80fd\u6027<\/strong><\/h3>\n<p>\u5951\u7ea6\u7684\u8bb8\u591a\u4f18\u52bf\u53ef\u4ee5\u901a\u8fc7\u50cf\u95ea\u7535\u7f51\u7edc\u8fd9\u6837\u7684\u66f4\u9ad8\u5c42\u6280\u672f\u6765\u5b9e\u73b0\u3002\u5c3d\u7ba1\u95ea\u7535\u7f51\u7edc\u63d0\u9ad8\u4e86\u8f6c\u8d26\u901f\u5ea6\u5e76\u964d\u4f4e\u4e86\u6210\u672c\uff0c\u4f46\u5b83\u4ecd\u7136\u9700\u8981\u8fdb\u884c\u94fe\u4e0a\u4ea4\u6613\uff0c\u4e3b\u8981\u7528\u4e8e\u901a\u9053\u7684\u5f00\u542f 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UTXO\uff08V-UTXO\uff09\u65b9\u6848\u4e5f\u53ef\u4ee5\u4ece\u5951\u7ea6\u4e2d\u53d7\u76ca\u3002\u867d\u7136\u7406\u8bba\u4e0a\u8fd9\u4e9b\u534f\u8bae\u53ef\u4ee5\u5728\u6ca1\u6709\u5951\u7ea6\u7684\u60c5\u51b5\u4e0b\u8fd0\u884c\uff0c\u4f46\u901a\u8fc7\u67d0\u4e9b\u5951\u7ea6\u7684\u5f15\u5165\uff0c\u8fd9\u4e9b\u534f\u8bae\u7684\u4ea4\u4e92\u6027\u5927\u5927\u589e\u5f3a\uff0c\u4e14\u5951\u7ea6\u5bf9\u4e8e\u8fd9\u4e9b\u7cfb\u7edf\u7684\u5b9e\u9645\u8fd0\u884c\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<p><\/p>\n<h3><strong>\u5951\u7ea6\u662f\u5b9e\u73b0\u6bd4\u7279\u5e01\u81ea\u6211\u4e3b\u6743\u91c7\u7eb3\u7684\u5173\u952e<\/strong><\/h3>\n<p>\u300c\u4e0d\u662f\u4f60\u7684\u94a5\u5319\uff0c\u4fbf\u4e0d\u662f\u4f60\u7684\u5e01\uff08Not your keys, not your coins\uff09\u300d\u662f\u6bd4\u7279\u5e01\u5e38\u89c1\u7684\u53e3\u53f7\uff0c\u4f20\u8fbe\u4e86\u81ea\u6211\u6258\u7ba1\u7684\u91cd\u8981\u6027\uff0c\u610f\u5473\u7740\u7528\u6237\u5728\u6ca1\u6709\u4e2d\u4ecb\u7684\u60c5\u51b5\u4e0b\u63a7\u5236\u81ea\u5df1\u7684\u8d44\u91d1\u3002\u7136\u800c\uff0c\u590d\u6742\u6027\u548c\u65e5\u76ca\u589e\u52a0\u7684\u6210\u672c\u5df2\u7ecf\u4fc3\u4f7f\u7528\u6237\u8f6c\u5411\u6258\u7ba1\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n<p>\u4e3a\u4e86\u8ba9\u6bd4\u7279\u5e01\u5728\u5168\u7403\u8303\u56f4\u5185\u5b9e\u73b0\u91c7\u7528\uff0c\u5e76\u4e14\u4fdd\u6301\u81ea\u6211\u4e3b\u6743\u4f5c\u4e3a\u4e00\u4e2a\u9009\u9879\uff0c\u53d8\u9769\u662f\u5fc5\u8981\u7684\u3002\u95ea\u7535\u7f51\u7edc\u6709\u6240\u5e2e\u52a9\uff0c\u4f46\u6309\u73b0\u6709\u5f62\u5f0f\u6765\u770b\uff0c\u5b83\u51e0\u4e4e\u80af\u5b9a\u4e0d\u8db3\u4ee5\u89e3\u51b3\u95ee\u9898\u3002\u5982\u679c\u4e0d\u8fdb\u884c\u6539\u53d8\uff0c\u6bd4\u7279\u5e01\u6700\u7ec8\u5c06\u53d8\u5f97\u5bf9\u666e\u901a\u7528\u6237\u6765\u8bf4\u8fc7\u4e8e\u6602\u8d35\u3002<\/p>\n<p>\u5951\u7ea6\u901a\u8fc7\u5f15\u5165\u66f4\u5148\u8fdb\u7684\u4ea4\u6613\u529f\u80fd\u6765\u89e3\u51b3\u53ef\u6269\u5c55\u6027\u95ee\u9898\uff0c\u4f7f\u5f97\u8d44\u91d1\u7ba1\u7406\u53d8\u5f97\u66f4\u52a0\u7cbe\u7ec6\u3002\u9009\u62e9\u54ea\u79cd\u5951\u7ea6\u4ee5\u53ca\u5982\u4f55\u6fc0\u6d3b\u5b83\u975e\u5e38\u91cd\u8981\uff0c\u4f46\u6211\u4eec\u8ba4\u4e3a\uff0c\u9700\u6c42\u5df2\u7ecf\u76f8\u5f53\u660e\u786e\u3002\u6bcf\u4e2a\u5951\u7ea6\u63d0\u6848\u90fd\u76f8\u5bf9\u7b80\u5355\u4e14\u5411\u540e\u517c\u5bb9\uff0c\u4f46\u5728\u6bd4\u7279\u5e01\u4ea4\u6613\u7684\u5b9e\u9645\u5e94\u7528\u4e2d\u5177\u6709\u5f3a\u5927\u7684\u6f5c\u529b\u3002\u6709\u4e9b\u5951\u7ea6\u662f\u6bd4\u7279\u5e01\u539f\u672c\u5c31\u5b58\u5728\u4f46\u5df2\u505c\u7528\u7684\u64cd\u4f5c\u7801\uff08opcode\uff09\u7684\u91cd\u65b0\u6fc0\u6d3b\uff0c\u5176\u4ed6\u5219\u5f15\u5165\u4e86\u65b0\u7684\u64cd\u4f5c\u7801\u6216\u66f4\u7075\u6d3b\u7684\u4ea4\u6613\u6784\u5efa\u65b9\u5f0f\u3002<\/p>\n<p>\u8fd9\u4e0e 2021 \u5e74\u548c 2017 \u5e74\u8fdb\u884c\u7684\u5927\u89c4\u6a21 Taproot \u548c SegWit \u5347\u7ea7\u662f\u4e00\u4e2a\u9002\u5f53\u7684\u5ef6\u7eed\uff0c\u4e14\u80cc\u540e\u7684\u7814\u7a76\u5df2\u6df1\u8015\u591a\u5e74\u3002<\/p>\n<p>\u63a5\u53d7\u5951\u7ea6\u7684\u7406\u5ff5\u53ef\u4ee5\u5e2e\u52a9\u4e2a\u4eba\u4ee5\u8d1f\u62c5\u5f97\u8d77\u4e14\u5b89\u5168\u7684\u65b9\u5f0f\u81ea\u4e3b\u6258\u7ba1\u548c\u4ea4\u6613\u6bd4\u7279\u5e01\uff0c\u6309\u7167\u81ea\u5df1\u7684\u6761\u4ef6\u8fdb\u884c\u3002\u6ca1\u6709\u5951\u7ea6\u7684\u652f\u6301\uff0c\u6bd4\u7279\u5e01\u7684\u91c7\u7eb3\u5c06\u7ee7\u7eed\u6cbf\u7740\u6258\u7ba1\u8def\u5f84\u53d1\u5c55\u3002\u6211\u4eec\u9884\u8ba1\u5230 2025 \u5e74\uff0c\u5951\u7ea6\u7684\u8ba8\u8bba\u5c06\u52a0\u5267\uff0c\u5e76\u53ef\u80fd\u5728 2026 \u5e74\u6fc0\u6d3b\u3002<\/p>\n<p><\/p>\n<h2><strong>\u4ee5\u592a\u574a\u4e8c\u5c42\uff08Layer 2\uff09\u4f7f\u7528\u5c06\u6301\u7eed\u589e\u957f\u5e76\u5448\u4e0a\u5347\u8d8b\u52bf<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1a LUKE NOLAN\uff0c&nbsp;CoinShares&nbsp;\u4ee5\u592a\u574a\u7814\u7a76\u52a9\u7406<\/strong><\/p>\n<p><\/p>\n<p>\u4eca\u5e74\u4e09\u6708\uff0c\u4ee5\u592a\u574a\u5b9e\u65bd\u4e86 Dencun \u5347\u7ea7\uff0c\u663e\u8457\u964d\u4f4e\u4e86\u4e8c\u5c42\uff08Layer 2\uff09\u7684\u4ea4\u6613\u6210\u672c\uff0c\u5e76\u63d0\u9ad8\u4e86\u4e8c\u5c42\u4ea4\u6613\u56de\u5230\u4e00\u5c42\uff08Layer 1\uff09\u7684\u6bcf\u79d2\u4ea4\u6613\u6570\uff08TPS\uff09\u3002\u8fd9\u4e9b\u7ec6\u8282\u8f83\u4e3a\u590d\u6742\uff0c\u672c\u6587\u4e0d\u4f5c\u8be6\u7ec6\u63a2\u8ba8\uff0c\u4f46\u4f60\u53ef\u4ee5\u5728\u8fd9\u91cc\u627e\u5230\u8be6\u7ec6\u7684\u6982\u8ff0\u3002&nbsp;<\/p>\n<p>\u8be5\u5347\u7ea7\u5bf9\u4e8c\u5c42\u7684\u4f7f\u7528\u4ea7\u751f\u4e86\u663e\u8457\u5f71\u54cd\u3002\u4e00\u65b9\u9762\uff0c\u6211\u4eec\u53ef\u4ee5\u79f0\u4e4b\u4e3a\u4e00\u4e2a\u5de8\u5927\u7684\u6210\u529f\uff0c\u6b63\u5982\u672c\u6587\u7b80\u77ed\u7684\u5206\u6790\u6240\u793a\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u968f\u7740\u6211\u4eec\u5bf9\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\u7684\u89c2\u5bdf\uff0c\u4e5f\u51fa\u73b0\u4e86\u4e00\u4e9b\u95f4\u63a5\u5f71\u54cd\uff0c\u8fd9\u4e9b\u5f71\u54cd\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u5f71\u54cd\u4e86\u4ee5\u592a\u574a\uff08ETH\uff09\u4ee3\u5e01\u7684\u4ef7\u503c\u3002\u90a3\u4e48\uff0c\u5728\u672a\u6765\u4e00\u5e74\u5185\uff0c\u4e8c\u5c42\u5728\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u524d\u666f\u5982\u4f55\u5462\uff1f<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/42731592e69dbb324e2634412e73f7311734433866820.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 9\"><\/p>\n<p class=\"ql-align-center\">\u4ee5\u592a\u574a\u4e8c\u5c42\uff08\u4e0d\u5305\u62ec\u4ee5\u592a\u574a\u4e3b\u94fe\uff09\u4e0a\u7684\u6bcf\u65e5\u4ea4\u6613\u91cf\u3002\u6765\u6e90\uff1aGrowThePie, CoinShares, data available as of close 17 September 2024<\/p>\n<p>\u4ece\u6574\u4f53\u6765\u770b\uff0cLayer 2 \u91c7\u7528\u60c5\u51b5\u5728\u8fc7\u53bb\u4e00\u5e74\u4e2d\u53d1\u751f\u4e86\u663e\u8457\u53d8\u5316\uff0c\u5c24\u5176\u662f\u5728 Dencun \u5347\u7ea7\u540e\uff0c\u6b63\u5982\u5728 I2beat \u4e0a\u6240\u663e\u793a\u7684\u90a3\u6837\uff1a<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/eac7379ff3ef8577cbe7ec9c031494931734433866899.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 10\"><\/p>\n<p class=\"ql-align-center\">\u6a2a\u5750\u6807\u4f9d\u6b21\u4e3a\uff1a\u4ee3\u5e01\u7528\u9014\u3001\u4e00\u5e74\u524d\u3001\u73b0\u5728\u3001\u767e\u5206\u6bd4\u53d8\u5316<\/p>\n<p><\/p>\n<p>\u5373\u4f7f\u8fdc\u8fdc\u8d85\u8fc7\u5f53\u524d\u5df2\u6709 Layer 2 \u91c7\u7528\u589e\u957f\u7684\u8d8b\u52bf\uff0c\u5927\u578b\u673a\u6784\u5bf9\u65b0\u4e8c\u5c42\u7684\u5f00\u53d1\u4e5f\u5728\u4e0d\u65ad\u63a8\u8fdb\u3002\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\uff0c\u7d22\u5c3c\u5ba3\u5e03\u4e86\u4ed6\u4eec\u7684\u4e8c\u5c42\u7f51\u7edc\u300cSoneium\u300d\uff0c\u6700\u8fd1\uff0cKraken \u4e5f\u63a8\u51fa\u4e86\u4ed6\u4eec\u7684\u300cInk\u300d\u533a\u5757\u94fe\u3002\u4e8c\u5c42\u7684\u673a\u6784\u5316\u5c06\u8fdb\u4e00\u6b65\u63a8\u52a8\u91c7\u7528\uff0c\u5728\u63a5\u4e0b\u6765\u7684\u4e00\u5e74\u91cc\uff0c\u5438\u5f15\u90a3\u4e9b\u5df2\u7ecf\u662f\u8fd9\u4e9b\u4f01\u4e1a\u5ba2\u6237\u7684\u7528\u6237\u52a0\u5165\u3002<\/p>\n<p><\/p>\n<h3><strong>Blob \u5e02\u573a\u52a8\u6001<\/strong><\/h3>\n<p>\u5373\u4f7f\u5728\u4f7f\u7528\u91cf\u5927\u5e45\u589e\u52a0\u7684\u60c5\u51b5\u4e0b\uff0cBlob \u5e02\u573a\u2014\u2014\u5373\u4e8c\u5c42\u7528\u6765\u5c06\u4ea4\u6613\u53d1\u5e03\u5230\u4ee5\u592a\u574a\u7684\u72ec\u7acb\u8d39\u7528\u5e02\u573a\u2014\u2014\u4ecd\u7136\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4fdd\u6301\u300c\u514d\u8d39\u300d\u3002\u53d1\u5e03 Blob \u7684\u5b9e\u9645\u6210\u672c\uff0c\u4e0e\u4ea4\u6613\u6570\u636e\u672c\u8eab\u5206\u5f00\uff0c\u53d7\u5230\u4e86\u7c7b\u4f3c\u4e8e EIP-1559 \u4e2d\u5f15\u5165\u7684\u673a\u5236\u7684\u5f71\u54cd\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u6bcf\u4e2a\u4ee5\u592a\u574a\u533a\u5757\u6700\u591a\u53ef\u4ee5\u53d1\u5e03 6 \u4e2a Blob\uff1b\u5f53\u53d1\u5e03\u7684 Blob \u6570\u91cf\u8d85\u8fc7 3 \u4e2a\u65f6\uff0c\u53d1\u5e03\u8fd9\u4e9b Blob \u7684\u8d39\u7528\u4f1a\u589e\u52a0\uff0c\u800c\u5f53\u53d1\u5e03\u7684 Blob \u6570\u91cf\u5c11\u4e8e 3 \u4e2a\u65f6\uff0c\u8d39\u7528\u4f1a\u51cf\u5c11\uff0c\u76f4\u5230\u964d\u81f3\u6700\u4f4e\u53ef\u80fd\u7684\u8d39\u7528\u3002<\/p>\n<p>\u6700\u8fd1\uff0c\u5728 10 \u6708\u5e95\uff0c\u6211\u4eec\u770b\u5230\u4e86\u4e00\u6bb5\u65f6\u95f4\u5185\uff0cBlob \u7684\u53d1\u5e03\u6570\u91cf\u8fde\u7eed\u8d85\u8fc7 3 \u4e2a\uff0c\u5c3d\u7ba1\u6301\u7eed\u65f6\u95f4\u8f83\u77ed\uff0c\u8fd9\u4f7f\u5f97 Blob \u5e02\u573a\u8fdb\u5165\u4e86\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/a1b3f9b119328d8361896b7d028dde191734433866954.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 11\"><\/p>\n<p class=\"ql-align-center\">\u6bcf\u4e2a\u533a\u5757\u7684\u5e73\u5747 Blob \u6570\u91cf\uff08\u8fc7\u53bb 10 \u5929\uff09\u3002\u6765\u6e90\uff1aDune Analysis, data as of 25th November 2024<\/p>\n<p><\/p>\n<p>\u8fd9\u4e00\u53d8\u5316\u6e90\u4e8e\u7531\u4e8e\u7528\u6237\u9886\u53d6 Scroll \u7a7a\u6295\u800c\u5bfc\u81f4\u7684\u4ea4\u6613\u9700\u6c42\u589e\u52a0\u3002\u5728\u6211\u4eec\u770b\u6765\uff0c\u7ade\u4e89\u6fc0\u70c8\u7684 Blob \u5e02\u573a\u901a\u8fc7\u589e\u52a0 ETH \u9500\u6bc1\u91cf\u4e3a ETH \u4ee3\u5e01\u5e26\u6765\u4e86\u4ef7\u503c\u79ef\u7d2f\u3002\u4e8c\u5c42\u4e4b\u95f4\u5728 Blob \u5e02\u573a\u7684\u66f4\u5927\u7ade\u4e89\u5c06\u662f\u6211\u4eec 2025 \u5e74\u5c55\u671b\u7684\u57fa\u7840\uff1a\u672a\u6765\u4e00\u5e74\uff0c\u4e8c\u5c42\u7684\u4f7f\u7528\u5c06\u7ee7\u7eed\u589e\u957f\uff0c\u6d3b\u52a8\u5c06\u66f4\u52a0\u6d3b\u8dc3\uff0c\u6211\u4eec\u5c06\u5f00\u59cb\u770b\u5230 Blob \u4ef7\u683c\u53d1\u73b0\u7684\u5ef6\u7eed\u671f\u3002\u8fd9\u5c06\u662f\u8bb8\u591a\u4eba\u8ba4\u4e3a\u76ee\u524d\u4e8c\u5c42\u4e0e\u4e00\u5c42\uff08L2-L1\uff09\u5173\u7cfb\u5177\u6709\u5bc4\u751f\u6027\u8d28\u7684\u5065\u5eb7\u5171\u5b58\u7684\u5f00\u59cb\uff08\u81f3\u5c11\u4ece\u6bd4\u8f83\u89d2\u5ea6\u6765\u770b\uff0c\u66f4\u4e3a\u5065\u5eb7\uff09\u3002<\/p>\n<p><\/p>\n<h3><strong>Layer 2 \u5c06\u5728\u672a\u6765\u4e00\u5e74\u7ee7\u7eed\u589e\u957f<\/strong><\/h3>\n<p>\u9664\u4e86\u524d\u9762\u63d0\u5230\u7684\u5927\u578b\u673a\u6784\u63a8\u52a8\u4e8c\u5c42\u7f51\u7edc\u7684\u673a\u6784\u5316\u5916\uff0c\u8fd8\u6709\u5176\u4ed6\u56e0\u7d20\u8868\u660e\u6211\u4eec\u7684\u9884\u6d4b\u53ef\u80fd\u4f1a\u6210\u771f\u3002\u4f8b\u5982\uff0c\u7531\u52a0\u5bc6\u5de8\u5934 Coinbase \u652f\u6301\u7684\u4e8c\u5c42\u7f51\u7edc Base\uff0c\u5df2\u7ecf\u900f\u660e\u5730\u6982\u8ff0\u4e86\u4ed6\u4eec\u7684\u8ba1\u5212\uff0c\u5373\u6bcf\u5468\u5c06 gas \u76ee\u6807\u63d0\u9ad8 1 Mgas\/sec\uff0c\u76f4\u5230\u8fbe\u5230 1 Ggas\/s\u3002\u7b80\u800c\u8a00\u4e4b\uff0cBase \u7684\u8ba1\u5212\u662f\u6301\u7eed\u589e\u52a0\u6bcf\u4e2a\u533a\u5757\u53ef\u4ee5\u5bb9\u7eb3\u7684\u4ea4\u6613\u91cf\uff0c\u56e0\u6b64\u4e5f\u4f1a\u589e\u52a0\u4ee5\u592a\u574a\u672c\u8eab\uff08\u4f5c\u4e3a\u6279\u91cf\u4ea4\u6613\uff09\u6240\u80fd\u5bb9\u7eb3\u7684\u4ea4\u6613\u91cf\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/4a00784907cee423ca746cff0b9f6a541734433867013.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 12\"><\/p>\n<p class=\"ql-align-center\">Base \u7684\u76ee\u6807 Mgas\/sec\u3002\u6765\u6e90\uff1aBase, CoinShares, data available as of close 23 October 2024<\/p>\n<p><\/p>\n<p>\u76ee\u524d\uff0cBase \u7684\u4ea4\u6613\u9700\u6c42\u5e76\u6ca1\u6709\u8fc7\u5269\uff0c\u56e0\u6b64\u4e0d\u4e00\u5b9a\u9700\u8981\u63d0\u9ad8 gas \u9650\u5236\u3002\u4f46\u4eba\u4eec\u53ef\u80fd\u4f1a\u7591\u60d1\uff0c\u4e3a\u4ec0\u4e48 Base \u7684\u5f00\u53d1\u8005\u9009\u62e9\u4e0d\u65ad\u589e\u52a0\u5bb9\u91cf\u3002\u4f5c\u4e3a\u53c2\u8003\uff0c\u5f53 gas \u8fbe\u5230 80 Mgas\/sec \u65f6\uff0cBase \u7406\u8bba\u4e0a\u80fd\u591f\u652f\u6301\u5927\u7ea6 3,800 TPS \u7684\u7b80\u5355\u8f6c\u8d26\u3002\u5728\u8fd9\u79cd\u9700\u6c42\u6c34\u5e73\u4e0b\uff0c\u6bcf\u4e2a\u533a\u5757\u53d1\u5e03\u7684 Blob \u6570\u91cf\u51e0\u4e4e\u80af\u5b9a\u4f1a\u589e\u52a0\uff0c\u6211\u4eec\u5c06\u770b\u5230\u53d1\u5e03 Blob \u7684\u8d39\u7528\u4e0d\u65ad\u4e0a\u6da8\uff0c\u4ece\u800c\u5bfc\u81f4 ETH \u9500\u6bc1\u91cf\u7684\u589e\u52a0\u3002<\/p>\n<p>Base \u4e0d\u65ad\u6269\u5c55\u4ee5\u627f\u8f7d\u66f4\u591a\u4ea4\u6613\u5e76\u975e\u6ca1\u6709\u610f\u4e49\u3002Coinbase \u8ba1\u5212\u5c06 Base \u4e0e Coinbase \u6d88\u8d39\u8005\u5e94\u7528\uff08\u5373\u652f\u4ed8\u901a\u9053\uff09\u8fdb\u4e00\u6b65\u6574\u5408\uff08\u8fd9\u4e00\u8fc7\u7a0b\u5df2\u7ecf\u5f00\u59cb\uff09\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u6df1\u5165\u5176\u7ea6 1 \u4ebf\u7684\u7528\u6237\u57fa\u7840\uff0c\u5e76\u4e3a\u66f4\u5e7f\u6cdb\u7684 Base \u91c7\u7eb3\u63d0\u4f9b\u4fbf\u6377\u9014\u5f84\u3002<\/p>\n<p>\u5728\u6211\u4eec\u770b\u6765\uff0c\u4e8c\u5c42\u7684\u91c7\u7eb3\u5c06\u6301\u7eed\u589e\u52a0\uff0c\u8fd9\u5c06\u63a8\u52a8 Blob \u9700\u6c42\u548c\u4ee5\u592a\u574a\u4ea4\u6613\u8d39\u7528\u7684\u589e\u957f\u3002\u6839\u636e\u6211\u4eec\u7684\u6a21\u578b\uff0c\u8fd9\u4e00\u7ed3\u679c\u5c06\u6709\u5229\u4e8e ETH \u7684\u4ef7\u503c\uff0c\u5e76\u4f7f\u4e8c\u5c42\u518d\u6b21\u6210\u4e3a\u4ee5\u592a\u574a\u9700\u6c42\u7684\u91cd\u8981\u6765\u6e90\u3002<\/p>\n<p><\/p>\n<h2><strong>\u4ee5\u592a\u574a\u8ba1\u5212\u5728 2025 \u5e74\u8fdb\u884c Pectra \u5347\u7ea7<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1a LUKE NOLAN\uff0c&nbsp;CoinShares&nbsp;\u4ee5\u592a\u574a\u7814\u7a76\u52a9\u7406<\/strong><\/p>\n<p><\/p>\n<p>Pectra \u5347\u7ea7\u8ba1\u5212\u5bf9\u6211\u4eec\u6240\u719f\u77e5\u7684\u4ee5\u592a\u574a\u533a\u5757\u94fe\u7684\u5185\u90e8\u673a\u5236\u8fdb\u884c\u4e00\u4e9b\u5173\u952e\u7279\u6027\u4fee\u6539\u3002\u6700\u521d\uff0cPectra \u5347\u7ea7\u88ab\u8ba1\u5212\u4e3a\u4e00\u6b21\u786c\u5206\u53c9\uff0c\u4f46\u7531\u4e8e\u539f\u5b9a\u8303\u56f4\u5185\u7684\u4ee5\u592a\u574a\u6539\u8fdb\u63d0\u6848\uff08EIP\uff09\u6570\u91cf\u8f83\u591a\uff0c\u5f00\u53d1\u8005\u51b3\u5b9a\u5c06\u8fd9\u4e9b\u63d0\u6848\u62c6\u5206\u4e3a\u4e24\u4e2a\u72ec\u7acb\u7684\u5347\u7ea7\u7248\u672c\u3002Pectra \u5347\u7ea7\u53ef\u80fd\u5c06\u5728 2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u63a8\u51fa\uff0c\u800c\u65b0\u63d0\u8bae\u7684 Fusaka \u5347\u7ea7\u5219\u9884\u8ba1\u5c06\u5728 2026 \u5e74\u63a8\u51fa\u3002<\/p>\n<p><\/p>\n<h3><strong>Pectra \u5347\u7ea7\u5305\u542b\u4ec0\u4e48\u5185\u5bb9\uff1f<\/strong><\/h3>\n<p>Pectra \u5347\u7ea7\u539f\u672c\u8ba1\u5212\u6210\u4e3a\u4ee5\u592a\u574a\u5386\u53f2\u4e0a\u89c4\u6a21\u6700\u5927\u7684\u5347\u7ea7\uff0c\u5305\u542b 20 \u4e2a EIP\u3002\u7ecf\u8fc7\u4e0e Fusaka \u7684\u62c6\u5206\u540e\uff0c\u9884\u8ba1\u7b2c\u4e00\u6b21\u786c\u5206\u53c9\u5c06\u5305\u542b 10 \u4e2a EIP\u3002\u6211\u4eec\u4e0d\u4f1a\u9010\u4e00\u8be6\u7ec6\u8ba8\u8bba\u8fd9 10 \u4e2a EIP\uff0c\u800c\u662f\u5c06\u91cd\u70b9\u5173\u6ce8\u5176\u4e2d\u6700\u91cd\u8981\u7684\u4e00\u4e2a\uff0c\u5e76\u89e3\u91ca\u4e3a\u4ec0\u4e48\u8981\u5b9e\u65bd\u5b83\u3002\u5b8c\u6574\u7684 EIP \u5217\u8868\u5982\u4e0b\u6240\u793a\uff1a<\/p>\n<p>&nbsp;<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/6d73b0940dbf75b924c53c7f7cbef02e1734433867077.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 13\"><\/p>\n<p><\/p>\n<h3><strong>EIP-7251\uff1a\u6700\u5927\u6709\u6548\u4f59\u989d\u8c03\u6574<\/strong><\/h3>\n<p>EIP-7251 \u662f\u5bf9\u4ee5\u592a\u574a\u5f71\u54cd\u6700\u5927\u7684\u63d0\u6848\u3002\u76ee\u524d\uff0c\u4ee5\u592a\u574a\u4e0a\u7684\u9a8c\u8bc1\u8005\u88ab\u9650\u5236\u5728 32 \u4e2a ETH\uff0c\u8fd9\u4e00\u9650\u5236\u6700\u521d\u662f\u4e3a\u4e86\u4fc3\u8fdb\u53bb\u4e2d\u5fc3\u5316\u548c\u6269\u5927\u53c2\u4e0e\u5ea6\u3002\u8fc7\u53bb\u4e24\u5e74\uff0c\u9a8c\u8bc1\u8005\u7684\u6570\u91cf\u5927\u5e45\u589e\u957f\uff0c\u76ee\u524d\u5df2\u7ecf\u63a5\u8fd1 110 \u4e07\u4e2a\uff08\u622a\u81f3\u672c\u6587\u64b0\u5199\u65f6\uff0c\u6570\u636e\u6765\u6e90\u4e8e Dune\uff09\u3002<\/p>\n<p>\u8fd9\u4e00\u53d8\u5316\u7684\u526f\u4f5c\u7528\u662f\uff0c\u968f\u7740\u9a8c\u8bc1\u8005\u6570\u91cf\u7684\u589e\u52a0\uff0c\u7f51\u7edc\u4e0a\u7684 P2P \u6d88\u606f\u6570\u91cf\u4e5f\u5728\u4e0a\u5347\u3002\u8fd9\u5bf9\u4ea4\u6613\u7684\u6700\u7ec8\u786e\u8ba4\u901f\u5ea6\u4ea7\u751f\u4e86\u5f71\u54cd\u3002<\/p>\n<p>EIP-7251 \u5c06\u5355\u4e2a\u9a8c\u8bc1\u8005\u53ef\u6301\u6709\u7684 ETH \u6570\u91cf\u63d0\u9ad8\u81f3 2048\uff0c\u4ece\u800c\u5141\u8bb8\u5927\u578b\u5b9e\u4f53\u6574\u5408\u8d44\u6e90\uff0c\u51cf\u5c11\u8fd0\u884c\u7684\u9a8c\u8bc1\u8005\u6570\u91cf\uff08\u4f8b\u5982\uff0cCoinbase \u76ee\u524d\u6709 12.2 \u4e07\u4e2a\u9a8c\u8bc1\u8005\uff0c\u5347\u7ea7\u540e\u6700\u591a\u53ea\u9700\u8fd0\u884c 2,000 \u4e2a\u9a8c\u8bc1\u8005\uff09\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/c695dcce4d7cff459b855c5bb09834e71734433867154.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 14\"><\/p>\n<p class=\"ql-align-center\">\u4ee5\u592a\u94fe\u4e0a\u9a8c\u8bc1\u8005\u7684\u6570\u91cf\u3002\u6765\u6e90\uff1aBloomberg, CoinShares, data available as of close 03 November 2024<\/p>\n<p><\/p>\n<h3><strong>EIP-7251 \u5982\u4f55\u6539\u5584\u4ee5\u592a\u574a\uff1f<\/strong><\/h3>\n<ol>\n<li>\u51cf\u5c11\u8ba1\u7b97\u8d1f\u62c5\uff1a\u901a\u8fc7\u63d0\u9ad8\u6700\u5927\u6709\u6548\u4f59\u989d\uff0c\u9a8c\u8bc1\u8005\u53ef\u4ee5\u5728\u4e0d\u9700\u8981\u5c06\u5176\u8d28\u62bc\u5206\u914d\u5230\u591a\u4e2a\u9a8c\u8bc1\u8282\u70b9\u7684\u60c5\u51b5\u4e0b\u627f\u62c5\u66f4\u591a\u8d23\u4efb\u3002\u8fd9\u4e5f\u610f\u5473\u7740\u5927\u578b\u9a8c\u8bc1\u5b9e\u4f53\u53ef\u4ee5\u7a0d\u5fae\u964d\u4f4e\u5176\u8fd0\u8425\u6210\u672c\uff08\u5e76\u7b80\u5316\u7269\u6d41\uff09\u3002<\/li>\n<li>\u5b9e\u73b0\u5355\u4e2a\u69fd\u4f4d\u7ec8\u7ed3\u6027\u7684\u8def\u5f84\uff1a\u51cf\u5c11\u8ba1\u7b97\u8d1f\u62c5\u662f\u5b9e\u73b0\u5355\u4e2a\u69fd\u4f4d\u7ec8\u7ed3\u6027\u7684\u5173\u952e\u6b65\u9aa4\u2014\u2014\u8fd9\u662f\u6307\u533a\u5757\u5728\u4e00\u4e2a\u69fd\u4f4d\u5185\uff0812 \u79d2\uff09\u5c31\u80fd\u6700\u7ec8\u786e\u8ba4\u3002\u5355\u4e2a\u69fd\u4f4d\u7ec8\u7ed3\u6027\u663e\u8457\u7f29\u77ed\u4e86\u4ea4\u6613\u786e\u8ba4\u65f6\u95f4\uff0c\u63d0\u5347\u4e86\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u534f\u8bae\u7684\u6027\u80fd\uff0c\u56e0\u4e3a\u4ea4\u6613\u80fd\u66f4\u5feb\u901f\uff08\u4e0d\u53ef\u9006\uff09\u5730\u5f97\u5230\u786e\u8ba4\u3002\u8fd9\u4e5f\u53ef\u80fd\u610f\u5473\u7740\uff0c\u6700\u7ec8\u7528\u6237\u80fd\u591f\u4ece\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u83b7\u5f97\u66f4\u597d\u7684\u5b9a\u4ef7\uff0c\u56e0\u4e3a\u6ed1\u70b9\u8f83\u4f4e\u3001\u524d\u7f6e\u653b\u51fb\u7684\u98ce\u9669\u8f83\u5c0f\u3002<\/li>\n<\/ol>\n<p><\/p>\n<p>\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0cEIP-7251 \u4e0d\u4f1a\u5f71\u54cd\u5956\u52b1\u3002\u4e00\u4e2a\u62e5\u6709 10 \u4e2a\u9a8c\u8bc1\u8005\u3001\u6bcf\u4e2a 32 ETH \u7684\u5b9e\u4f53\uff0c\u5176\u5e74\u6536\u76ca\u5c06\u4e0e\u5355\u4e2a 320 ETH \u7684\u9a8c\u8bc1\u8005\u76f8\u540c\u3002<\/p>\n<p>\u5173\u4e8e\u63d0\u9ad8\u6570\u636e\u5757\u76ee\u6807\u7684\u63d0\u6848\uff08\u76ee\u524d\u6ca1\u6709 EIP \u7f16\u53f7\uff0c\u5982\u4e0a\u8868\u6240\u793a\uff09\u65e8\u5728\u63d0\u5347\u4ee5\u592a\u574a\u4f5c\u4e3a\u6570\u636e\u53ef\u7528\u6027\u5c42\u7684\u53ef\u6269\u5c55\u6027\uff0c\u7b26\u5408\u4ee5 rollup \u4e3a\u6838\u5fc3\u7684\u8def\u7ebf\u56fe\u3002\u8be5\u63d0\u6848\u6765\u81ea Base \u5f00\u53d1\u8005 Francis Li\u3002\u5982\u540c\u672c\u62a5\u544a\u4e2d\u5176\u4ed6\u4ee5\u592a\u574a\u90e8\u5206\u6240\u8ff0\uff0cBase \u8ba1\u5212\u7ee7\u7eed\u6269\u5927\u4ea4\u6613\u5bb9\u91cf\uff0c\u9884\u8ba1\u9700\u6c42\u5c06\u968f\u4e4b\u589e\u957f\u3002\u76ee\u524d\u6bcf\u4e2a\u533a\u5757\u6700\u591a\u53ef\u5bb9\u7eb3 6 \u4e2a\u6570\u636e\u5757\uff0c\u800c\u8be5\u63d0\u6848\u5c06\u5176\u589e\u52a0\u81f3 8 \u4e2a\uff0c\u5e76\u5c06\u76ee\u6807\u4ece 3 \u8c03\u6574\u4e3a 5\u3002\u5728\u6211\u4eec\u770b\u6765\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5bf9 ETH \u7684\u77ed\u671f\u524d\u666f\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\uff0c\u56e0\u4e3a\u6700\u7ec8\u7528\u6237\u7684\u8d39\u7528\u964d\u4f4e\uff0c\u5bfc\u81f4\u4ee5\u592a\u5e01\u7684\u7d2f\u79ef\u4ef7\u503c\u53d7\u5230\u4e0d\u5229\u5f71\u54cd\u3002\u7136\u800c\uff0c\u8fd9\u662f\u4e3a\u5904\u7406\u6bcf\u5929\u6570\u767e\u4e07\u6b21 Layer 2 \u4ea4\u6613\u7684\u6700\u7ec8\u72b6\u6001\u505a\u89c4\u5212\uff0c\u56e0\u6b64\u5e94\u5f53\u88ab\u89c6\u4e3a\u77ed\u671f\u7684\u75db\u70b9\u3002<\/p>\n<p>\u603b\u4f53\u800c\u8a00\uff0c\u4ee5\u592a\u574a\u5728\u4e0d\u65ad\u53d8\u5316\uff0c\u6269\u5c55\u8def\u7ebf\u56fe\u7684\u6267\u884c\u5e26\u6765\u4e86\u65b0\u7684\u6548\u7387\uff0c\u4e5f\u4e3a\u4ee5\u592a\u5e01\u5e26\u6765\u4e86\u65b0\u7684\u6311\u6218\uff0c\u5c24\u5176\u662f\u5728\u5e73\u8861\u53ef\u7528\u6027\u4e0e\u4ef7\u503c\u79ef\u7d2f\u65b9\u9762\u3002\u53ef\u4ee5\u660e\u786e\u7684\u662f\uff0c\u8fd9\u4e9b\u53d8\u5316\u4e0d\u9002\u5408\u90a3\u4e9b\u77ed\u671f\u6295\u8d44\u8005\u2014\u2014\u5f00\u53d1\u8005\u4eec\u6b63\u5728\u7740\u529b\u5bf9\u7f51\u7edc\u8fdb\u884c\u7a0b\u5e8f\u5316\u4fee\u6539\uff0c\u4ee5\u4f7f\u5176\u9002\u5e94\u6700\u7ec8\u627f\u8f7d\u5404\u79cd\u7528\u4f8b\u548c\u6570\u767e\u4e07\u65e5\u6d3b\u8dc3\u7528\u6237\u7684\u72b6\u6001\u3002<\/p>\n<p><\/p>\n<h2><strong>\u901f\u5ea6\u91ca\u653e\uff1a\u5e76\u884c\u9769\u547d<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aMAX SHANNON\uff0cCoinShares \u7814\u7a76\u5206\u6790\u5e08<\/strong><\/p>\n<p><\/p>\n<p>\u968f\u7740\u533a\u5757\u94fe\u7f51\u7edc\u7684\u4e0d\u65ad\u589e\u957f\uff0c\u5bf9\u66f4\u5feb\u5904\u7406\u66f4\u591a\u4ea4\u6613\u7684\u9700\u6c42\u63a8\u52a8\u4e86\u5411\u5e76\u884c\u5316\u8f6c\u53d8\u2014\u2014\u5373\u540c\u65f6\u5904\u7406\u591a\u4e2a\u4ea4\u6613\u4ee5\u63d0\u9ad8\u901f\u5ea6\u548c\u6548\u7387\u3002\u8fd9\u4e00\u521b\u65b0\u5bf9\u4e8e\u5c06\u533a\u5757\u94fe\u6253\u9020\u4e3a\u5168\u7403\u91d1\u878d\u7cfb\u7edf\u7684\u53ef\u884c\u652f\u67f1\u81f3\u5173\u91cd\u8981\uff0c\u4f7f\u6bcf\u79d2\u80fd\u591f\u5904\u7406\u6570\u5343\u7b14\u4ea4\u6613\u3002<\/p>\n<p>Solana \u662f\u9996\u4e2a\u91c7\u7528\u5e76\u884c\u5316\u7684\u533a\u5757\u94fe\u7f51\u7edc\uff0c\u4f46\u8fd9\u4e00\u65b9\u6cd5\u4e5f\u9762\u4e34\u6311\u6218\u3002Solana \u5728 2021 \u5e74 9 \u6708\u548c 2022 \u5e74 4 \u6708\u9047\u5230\u8fc7\u7f51\u7edc\u62e5\u5835\u95ee\u9898\uff0c\u5bfc\u81f4\u4e86\u663e\u8457\u7684\u7f51\u7edc\u6545\u969c\u3002\u8fd9\u4e9b\u4e2d\u65ad\u51f8\u663e\u4e86\u4e00\u4e2a\u6839\u672c\u95ee\u9898\uff1a\u5728\u9ad8\u4ea4\u6613\u8d1f\u8f7d\u4e0b\uff0c\u5e73\u8861\u901f\u5ea6\u4e0e\u53ef\u9760\u6027\u4ecd\u7136\u5341\u5206\u56f0\u96be\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/0f8854ec18347cc07dbd0662e05ed0181734433867207.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 15\"><\/p>\n<p class=\"ql-align-center\">\u81ea 2021 \u5e74 1 \u6708\u4ee5\u6765\uff0c\u7f51\u7edc\u505c\u673a\u5468\u671f\u7684\u9891\u7387\u3002\u6765\u6e90\uff1aNetwork status pages, CoinShares, data available as of close 29 October 2024<\/p>\n<p>\u8fd9\u4e00\u6027\u80fd\u5dee\u8ddd\u4e3a\u63a2\u7d22\u6539\u8fdb\u5e76\u884c\u4ea4\u6613\u5904\u7406\u7684\u66ff\u4ee3\u65b9\u6cd5\u7684\u65b0\u7ade\u4e89\u8005\u6253\u5f00\u4e86\u5927\u95e8\u3002\u4e24\u79cd\u4e3b\u8981\u7684\u7b56\u7565\u5e94\u8fd0\u800c\u751f\u2014\u2014\u4e50\u89c2\u5e76\u884c\u5316\u548c\u60b2\u89c2\u5e76\u884c\u5316\u3002<\/p>\n<p>\u7b80\u5355\u6765\u8bf4\uff0c\u60b2\u89c2\u5e76\u884c\u5316\u66f4\u4e3a\u8c28\u614e\uff0c\u91c7\u53d6\u66f4\u4e25\u683c\u7684\u63a7\u5236\u63aa\u65bd\u4ee5\u907f\u514d\u9519\u8bef\uff0c\u4f46\u4f1a\u727a\u7272\u4e00\u5b9a\u7684\u901f\u5ea6\u3002\u800c\u4e50\u89c2\u5e76\u884c\u5316\u5219\u6ce8\u91cd\u901f\u5ea6\uff0c\u5047\u8bbe\u4ea4\u6613\u80fd\u591f\u987a\u5229\u5904\u7406\uff0c\u5c3d\u7ba1\u5728\u66f4\u590d\u6742\u7684\u573a\u666f\u4e2d\uff0c\u8fd9\u79cd\u65b9\u6cd5\u53ef\u80fd\u4f1a\u5f71\u54cd\u53ef\u9760\u6027\u3002\u6bcf\u79cd\u65b9\u6cd5\u90fd\u6709\u5176\u4f18\u7f3a\u70b9\uff0c\u60b2\u89c2\u6a21\u578b\u63d0\u4f9b\u4e86\u66f4\u591a\u7684\u7a33\u5b9a\u6027\uff0c\u800c\u4e50\u89c2\u6a21\u578b\u5219\u5728\u7406\u60f3\u6761\u4ef6\u4e0b\u8868\u73b0\u66f4\u597d\u3002<\/p>\n<p>\u5c55\u671b\u672a\u6765\uff0c\u4e00\u4e9b\u7b56\u7565\u6709\u671b\u8fdb\u4e00\u6b65\u63d0\u9ad8\u533a\u5757\u94fe\u7684\u53ef\u6269\u5c55\u6027\u3002\u4f8b\u5982\uff0c\u51cf\u5c11\u751f\u6210\u4ea4\u6613\u8bc1\u660e\u6240\u9700\u7684\u8ba1\u7b97\u6b65\u9aa4\uff0c\u53ef\u80fd\u4f1a\u663e\u8457\u52a0\u5feb\u5904\u7406\u901f\u5ea6\u3002\u6b64\u5916\uff0c\u4e13\u95e8\u7684\u786c\u4ef6\uff0c\u5982 GPU \u548c ASIC\uff0c\u5b83\u4eec\u8bbe\u8ba1\u7528\u4e8e\u5904\u7406\u9ad8\u5f3a\u5ea6\u8ba1\u7b97\u4efb\u52a1\uff0c\u4e5f\u53ef\u80fd\u6709\u52a9\u4e8e\u63a8\u52a8\u4ea4\u6613\u541e\u5410\u91cf\u7684\u8fb9\u754c\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/a60e7cb2ee7d4a1ce8ed771354240ecc1734433867277.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 16\"><\/p>\n<p class=\"ql-align-center\">\u6765\u6e90\uff1aPreda<\/p>\n<p><\/p>\n<p>\u5e76\u884c\u5316\u9762\u4e34\u7740\u663e\u800c\u6613\u89c1\u7684\u6311\u6218\u3002\u5206\u5e03\u5f0f\u7f51\u7edc\u7684\u4e00\u4e2a\u4e3b\u8981\u6311\u6218\u662f\u5982\u4f55\u5728\u4ea4\u6613\u5386\u53f2\u7684\u65f6\u95f4\u6392\u5e8f\u4e0a\u8fbe\u6210\u7cbe\u786e\u5171\u8bc6\u3002\u4ea4\u6613\u7684\u540c\u65f6\u5904\u7406\u53ef\u80fd\u4f1a\u5728\u4ea4\u6613\u3001\u533a\u5757\u548c\u667a\u80fd\u5408\u7ea6\u5c42\u9762\u5f15\u5165\u4f9d\u8d56\u5173\u7cfb\uff0c\u8fd9\u9700\u8981\u7cbe\u5fc3\u7ba1\u7406\u4ee5\u4fdd\u6301\u6570\u636e\u7684\u987a\u5e8f\u548c\u5171\u8bc6\u3002<\/p>\n<p>\u5e76\u884c\u5316\u7f51\u7edc\u53ef\u80fd\u9700\u8981\u66f4\u5f3a\u5927\u548c\u66f4\u6602\u8d35\u7684\u8282\u70b9\uff0c\u8fd9\u4f1a\u963b\u788d\u53bb\u4e2d\u5fc3\u5316\uff0c\u56e0\u4e3a\u7f51\u7edc\u53ea\u80fd\u5728\u4e00\u5c0f\u90e8\u5206\u66f4\u6df1\u5ea6\u4e92\u8054\u7684\u8282\u70b9\u4e0a\u8fd0\u884c\u3002\u65b0\u7684\u300c\u521b\u65b0\u300d\u5171\u8bc6\u673a\u5236\u4e5f\u53ef\u80fd\u9700\u8981\u88ab\u53d1\u660e\u51fa\u6765\uff0c\u4ee5\u786e\u4fdd\u7f51\u7edc\u540c\u6b65\u3002\u8fd9\u4e00\u5207\u90fd\u4f34\u968f\u7740\u81ea\u8eab\u7684\u98ce\u9669\u548c\u6743\u8861\u3002<\/p>\n<p>\u7b80\u800c\u8a00\u4e4b\uff0c\u5728\u533a\u5757\u94fe\u7f51\u7edc\u4e2d\u5b9e\u73b0\u9ad8\u6027\u80fd\u548c\u7a33\u5b9a\u6027\u5e76\u975e\u6613\u4e8b\uff0c\u4f46\u5c3d\u7ba1\u9762\u4e34\u56fa\u6709\u7684\u6743\u8861\uff0c\u56e2\u961f\u4eec\u4ecd\u5728\u63a8\u52a8\u7f51\u7edc\u8fdb\u4e00\u6b65\u5e76\u884c\u5316\u7684\u9053\u8def\u3002\u5982\u679c\u6210\u529f\uff0c\u8fd9\u4e9b\u52aa\u529b\u6709\u671b\u4f7f\u533a\u5757\u94fe\u6210\u4e3a\u4e00\u79cd\u53ef\u6269\u5c55\u4e14\u53ef\u9760\u7684\u6280\u672f\uff0c\u80fd\u591f\u652f\u6491\u672a\u6765\u6570\u5b57\u7ecf\u6d4e\u7684\u9700\u6c42\u3002<\/p>\n<p><\/p>\n<h2><strong>Firedancer \u91ca\u653e\uff1a\u901a\u5f80 Solana \u9738\u4e3b\u5730\u4f4d\u7684\u8def\u7ebf\uff1f<\/strong><\/h2>\n<p><strong>\u4f5c\u8005\uff1aMAX SHANNON\uff0cCoinShares \u7814\u7a76\u5206\u6790\u5e08<\/strong><\/p>\n<p><\/p>\n<p>Solana \u7684\u672a\u6765\u5c06\u7531 Frankendancer \u548c Firedancer \u5f15\u9886\u53d8\u9769\u3002\u968f\u7740 Firedancer \u548c Frankendancer \u7684\u5b9e\u65bd\uff0cSolana \u7684\u672a\u6765\u5c06\u53d1\u751f\u6839\u672c\u53d8\u5316\u3002\u5b9e\u65bd\u540e\uff0c\u4e09\u4e2a\u5173\u952e\u76ee\u6807\u5e94\u5f53\u5f97\u4ee5\u5b9e\u73b0\uff1a\u4ee3\u7801\u7684\u6587\u6863\u5316\u548c\u6807\u51c6\u5316\u3001\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef\u6c60\u7684\u591a\u6837\u5316\u4ee5\u53ca\u751f\u6001\u7cfb\u7edf\u6027\u80fd\u7684\u63d0\u5347\u3002\u603b\u4f53\u76ee\u6807\u662f\u5f7b\u5e95\u9769\u65b0\u7528\u6237\u548c\u5f00\u53d1\u8005\u4f53\u9a8c\uff1a<\/p>\n<ol>\n<li>\u6587\u6863\u5316\u548c\u6807\u51c6\u5316 Solana \u534f\u8bae\uff1a\u9996\u5148\uff0cFiredancer \u5c06\u5e2e\u52a9\u6587\u6863\u5316\u548c\u6807\u51c6\u5316 Solana \u534f\u8bae\u3002\u8fd9\u5c06\u4f7f\u672a\u6765\u7684\u5ba2\u6237\u7aef\u66f4\u52a0\u6613\u4e8e\u8bbf\u95ee\u548c\u7b80\u5316\u4f7f\u7528\u3002<\/li>\n<li>\u591a\u6837\u5316\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef\u6c60\uff1a\u5176\u6b21\uff0cFiredancer \u5c06\u4fc3\u8fdb\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef\u6c60\u7684\u591a\u6837\u5316\uff0c\u51cf\u5c11\u5bf9 Solana Labs \u548c Jito Labs\uff08\u76ee\u524d\u552f\u4e00\u9a8c\u8bc1 Solana \u533a\u5757\u94fe\u7684\u4e24\u4e2a\u5ba2\u6237\u7aef\uff09\u7684\u4f9d\u8d56\u3002\u5728\u7406\u60f3\u60c5\u51b5\u4e0b\uff0cSolana \u53ef\u4ee5\u62e5\u6709\u6700\u591a\u56db\u4e2a\u72ec\u7acb\u7684\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef\uff0c\u6bcf\u4e2a\u5ba2\u6237\u7aef\u7684\u8d28\u62bc\u6bd4\u4f8b\u4e0d\u8d85\u8fc7 33%\uff0c\u4ece\u800c\u63d0\u9ad8\u7f51\u7edc\u7684\u6b63\u5e38\u8fd0\u884c\u65f6\u95f4\uff0c\u56e0\u4e3a\u5373\u4f7f\u4e00\u4e2a\u5ba2\u6237\u7aef\u51fa\u73b0\u6545\u969c\uff0c\u5176\u4ed6\u5ba2\u6237\u7aef\u4ecd\u7136\u53ef\u4ee5\u7ee7\u7eed\u8fd0\u884c\u533a\u5757\u94fe\u3002<\/li>\n<li>\u63d0\u5347 Solana \u7684\u6027\u80fd\uff1a\u7b2c\u4e09\uff0c\u4e5f\u662f\u6700\u4ee4\u4eba\u5174\u594b\u7684\u65b9\u9762\uff0c\u662f Firedancer \u6709\u6f5c\u529b\u5927\u5e45\u63d0\u5347 Solana \u7684\u6027\u80fd\u3002\u51ed\u501f\u51fa\u8272\u7684\u67b6\u6784\uff0cFiredancer \u5229\u7528 FPGA\uff08\u73b0\u573a\u53ef\u7f16\u7a0b\u95e8\u9635\u5217\uff09\u5b9e\u73b0\u5fae\u79d2\u7ea7\u5ef6\u8fdf\uff0c\u5e76\u80fd\u5904\u7406\u6bcf\u79d2\u9ad8\u8fbe 800 \u4e07\u7b14\u7b7e\u540d\uff0c\u627f\u8bfa\u63d0\u4f9b\u65e0\u4e0e\u4f26\u6bd4\u7684\u541e\u5410\u91cf\u548c\u6548\u7387\u3002\u7136\u800c\uff0c\u76ee\u524d\u8fd9\u4e00\u6f5c\u529b\u53d7\u9650\u4e8e Solana \u534f\u8bae\u7684\u541e\u5410\u91cf\u9650\u5236\uff0c\u5f53\u524d\u6700\u5927\u53ef\u652f\u6301 81,000 TPS\uff0c\u5e76\u4e14\u5728 430,000 TPS \u65f6\u7531\u4e8e\u5206\u7247\u6253\u5305\u9650\u5236\u9762\u4e34\u8fdb\u4e00\u6b65\u74f6\u9888\u3002<\/li>\n<\/ol>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/356089ab4ec15c70da43be63544510661734433867370.jpg\" alt=\"\u4e24\u4e07\u4e94\u5343\u5b57\u7814\u7a76\u62a5\u544a | CoinShares 2025 \u5e74\u52a0\u5bc6\u5c55\u671b\uff1a\u884c\u4e1a\u6700\u5177\u53d8\u9769\u6027\u7684\u65f6\u4ee3\u6765\u4e34 image 17\"><\/p>\n<p class=\"ql-align-center\">TPS \u9650\u5236\u3002\u6765\u6e90\uff1aBloomberg, CoinShares, data available as of 29 October 2024<\/p>\n<p><\/p>\n<p>Firedancer \u4f5c\u4e3a\u4e00\u4e2a\u5168\u65b0\u7684\u9a8c\u8bc1\u8005\u5ba2\u6237\u7aef\uff0c\u4ece\u96f6\u5f00\u59cb\u7528 C \u8bed\u8a00\u6784\u5efa\uff0c\u65e8\u5728\u6539\u8fdb Solana 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