{"id":969,"date":"2025-04-22T22:17:19","date_gmt":"2025-04-22T14:17:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=969"},"modified":"2025-04-22T22:17:19","modified_gmt":"2025-04-22T14:17:19","slug":"eth%e8%b4%a8%e6%8a%bc%e7%bb%8f%e6%b5%8e%e5%ad%a6%e7%a0%94%e7%a9%b6%ef%bc%9a%e8%b4%a8%e6%8a%bc%e6%94%b6%e7%9b%8a%e7%8e%87%e6%9b%b2%e7%ba%bf%e8%af%a5%e5%a6%82%e4%bd%95%e8%ae%be%e8%ae%a1","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=969","title":{"rendered":"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1"},"content":{"rendered":"

\u672c\u6587\u6765\u81ea\u4e8e Ansgar Dietrichs \u548c Casparschwa \u5728 eth research \u8bba\u575b\u4e0a\u9488\u5bf9\u4ee5\u592a\u574a\u8d28\u62bc\u673a\u5236\u4e0e ETH \u589e\u53d1\u6a21\u578b\u7684\u8ba8\u8bba\u3002<\/strong>\u6781\u5ba2 Web3 \u5bf9\u6b64\u8fdb\u884c\u4e86\u6574\u7406\u548c\u5220\u6539\u3002\u8fd9\u4e9b\u89c2\u70b9\u5728 2024 \u5e74 2 \u6708\u63d0\u51fa\uff0c\u90e8\u5206\u6570\u636e\u53ef\u80fd\u5b58\u5728\u504f\u5dee\uff0c\u4f46\u5176\u5173\u4e8e\u4ee5\u592a\u574a\u8d28\u62bc\u7ecf\u6d4e\u6a21\u578b\u7684\u5206\u6790\u4ecd\u503c\u5f97\u53c2\u8003\uff0c\u4e14\u5176\u4e2d\u90e8\u5206\u7ed3\u8bba\u4ecd\u672a\u8fc7\u65f6\u3002<\/p>\n

\n
\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n<\/div>\n

\u6b63\u6587\uff1a\u76ee\u524d\u4ee5\u592a\u574a\u4e0a\u8d28\u62bc\u7684 ETH \u5df2\u8fbe 3000 \u4e07\u679a\uff0c\u5360\u603b\u91cf\u7684 1\/4\uff08\u8fd9\u662f\u4eca\u5e74 2 \u6708\u7684\u6570\u636e\uff09<\/strong>\u8fd9\u4e2a\u6bd4\u4f8b\u76f8\u5f53\u53ef\u89c2\uff0c\u800c\u4e14\u8fd8\u5728\u4e0a\u5347\uff0c\u6ca1\u6709\u4efb\u4f55\u653e\u7f13\u8ff9\u8c61\u3002\u4e0b\u56fe\u663e\u793a\u4e86 ETH \u8d28\u62bc\u91cf\u968f\u65f6\u95f4\u7684\u53d8\u5316\uff0c\u53ef\u4ee5\u660e\u663e\u770b\u51fa\u5448\u6301\u7eed\u589e\u957f\u8d8b\u52bf\uff0c\u800c\u8fd9\u79cd\u8d8b\u52bf\u4f1a\u957f\u671f\u6301\u7eed\u4e0b\u53bb\u3002<\/p>\n

\u672a\u6765\uff0cETH \u7684\u65b0\u589e\u8d28\u62bc\u4e2d\u5c06\u6709\u5f88\u5927\u90e8\u5206\u53d7 LST\uff08\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff09\u5f71\u54cd\uff0c\u5982 stETH \u7b49\u3002<\/strong>\u8fd9\u4f1a\u8ba9 LST \u7684\u4f7f\u7528\u7387\u548c\u8d27\u5e01\u5c5e\u6027\u9010\u6e10\u589e\u5f3a\uff0c\u4f46\u8fd9\u53ef\u80fd\u5e26\u6765\u8d1f\u9762\u6548\u5e94\u3002<\/p>\n

\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

\u9996\u5148\uff0cLST \u5177\u5907\u7f51\u7edc\u6548\u5e94\uff0c\u89c4\u6a21\u8f83\u5927\u7684 LST \u9879\u76ee\u4f1a\u8695\u98df\u8be5\u8d5b\u9053\u4e2d\u6240\u6709\u7684\u6d41\u52a8\u6027\uff0c\u6700\u7ec8\u5f62\u6210\u8d62\u5bb6\u901a\u5403\uff0c\u8fd9\u4f1a\u52a0\u5267 LST \u8d5b\u9053\u7684\u7ade\u4e89\u683c\u5c40\u3002\u6b64\u5916\uff0c\u5982\u679c LST \u8d85\u8d8a ETH\uff0c\u6210\u4e3a\u4ee5\u592a\u574a\u4e0a\u9664 Gas Token \u7684\u4e3b\u6d41\u8d27\u5e01\uff0c\u5c4a\u65f6\u7528\u6237\u5c06\u9762\u4e34 LST \u5e26\u6765\u7684\u5bf9\u624b\u65b9\u98ce\u9669\u3002\u4ee5\u592a\u574a\u4e0a\u7684\u8d27\u5e01\u5e94\u5c3d\u53ef\u80fd\u514d\u4fe1\u4efb\uff0c\u624d\u80fd\u771f\u6b63\u5b9e\u73b0\u7ecf\u6d4e\u4e0a\u7684\u53ef\u6269\u5c55\u6027\u3002<\/p>\n

\uff08\u300c\u5bf9\u624b\u65b9\u98ce\u9669\u300d\u6307\u5bf9\u65b9\u53ef\u80fd\u8fdd\u7ea6 \/ \u65e0\u6cd5\u5c65\u884c\u4e49\u52a1\u3002LST \u573a\u666f\u4e2d\u300c\u5bf9\u624b\u65b9\u98ce\u9669\u300d\u4e3b\u8981\u5305\u62ec\u7528\u6237\u8d44\u4ea7\u88ab\u76d7\u3001LST \u4ef7\u683c\u6ed1\u70b9\u3001\u8d2c\u503c\uff09<\/p>\n

\u76ee\u524d\uff0cETH \u8d28\u62bc\u6ca1\u6709\u786c\u6027\u7684\u4e0a\u9650\u89c4\u5b9a\uff0c\u7406\u8bba\u4e0a\u6240\u6709 ETH \u90fd\u53ef\u88ab\u8d28\u62bc\u4ee5\u83b7\u5f97\u6536\u76ca\u3002\u800c LST \u663e\u8457\u6539\u53d8\u4e86\u8d28\u62bc\u7684\u6210\u672c\u7ed3\u6784\uff0c\u51e0\u4e4e\u6240\u6709\u7684 ETH \u90fd\u53ef\u80fd\u88ab\u8d28\u62bc\u3002\u56e0\u6b64\u6211\u4eec\u8ba4\u4e3a\uff0c\u4ee5\u592a\u574a\u7684\u7ecf\u6d4e\u6a21\u578b\u4e0e\u8d28\u62bc\u6a21\u5f0f\u5e94\u5f53\u5305\u542b\u52a8\u6001\u7684\u8c03\u8282\u653f\u7b56\uff0c\u8ba9\u8d28\u62bc\u6bd4\u4f8b\u5728\u4e00\u5b9a\u8303\u56f4\u5185\u8c03\u6574\uff0c<\/strong>\u8fd9\u6837\u4e00\u6765\u4ee5\u592a\u574a\u5c31\u80fd\u5728\u53ef\u63a7\u7684\u6210\u672c\u89c4\u6a21\u4e0b\u786e\u4fdd\u5b89\u5168\uff0c\u907f\u514d\u8d1f\u5916\u90e8\u6027\u7684\u4ea7\u751f\u3002<\/p>\n

\u5728\u672c\u6587\u4e2d\uff0c\u6211\u4eec\u9488\u5bf9\u4ee5\u592a\u574a\u7684\u7ecf\u6d4e\u6a21\u578b\u63d0\u51fa\u4e86\u4e00\u4e9b\u4e9f\u9700\u89e3\u51b3\u7684\u95ee\u9898\u3002<\/p>\n

ETH \u4ee3\u5e01\u53d1\u884c\u7b56\u7565\u7684\u73b0\u72b6\u4e0e\u672a\u6765\u8d8b\u52bf<\/strong><\/p>\n

\u5728\u5c55\u5f00\u8ba8\u8bba\u524d\uff0c\u6211\u4eec\u5148\u63a2\u8ba8\u5f53\u524d\u7684 ETH \u4ee3\u5e01\u53d1\u884c\u653f\u7b56\u4e0b\uff0c\u54ea\u4e9b\u957f\u671f\u7684\u8d28\u62bc\u6a21\u5f0f\u662f\u53ef\u884c\u7684\u3002<\/strong>\u4ee5\u592a\u574a\u7684\u5b89\u5168\u4f9d\u8d56\u4e8e\u4e00\u5b9a\u6bd4\u4f8b\u7684\u4ee3\u5e01\u8d28\u62bc\uff0c\u53ef\u4ee5\u6982\u62ec\u4e3a POS \u4ee5\u592a\u574a\u672c\u8eab\u6709\u300c\u5438\u5f15\u8d28\u62bc\u7684\u9700\u6c42\u300d\u3002\u800c\u5bf9\u8d28\u62bc\u7684\u9700\u6c42\u5728\u4ee5\u592a\u574a\u7684\u8d27\u5e01\u653f\u7b56\u4e2d\u6709\u660e\u786e\u89c4\u5b9a\uff0c\u6839\u636e\u5b9e\u9645\u7684\u8d28\u62bc\u6743\u91cd\uff0c\u534f\u8bae\u4f1a\u76f8\u5e94\u8c03\u6574 ETH \u589e\u53d1\u91cf\uff0c\u63d0\u9ad8\u5355\u4e2a\u8282\u70b9\u7684\u8d28\u62bc\u5956\u52b1\u3002<\/p>\n

\u7136\u800c\uff0cETH \u6301\u6709\u8005\u7684\u8d28\u62bc\u610f\u613f\u662f\u591a\u6837\u4e14\u590d\u6742\u7684\uff0c\u6211\u4eec\u53ea\u80fd\u57fa\u4e8e\u73b0\u6709\u4fe1\u606f\u8fdb\u884c\u5408\u7406\u63a8\u6d4b\uff0c\u7c97\u7565\u4f30\u8ba1\u8d28\u62bc\u610f\u613f\u53d8\u5316\u5bf9\u8d28\u62bc\u8005\u53c2\u4e0e\u60c5\u51b5\u7684\u957f\u671f\u5f71\u54cd\u3002<\/p>\n

ETH \u8d28\u62bc\u7684\u4f9b\u9700\u5173\u7cfb\u66f2\u7ebf\uff1a\u7528\u589e\u53d1\u7684 ETH \u6362\u53d6\u5b89\u5168\u4fdd\u969c<\/strong><\/p>\n

Validator \u8282\u70b9\u8d28\u62bc ETH \u4f1a\u8ba9\u534f\u8bae\u83b7\u5f97\u5b89\u5168\u4fdd\u969c\uff0c\u534f\u8bae\u518d\u5411 ETH \u8d28\u62bc\u8005\u5206\u53d1\u4ee3\u5e01\u5956\u52b1\uff0c\u8fd9\u662f\u4e00\u4e2a\u53cc\u8d62\u673a\u5236\u3002<\/strong>\uff08\u9650\u4e8e\u7bc7\u5e45\uff0c\u672c\u6587\u5bf9\u300c\u5b89\u5168\u6027\u9700\u8981\u8fbe\u5230\u4ec0\u4e48\u7a0b\u5ea6\u300d\u7b49\u5177\u4f53\u95ee\u9898\u4e0d\u52a0\u8ba8\u8bba\uff0c\u60f3\u8981\u4e86\u89e3\u8be6\u60c5\u53ef\u4ee5\u53c2\u8003\u6587\u7ae0 Paths toward single-slot finality\uff09\u800c Validator \u7684\u6536\u76ca\u4e3b\u8981\u6765\u81ea\u4e24\u90e8\u5206\uff1a<\/p>\n

\u7b2c\u4e00\u90e8\u5206\uff1a<\/strong>\u534f\u8bae\u6839\u636e\u56fa\u5b9a\u7684\u6536\u76ca\u66f2\u7ebf\u53d1\u653e\u7684\u5956\u52b1\uff1b\uff08\u5c31\u662f\u4ee5\u592a\u574a\u6bcf\u5e74\u901a\u8fc7\u589e\u53d1 ETH\uff0c\u5206\u914d\u7ed9\u8d28\u62bc\u53c2\u4e0e\u8005\u7684\u5956\u52b1\uff09<\/p>\n

\u7b2c\u4e8c\u90e8\u5206\uff1a<\/strong>Validator \u5728\u51fa\u5757\u8fc7\u7a0b\u4e2d\u83b7\u5f97\u7684 MEV \u6536\u76ca\u3002<\/p>\n

\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

\uff08\u672c\u56fe\u6a2a\u8f74\u4e3a ETH \u7684\u8d28\u62bc\u53c2\u4e0e\u5ea6\uff0c\u7eb5\u8f74\u4e3a\u8d28\u62bc\u6536\u76ca\u7387\uff0c\u63cf\u8ff0\u4e86\u4ee5\u592a\u574a\u534f\u8bae\u4e3a\u6ee1\u8db3\u4e0d\u540c\u7684\u8d28\u62bc\u7387\uff0c\u6240\u613f\u610f\u63d0\u4f9b\u7684\u8d28\u62bc\u6536\u76ca \u6211\u4eec\u53ef\u4ee5\u5c06\u4ee5\u592a\u574a\u534f\u8bae\u89c6\u4e3a\u4e70\u5bb6 \u8d28\u62bc\u8005\u89c6\u4e3a\u5356\u5bb6\uff09<\/p>\n

\u6ce8\uff1a\u8981\u7406\u89e3\u4e0b\u9762\u7684\u5185\u5bb9\uff0c\u53ef\u80fd\u9700\u8981\u8bfb\u8005\u5bf9\u7ecf\u6d4e\u5b66\u4e2d\u7684\u4f9b\u9700\u5173\u7cfb\u66f2\u7ebf\u6709\u7b80\u5355\u7684\u8ba4\u77e5\u3002<\/strong><\/p>\n

ETH \u589e\u53d1\u6536\u76ca\u66f2\u7ebf\uff08\u7eff\u8272\u5b9e\u7ebf\uff09\uff1a<\/strong>\u4ece\u8be5\u66f2\u7ebf\u4e2d\u53ef\u4ee5\u770b\u51fa\uff0c\u968f\u7740\u8d28\u62bc\u8005\u589e\u52a0\uff0c\u4ee5\u592a\u574a\u63d0\u4f9b\u7ed9\u5355\u4e2a\u8282\u70b9\u7684\u8d28\u62bc\u5956\u52b1\u5c06\u9010\u6b65\u51cf\u5c11\u3002ETH \u8d28\u62bc\u53c2\u4e0e\u5ea6\u8f83\u4f4e\u65f6\uff0c\u7cfb\u7edf\u9700\u8981\u66f4\u591a\u5956\u52b1\u9a8c\u8bc1\u8005\uff0c\u4ee5\u9f13\u52b1\u66f4\u591a\u4eba\u8d28\u62bc ETH\uff1b\u5f53\u8d8a\u6765\u8d8a\u591a\u4eba\u53c2\u4e0e\u8d28\u62bc\u65f6\uff0c\u5355\u4e2a\u9a8c\u8bc1\u8005\u5bf9\u7f51\u7edc\u5b89\u5168\u7684\u8fb9\u9645\u8d21\u732e\u4f1a\u964d\u4f4e\uff0c\u5bf9\u8d28\u62bc\u5956\u52b1\u7684\u9700\u6c42\u4e5f\u968f\u4e4b\u51cf\u5c11\u3002<\/p>\n

\u603b\u8d28\u62bc\u6536\u76ca\u66f2\u7ebf\uff08\u7eff\u8272\u865a\u7ebf\uff09\uff1aETH \u7684\u56fa\u5b9a\u589e\u53d1\u6536\u76ca\u52a0\u4e0a MEV \u6536\u76ca\uff0c\u6784\u6210\u4e86\u8d28\u62bc\u8005\u7684\u603b\u8d28\u62bc\u6536\u76ca\u3002<\/strong>\u8fd9\u91cc\u8981\u6ce8\u610f\uff0cMEV \u6536\u76ca\u7387\u7684\u8ba1\u7b97\u65b9\u5f0f\u4e3a\uff1aMEV \u6536\u76ca\u603b\u91cf\uff08\u53bb\u5e74\u7ea6\u4e3a 30 \u4e07\u4e2a ETH\uff09\u9664\u4ee5\u88ab\u8d28\u62bc\u7684 ETH \u603b\u91cf\u3002<\/p>\n

\u7531\u4e8e MEV \u6536\u76ca\u603b\u91cf\u57fa\u672c\u662f\u56fa\u5b9a\u7684\uff0c\u6240\u4ee5\u968f\u7740\u9a8c\u8bc1\u8005\u589e\u591a\uff0cMEV \u6536\u76ca\u7387\u4f1a\u5feb\u901f\u4e0b\u964d\uff0c\u6700\u7ec8\u4f7f\u5f97\u8d28\u62bc\u6536\u76ca\u7387\u8d8b\u8fd1\u4e8e\u5355\u7eaf\u7684 ETH \u589e\u53d1\u7387\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4ee5\u592a\u574a\u7684 MEV \u6536\u76ca\u5728\u8fc7\u53bb\u4e00\u6bb5\u65f6\u95f4\u5185\u76f8\u5f53\u7a33\u5b9a\uff08\u53c2\u8003 MEV-Boost Dashboard\uff09\uff0c\u867d\u7136\u8fd9\u5728\u672a\u6765\u53ef\u80fd\u53d8\u5316\uff0c\u4f46\u4e3a\u4e86\u7b80\u5316\u6211\u4eec\u7684\u8ba8\u8bba\u573a\u666f\uff0c\u6682\u65f6\u5c06\u5176\u89c6\u4e3a\u56fa\u5b9a\u4e0d\u53d8\u7684\u3002<\/p>\n

\u4ece\u4e0a\u8ff0\u66f2\u7ebf\u4e2d\uff0c\u6211\u4eec\u53ef\u4ee5\u8bfb\u5230\u4e24\u6761\u5173\u952e\u4fe1\u606f\uff1a<\/strong><\/p>\n

    \n
  • \u4e3a\u4e86\u907f\u514d\u8d28\u62bc\u53c2\u4e0e\u5ea6\u8fc7\u4f4e\uff0c\u4ee5\u592a\u574a\u5728\u8d28\u62bc\u53c2\u4e0e\u5ea6\u8f83\u4f4e\u65f6\u8bbe\u7f6e\u4e86\u9ad8\u56de\u62a5\u6765\u5438\u5f15\u66f4\u591a\u8d28\u62bc\u8005\u3002<\/li>\n
  • \u6bcf\u4e2a\u8d28\u62bc\u8005\u7684\u8fb9\u9645\u6548\u7528\u9012\u51cf\uff0c\u5373\u968f\u7740\u8d28\u62bc\u53c2\u4e0e\u5ea6\u589e\u52a0\uff0cETH \u4ee3\u5e01\u7684\u589e\u53d1\u7387\u9010\u6e10\u51cf\u5c11\u3002<\/li>\n<\/ul>\n

    \u7136\u800c\uff0c\u4e0a\u8ff0\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u672a\u80fd\u7406\u60f3\u7684\u8c03\u8282\u8d28\u62bc\u53c2\u4e0e\u5ea6\u3002<\/strong>\u9996\u5148\uff0c\u8be5\u66f2\u7ebf\u65e0\u6cd5\u6709\u6548\u9650\u5236\u8d28\u62bc\u6bd4\u4f8b\u7684\u9608\u503c\uff0c\u5373\u4f7f\u6240\u6709\u7684 ETH \u90fd\u88ab\u8d28\u62bc\uff0c\u8d28\u62bc\u6fc0\u52b1\u4ecd\u4f1a\u4fdd\u6301\u5728\u7ea6 2% \u5de6\u53f3\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5728\u6fc0\u52b1\u8bbe\u8ba1\u5c42\u9762\uff0c\u4ee5\u592a\u574a\u6ca1\u6709\u5bf9\u6700\u7ec8\u5b9e\u73b0\u7684\u8d28\u62bc\u6bd4\u4f8b\u8fdb\u884c\u7cbe\u51c6\u63a7\u5236\u3002\u603b\u4f53\u800c\u8a00\uff0c\u9664\u4e86\u5728\u521d\u59cb\u9636\u6bb5\u901a\u8fc7\u9ad8\u6fc0\u52b1\u6765\u786e\u4fdd\u7cfb\u7edf\u6709\u6700\u4f4e\u7684\u5b89\u5168\u4fdd\u969c\u5916\uff0c\u534f\u8bae\u6ca1\u6709\u5f15\u5bfc\u8d28\u62bc\u6c34\u5e73\u8fbe\u5230\u67d0\u4e2a\u5177\u4f53\u8303\u56f4\u3002<\/strong><\/p>\n

    \u9700\u8981\u6ce8\u610f\uff0c\u4e0a\u9762\u63d0\u5230\u7684\u53ea\u662f\u540d\u4e49\u6536\u76ca\uff0c\u672a\u8003\u8651\u589e\u53d1 ETH \u672c\u8eab\u5e26\u6765\u7684\u7a00\u91ca\u6548\u5e94\u3002\u968f\u7740\u66f4\u591a ETH \u88ab\u589e\u53d1\uff0c\u7a00\u91ca\u6548\u5e94\u5c06\u6108\u53d1\u663e\u8457\u3002\u5bf9\u6b64\u6211\u4eec\u6682\u65f6\u5ffd\u7565\u7a00\u91ca\u6548\u5e94\u7684\u5f71\u54cd\uff0c\u653e\u5230\u540e\u6587\u8be6\u7ec6\u8ba8\u8bba\u3002<\/p>\n

    ETH \u8d28\u62bc\u7684\u4f9b\u7ed9\u4fa7\u5206\u6790<\/strong><\/p>\n

    \u4e0a\u6587\u8ba8\u8bba\u4e86\u8d28\u62bc\u7684\u9700\u6c42\u66f2\u7ebf\uff0c\u4e5f\u5c31\u662f\u4ee5\u592a\u574a\u534f\u8bae\u4e3a\u6ee1\u8db3\u4e0d\u540c\u7684\u8d28\u62bc\u6bd4\u4f8b\uff0c\u6240\u613f\u610f\u63d0\u4f9b\u7684\u8d28\u62bc\u6536\u76ca\u3002\u73b0\u5728\u6211\u4eec\u5c06\u76ee\u5149\u8f6c\u5411\u4f9b\u7ed9\u66f2\u7ebf\u3002\u8d28\u62bc\u4f9b\u7ed9\u66f2\u7ebf\u5c55\u793a\u4e86 ETH \u6301\u6709\u8005\u5728\u4e0d\u540c\u6536\u76ca\u7387\u4e0b\u7684\u8d28\u62bc\u610f\u613f\uff0c\u63ed\u793a\u4e86\u4e0d\u540c\u8d28\u62bc\u53c2\u4e0e\u5ea6\u6240\u9700\u7684\u6761\u4ef6\u3002<\/p>\n

    \u4e00\u822c\u60c5\u51b5\u4e0b\uff0c\u8be5\u66f2\u7ebf\u4f1a\u5448\u53f3\u4e0a\u503e\u659c\uff0c\u8fd9\u610f\u5473\u7740\u7f51\u7edc\u8981\u8fbe\u5230\u66f4\u9ad8\u7684\u8d28\u62bc\u53c2\u4e0e\u5ea6\uff0c\u9700\u8981\u66f4\u9ad8\u7684\u6fc0\u52b1\u3002\u7136\u800c\uff0c\u7531\u4e8e\u8d28\u62bc\u610f\u613f\u65e0\u6cd5\u88ab\u76f4\u63a5\u89c2\u6d4b\u6216\u51c6\u786e\u6d4b\u91cf\uff0c\u4f9b\u7ed9\u66f2\u7ebf\u7684\u5f62\u72b6\u65e0\u6cd5\u5177\u4f53\u63cf\u7ed8\uff0c\u6211\u4eec\u53ea\u80fd\u901a\u8fc7\u5b9a\u6027\u5206\u6790\u6765\u63a8\u6d4b\u3002<\/p>\n

    \u6b64\u5916\uff0c\u4f9b\u7ed9\u66f2\u7ebf\u5e76\u975e\u4e00\u6210\u4e0d\u53d8\uff0c\u6211\u4eec\u5c06\u63a2\u8ba8\u8d28\u62bc\u6210\u672c\u968f\u65f6\u95f4\u7684\u53d8\u5316\uff0c\u4ee5\u53ca\u8fd9\u79cd\u53d8\u5316\u5982\u4f55\u5f71\u54cd ETH \u6301\u6709\u8005\u7684\u8d28\u62bc\u51b3\u7b56\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u8d28\u62bc\u6210\u672c\u7684\u53d8\u5316\u5c06\u5bfc\u81f4\u4f9b\u7ed9\u66f2\u7ebf\u7684\u4f4d\u79fb\uff0c\u4f7f\u5f97 ETH \u6301\u6709\u8005\u5bf9\u8d28\u62bc\u6fc0\u52b1\u7684\u9700\u6c42\u53d1\u751f\u53d8\u5316\u3002<\/strong><\/p>\n

    \u6211\u4eec\u53ea\u80fd\u5c06\u5386\u53f2\u4e0a\u53ef\u89c2\u5bdf\u5230\u7684\u8d28\u62bc\u6c34\u5e73\u62df\u5408\u6210\u8fd1\u4f3c\u7684\u7684\u8d28\u62bc\u4f9b\u5e94\u66f2\u7ebf\uff0c\u6bcf\u4e2a\u7279\u5b9a\u65f6\u95f4\u70b9\u4e0a\u9700\u6c42\u66f2\u7ebf\u548c\u4f9b\u5e94\u66f2\u7ebf\u7684\u4ea4\u6c47\u70b9\u53cd\u6620\u4e86\u5386\u53f2\u4e0a\u771f\u5b9e\u8fbe\u6210\u7684\u8d28\u62bc\u53c2\u4e0e\u7387\u3002<\/p>\n

    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

    \u672c\u56fe\u6a2a\u8f74\u4ecd\u4e3a ETH \u8d28\u62bc\u53c2\u4e0e\u5ea6\uff0c\u7eb5\u8f74\u4e3a\u8d28\u62bc\u6536\u76ca\u7387\u3002\u5982\u56fe\u6240\u793a\uff0c\u81ea\u4ee5\u592a\u574a\u4fe1\u6807\u94fe\u542f\u52a8\u4ee5\u6765\uff0c\u8d28\u62bc\u7684 ETH \u603b\u91cf\u6301\u7eed\u589e\u52a0\uff0c\u8d28\u62bc\u91cf\u7684\u4f9b\u5e94\u66f2\u7ebf\u662f\u5411\u4e0b\u79fb\u52a8\u7684\u3002\u5373\u4f7f\u5728\u8f83\u4f4e\u7684\u8d28\u62bc\u6536\u76ca\u4e0b\uff0cETH \u6301\u6709\u8005\u7684\u8d28\u62bc\u610f\u613f\u4f9d\u7136\u4f1a\u589e\u52a0\u3002<\/strong>\u4ece\u5386\u53f2\u8d8b\u52bf\u770b\uff0c\u77ed\u671f\u5185\u4f9b\u5e94\u66f2\u7ebf\u6301\u7eed\u4e0b\u79fb\u5c5e\u4e8e\u5408\u7406\u9884\u671f\u3002\u7136\u800c\u503c\u5f97\u6df1\u5165\u63a2\u8ba8\u7684\u662f\u957f\u671f\u8d28\u62bc\u5e73\u8861\u7684\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u4ed4\u7ec6\u5206\u6790\u4f9b\u7ed9\u7aef\u7684\u6784\u6210\u3002<\/p>\n

    \u4efb\u4f55 ETH \u6301\u6709\u8005\u5728\u51b3\u5b9a\u662f\u5426\u8d28\u62bc\u65f6\uff0c\u901a\u5e38\u4f1a\u8003\u8651\u4e24\u4e2a\u4e3b\u8981\u56e0\u7d20\uff1a\u8d28\u62bc\u6536\u76ca\u4ee5\u53ca\u6240\u9700\u6210\u672c\u3002\u603b\u4f53\u6765\u770b\uff0c\u9a8c\u8bc1\u8005\u624b\u4e2d\u5355\u4f4d\u8d44\u4ea7\u7684\u8d28\u62bc\u6536\u76ca\u662f\u76f8\u540c\u7684\uff0c\u4f46\u4e0d\u540c\u7c7b\u578b\u7684\u8d28\u62bc\u8005\u5374\u5728\u6210\u672c\u7ed3\u6784\u4e0a\u5b58\u5728\u663e\u8457\u5dee\u5f02\u3002\u4e0b\u6587\u5c06\u6df1\u5165\u5bf9\u6bd4\u72ec\u7acb\u8d28\u62bc\u8005\u548c\u8d28\u62bc\u670d\u52a1\u63d0\u4f9b\u5546\uff08SSPs\uff09\u4e4b\u95f4\u7684\u5dee\u5f02\u3002<\/strong><\/p>\n

    \u72ec\u7acb\u8d28\u62bc\u8005 vs \u8d28\u62bc\u670d\u52a1\u63d0\u4f9b\u5546<\/strong><\/p>\n

    SSPs \u63a5\u53d7\u7528\u6237\u7684 ETH\uff0c\u5e76\u4ee3\u7528\u6237\u5b8c\u6210\u8d28\u62bc\u64cd\u4f5c\uff0c\u6536\u53d6\u4e00\u5b9a\u7684\u670d\u52a1\u8d39\u7528\u3002\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u4ed6\u4eec\u4f1a\u4e3a\u7528\u6237\u63d0\u4f9b LST \u4f5c\u4e3a\u8d28\u62bc\u51ed\u8bc1\uff0c\u7528\u6237\u53ef\u4ee5\u628a LST \u7528\u4e8e\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\uff08\u6bd4\u5982 stETH\uff09\u3002\u5bf9\u4e8e LST \u6301\u6709\u8005\u800c\u8a00\uff0c\u8fd9\u4e9b\u4ee3\u5e01\u7684\u6d41\u52a8\u6027\u53d6\u51b3\u4e8e LST \u7684\u6574\u4f53\u4f7f\u7528\u7387\uff0c\u4ee5\u53ca\u7b2c\u4e09\u65b9\u534f\u8bae\u5bf9\u5176\u7684\u652f\u6301\u7387\u3002<\/p>\n

    \u6211\u4eec\u8981\u91cd\u70b9\u5206\u6790\u7684\uff0c\u662f Lido \u8fd9\u7c7b\u53d1\u884c LST \u7684 SSPs\u3002\u81f3\u4e8e\u90a3\u4e9b\u4e0d\u53d1\u884c LST \u7684 SSPs\uff0c\u53ef\u4ee5\u5c06\u5176\u89c6\u4f5c LST \u6d41\u52a8\u6027\u4ef7\u503c\u4e3a\u96f6\u7684\u7279\u6b8a\u60c5\u51b5\uff0c\u4e0d\u5728\u672c\u6587\u8ba8\u8bba\u3002<\/p>\n

    \u5bf9\u4e8e\u5927\u591a\u6570\u4eba\u800c\u8a00\uff0c\u5355\u72ec\u8d28\u62bc\u4e0d\u9700\u8981\u4fe1\u4efb\u7b2c\u4e09\u65b9\uff0c\u4f46\u53c2\u4e0e\u95e8\u69db\u8f83\u9ad8\uff0c\u64cd\u4f5c\u7e41\u7410\uff1b\u76f8\u6bd4\u4e4b\u4e0b\uff0cLST \u9700\u8981\u4e00\u5b9a\u7a0b\u5ea6\u7684\u4fe1\u4efb\uff0c\u4f46\u5374\u5177\u6709\u663e\u8457\u7684\u7b80\u6613\u6027\u548c\u6d41\u52a8\u6027\u4f18\u52bf\u3002<\/strong><\/p>\n

    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

    \u5728\u6bd4\u8f83\u8fd9\u4e24\u79cd\u8d28\u62bc\u65b9\u5f0f\u540e\uff0c\u6211\u4eec\u53ef\u4ee5\u5f97\u51fa\u4e24\u4e2a\u91cd\u8981\u7ed3\u8bba\uff1a<\/strong><\/p>\n

    1. \u5728\u4e0d\u540c\u7684 ETH \u6301\u6709\u8005\u4e4b\u95f4\uff0c\u72ec\u7acb\u8d28\u62bc\u7684\u6210\u672c\u7ed3\u6784\u5b58\u5728\u660e\u663e\u5dee\u5f02\uff0c<\/strong>\u6280\u672f\u542b\u91cf\u7684\u9ad8\u4f4e\u3001\u786c\u4ef6\u6761\u4ef6\u53ca\u8fd0\u7ef4\u6210\u672c\u7684\u4e0d\u540c\uff0c\u4ee5\u53ca\u5bf9\u6258\u7ba1\u5b89\u5168\u7684\u4fe1\u5fc3\uff0c\u90fd\u4f7f\u5f97\u72ec\u7acb\u8d28\u62bc\u8005\u7684\u4f9b\u5e94\u66f2\u7ebf\u66f4\u4e3a\u9661\u5ced\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5982\u679c\u8981\u8ba9\u72ec\u7acb\u8d28\u62bc\u8005\u7684\u6570\u91cf\u663e\u8457\u589e\u52a0\uff0c\u8981\u4e48\u5927\u5e45\u589e\u52a0\u8d28\u62bc\u6536\u76ca\uff0c\u8981\u4e48\u6539\u5584\u8d28\u62bc\u64cd\u4f5c\u7684 UX\u3002<\/p>\n

    2. \u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5229\u7528 SSPs \u8d28\u62bc\u7684\u7528\u6237\u6210\u672c\u7ed3\u6784\u57fa\u672c\u76f8\u540c\uff0c<\/strong>\u4e3b\u8981\u5dee\u5f02\u4ec5\u4f53\u73b0\u5728\u5bf9 SSP \u8fd0\u8425\u98ce\u9669\u7684\u8bc4\u4f30\u4ee5\u53ca\u5bf9 LST \u4e0e ETH \u4e4b\u95f4\u5151\u6362\u6ed1\u70b9\u7684\u987e\u8651\u3002\u56e0\u6b64\uff0cSSP \u7684\u4f9b\u5e94\u66f2\u7ebf\u8f83\u4e3a\u5e73\u7f13\u3002\u8fd9\u610f\u5473\u7740\uff0c\u8981\u5438\u5f15\u66f4\u591a\u7684 ETH \u6301\u6709\u8005\u8fdb\u884c LSD \u6d41\u52a8\u6027\u8d28\u62bc\uff0c\u6240\u9700\u7684\u6536\u76ca\u7387\u589e\u5e45\u76f8\u5bf9\u8f83\u5c0f\uff0c\u53ef\u4ee5\u8f83\u4e3a\u5e73\u6ed1\u5730\u6269\u5927\u8d28\u62bc\u53c2\u4e0e\u7387\u3002<\/p>\n

    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

    \u6b64\u5916\uff0c\u72ec\u7acb\u8d28\u62bc\u7684\u6210\u672c\u4e0d\u53d7\u8d28\u62bc\u53c2\u4e0e\u5ea6\u7684\u5f71\u54cd\uff0c\u800c\u6301\u6709 LST \u7684\u6210\u672c\u5219\u53ef\u80fd\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u4ee5\u53ca SSPs \u4f7f\u7528\u7387\u7684\u63d0\u5347\u9010\u6e10\u964d\u4f4e\uff0c\u539f\u56e0\u5982\u4e0b\uff1a<\/p>\n

    1. LST \u7684\u300c\u8d27\u5e01\u5c5e\u6027\u300d\u589e\u5f3a\uff1a<\/strong>\u5f53\u67d0\u79cd LST \u7684\u53d7\u6b22\u8fce\u7a0b\u5ea6\u63d0\u5347\u65f6\uff0c\u6211\u4eec\u53ef\u4ee5\u9884\u671f\u5176\u5c06\u5f97\u5230\u8d8a\u6765\u8d8a\u591a\u9879\u76ee\u7684\u652f\u6301\uff0c\u8d85\u8d8a\u539f\u751f ETH \u7684\u4f7f\u7528\u573a\u666f\uff0c\u4f8b\u5982\u66f4\u591a\u7684 DeFi \u534f\u8bae\u96c6\u6210 LST\uff0c\u4e8c\u5c42\u7f51\u7edc\u9ed8\u8ba4\u5bf9\u6865\u63a5\u7684 ETH \u8fdb\u884c\u6d41\u52a8\u6027\u8d28\u62bc\u7b49\u3002\u5f53 ETH \u8d28\u62bc\u6bd4\u4f8b\u8db3\u591f\u9ad8\u65f6\uff0cLST \u751a\u81f3\u53ef\u80fd\u5728\u6d41\u52a8\u6027\u65b9\u9762\u8d85\u8d8a\u672a\u8d28\u62bc\u7684 ETH\uff0c\u53cd\u8f6c\u4e8c\u8005\u7684\u6d41\u52a8\u6027\u5dee\u8ddd\u3002<\/p>\n

    2. \u667a\u80fd\u5408\u7ea6\u98ce\u9669\u964d\u4f4e\uff1a<\/strong>\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0cLST \u7684\u667a\u80fd\u5408\u7ea6\u4f1a\u7ecf\u8fc7\u5927\u91cf\u7684\u5b9e\u8df5\u68c0\u9a8c\uff0c\u5e76\u4e14\u901a\u8fc7\u5f62\u5f0f\u5316\u9a8c\u8bc1\u7b49\u65b9\u5f0f\u8fdb\u4e00\u6b65\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n

    3. \u6cbb\u7406\u7cfb\u7edf\u7a33\u5065\u6027\u7684\u63d0\u5347\uff1a<\/strong>\u968f\u7740\u4f7f\u7528\u7387\u7684\u589e\u52a0\uff0cLST \u76f8\u5173\u7684\u6cbb\u7406\u673a\u5236\u4e5f\u4f1a\u53d8\u5f97\u66f4\u52a0\u6210\u719f\u548c\u7a33\u5065\uff0c\u4f8b\u5982 LDO + stETH dual governance \u63d0\u6848\u5c31\u53cd\u6620\u4e86 LST \u6cbb\u7406\u4f53\u7cfb\u7684\u8fdb\u6b65\u3002<\/p>\n

    4. \u5bf9\u5927\u89c4\u6a21\u98ce\u9669\u9884\u671f\u7684\u964d\u4f4e\uff1a<\/strong>\u5f53\u67d0\u79cd LST \u5360\u636e\u6574\u4f53\u5e02\u573a\u8db3\u591f\u5927\u7684\u6bd4\u4f8b\u65f6\uff0c\u5b83\u53ef\u80fd\u4f1a\u88ab\u89c6\u4e3a\u300c\u592a\u5927\u800c\u4e0d\u80fd\u5012\u300d\u7684\u5b58\u5728\u3002\u6240\u4ee5\u7528\u6237\u76f8\u4fe1\u5e02\u573a\u4e0a\u7684\u5404\u79cd\u529b\u91cf\u4f1a\u5728 SPPs \u51fa\u73b0\u95ee\u9898\u65f6\u53ca\u65f6\u8865\u6551\u3002<\/p>\n

    5. LSD \u670d\u52a1\u63d0\u4f9b\u5546\u7684\u76c8\u5229\u5e73\u8861\uff1a<\/strong>\u5f53 LST \u7684\u4f7f\u7528\u7387\u8db3\u591f\u9ad8\u4f7f\u5176\u6d41\u52a8\u6027\u8db3\u591f\u597d\uff0cSSPs \u53ef\u4ee5\u964d\u4f4e\u5355\u4f4d\u670d\u52a1\u8d39\u7528\u6765\u7ef4\u6301\u76c8\u5229\uff0c\u5438\u5f15\u66f4\u591a\u7528\u6237\u53c2\u4e0e\u3002<\/p>\n

    \u6574\u4f53\u6765\u770b\uff0cSSPs \u548c LST \u7684\u5b58\u5728\u4f7f\u5f97\u8d28\u62bc\u4f9b\u5e94\u66f2\u7ebf\u88ab\u663e\u8457\u62c9\u5e73\uff0c\u8fd9\u610f\u5473\u7740\u4e0d\u9700\u8981\u7ee7\u7eed\u63d0\u9ad8\u8d28\u62bc\u6fc0\u52b1\uff0c\u5c31\u53ef\u4ee5\u63a8\u52a8\u4ee5\u592a\u574a\u8d28\u62bc\u603b\u91cf\u7684\u589e\u52a0\u3002\u7531\u6b64\u53ef\u4ee5\u63a8\u6d4b\uff0cLSD \u5c06\u7ee7\u7eed\u5728\u63a8\u52a8\u8d28\u62bc\u91cf\u589e\u957f\u65b9\u9762\u53d1\u6325\u91cd\u8981\u4f5c\u7528\u3002<\/strong>\u7136\u800c\u8fd9\u6837\u4e00\u6765\uff0c\u957f\u671f\u7684\u65f6\u95f4\u7ef4\u5ea6\u4e2d\uff0c\u8d28\u62bc\u6fc0\u52b1\u5e76\u4e0d\u662f ETH \u8d28\u62bc\u589e\u957f\u7684\u684e\u688f\uff0c\u90a3\u4e48 ETH \u8d28\u62bc\u7a76\u7adf\u80fd\u8fbe\u5230\u591a\u5927\u89c4\u6a21\u5462\uff1f<\/strong><\/p>\n

    \u8d28\u62bc\u7387\u7684\u957f\u671f\u5747\u8861\u70b9<\/strong><\/p>\n

    \u7efc\u5408\u8003\u8651\u9700\u6c42\u548c\u4f9b\u5e94\u7b49\u56e0\u7d20\uff0c\u6211\u4eec\u53ef\u4ee5\u63a8\u6d4b\u51fa ETH \u8d28\u62bc\u80fd\u7ef4\u6301\u7684\u957f\u671f\u5747\u8861\u72b6\u6001\u3002\u524d\u9762\u6211\u4eec\u63d0\u5230\uff0c\u5f53\u8d28\u62bc\u53c2\u4e0e\u7387\u8f83\u4f4e\u65f6\uff0c\u9700\u6c42\u66f2\u7ebf\u8868\u73b0\u51fa\u660e\u663e\u7684\u503e\u5411\u6027\uff0c\u4f46\u5bf9\u4e8e\u957f\u671f\u5185\u53ef\u80fd\u8fbe\u5230\u7684\u5177\u4f53\u8d28\u62bc\u6bd4\u4f8b\u6ca1\u6709\u660e\u786e\u7ed3\u8bba\u3002<\/strong><\/p>\n

    \u968f\u540e\u6211\u4eec\u8bf4\u660e\u4e86\u968f\u7740\u8d28\u62bc\u6210\u672c\u548c\u98ce\u9669\u7684\u964d\u4f4e\uff0c\u4f9b\u5e94\u66f2\u7ebf\u4f1a\u968f\u65f6\u95f4\u9010\u6e10\u4e0b\u79fb\uff0c\u4f7f\u5f97\u8d8a\u6765\u8d8a\u591a\u4eba\u613f\u610f\u53c2\u4e0e\u8d28\u62bc\uff0c\u5176\u4e2d\u8d77\u5230\u4e3b\u8981\u63a8\u52a8\u4f5c\u7528\u7684\u6b63\u662f LST\u3002<\/strong>\u7136\u800c\uff0c\u4f9b\u5e94\u66f2\u7ebf\u672c\u8eab\u7684\u5f62\u72b6\u65e0\u6cd5\u5b9a\u91cf\u5206\u6790\uff0c\u5176\u662f\u5426\u8db3\u591f\u9661\u5ced\u3001\u80fd\u5bf9\u8d28\u62bc\u53c2\u4e0e\u5ea6\u5f62\u6210\u5408\u7406\u8c03\u8282\uff0c\u76ee\u524d\u5e76\u4e0d\u660e\u786e\u3002<\/p>\n

    \u56e0\u6b64\uff0c\u603b\u4f53\u8d28\u62bc\u6bd4\u4f8b\u7684\u5747\u8861\u70b9\u5e76\u4e0d\u80fd\u51c6\u786e\u8ba1\u7b97\u51fa\u6765\uff0c\u5b58\u5728\u5e7f\u6cdb\u7684\u53ef\u80fd\u6027\uff0c\u751a\u81f3\u53ef\u80fd\u63a5\u8fd1 100%\u3002\u4e0b\u56fe\u53cd\u6620\u4e86\u5373\u4f7f\u957f\u671f\u5185\u7684\u4f9b\u5e94\u66f2\u7ebf\u5dee\u5f02\u5f88\u5c0f\uff0c\u4e5f\u53ef\u80fd\u5bfc\u81f4\u8d28\u62bc\u6bd4\u4f8b\u7684\u5747\u8861\u70b9\u51fa\u73b0\u4f4d\u79fb\u3002<\/p>\n

    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

    \u5176\u5b9e\u6700\u5173\u952e\u7684\u4e0d\u5728\u4e8e\u8d28\u62bc\u53c2\u4e0e\u7387\u4f1a\u8fbe\u5230\u591a\u9ad8\uff0c\u800c\u662f\u8fd9\u79cd\u9ad8\u8d28\u62bc\u7387\u4e00\u65e6\u51fa\u73b0\uff0c\u4f1a\u5e26\u6765\u4e00\u7cfb\u5217\u9690\u60a3\u3002\u672c\u6587\u63d0\u51fa\u4e86\u4e00\u4e9b\u653f\u7b56\u4e0a\u7684\u8c03\u6574\u5efa\u8bae\uff0c\u4ee5\u9632\u6b62\u8fd9\u79cd\u60c5\u51b5\u53d1\u751f\u3002<\/p>\n

    \u8d28\u62bc\u6bd4\u4f8b\u5206\u6790\uff1a\u4ec0\u4e48\u60c5\u51b5\u4e0b\u8d28\u62bc\u7387\u5c11\u53cd\u800c\u66f4\u597d<\/strong><\/p>\n

    \u8d28\u62bc\u7387\u53ef\u4ee5\u5b9a\u4e49\u4e3a ETH \u8d28\u62bc\u91cf\u4e0e ETH \u603b\u4f9b\u5e94\u91cf\u7684\u6bd4\u503c\uff0cETH \u5f53\u524d\u603b\u4f9b\u5e94\u91cf\u7ea6\u4e3a 1.2 \u4ebf\u679a\uff0c\u5176\u4e2d\u5927\u7ea6\u6709 3000 \u4e07\u679a\u88ab\u8d28\u62bc\uff0c\u8d28\u62bc\u7387\u7ea6\u4e3a 25%\u3002\u5728\u63a2\u8ba8\u9ad8\u8d28\u62bc\u7387\u53ef\u80fd\u5e26\u6765\u7684\u6f5c\u5728\u95ee\u9898\u4e4b\u524d\uff0c\u6211\u4eec\u8981\u5148\u641e\u6e05\u695a\u4e00\u4e2a\u6807\u51c6\uff1a<\/p>\n

    \u5230\u5e95\u8d28\u62bc\u7387\u8fbe\u5230\u4f55\u79cd\u6c34\u5e73\uff0c\u5c31\u53ef\u4ee5\u4fdd\u8bc1\u4ee5\u592a\u574a\u7684\u5b89\u5168\u6027\u3002\u6839\u636e\u6b64\u524d\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u7684\u4e00\u6b21\u8ba8\u8bba\u8bb0\u5f55\uff0c\u6211\u4eec\u53ef\u4ee5\u77e5\u9053\u5f53\u524d\u7684\u8d28\u62bc\u6c34\u5e73\u8db3\u591f\u786e\u4fdd\u4ee5\u592a\u574a\u7684\u7ecf\u6d4e\u5b89\u5168\u4e86\u3002<\/strong><\/p>\n

    \u8fd9\u5c31\u5f15\u51fa\u4e86\u4e00\u4e2a\u95ee\u9898\u2014\u2014\u5982\u679c\u5f53\u524d\u7684\u8d28\u62bc\u7387\u5df2\u7ecf\u80fd\u591f\u4fdd\u969c\u7f51\u7edc\u5b89\u5168\uff0c\u662f\u5426\u6709\u5fc5\u8981\u8ffd\u6c42\u66f4\u9ad8\u7684\u8d28\u62bc\u7387\uff0c\u8fbe\u5230\u300c\u8fc7\u5ea6\u5b89\u5168\u300d\uff1f<\/strong>\u5728\u6211\u4eec\u770b\u6765\uff0c\u9ad8\u8d28\u62bc\u7387\u867d\u7136\u80fd\u589e\u5f3a\u7f51\u7edc\u7684\u5b89\u5168\uff0c\u4f46\u53ef\u80fd\u5e26\u6765\u4e00\u4e9b\u8d1f\u5916\u90e8\u6027\uff0c\u5f71\u54cd\u5230 ETH \u6301\u6709\u8005\u3001\u72ec\u7acb\u8d28\u62bc\u8005\uff0c\u751a\u81f3\u6574\u4e2a\u4ee5\u592a\u574a\u534f\u8bae\u7684\u8fd0\u884c\u3002<\/p>\n

    LST \u8d27\u5e01\u5c5e\u6027\u7684\u7f51\u7edc\u6548\u5e94\uff08LST\uff09\uff1a\u62d2\u7edd\u627f\u62c5\u98ce\u9669<\/strong><\/p>\n

    LSTs \u5728\u4e89\u593a\u8d27\u5e01\u5c5e\u6027\u8fd9\u4e2a\u95ee\u9898\u4e0a\u7ade\u4e89\u5f88\u6fc0\u70c8\u3002\u7531\u4e8e\u7f51\u7edc\u6548\u5e94\u7684\u5b58\u5728\uff0c\u8fd9\u79cd\u7ade\u4e89\u5f80\u5f80\u5448\u73b0\u51fa\u300c\u8d62\u5bb6\u901a\u5403\u300d\u7684\u5c40\u9762\u3002\u968f\u7740 LST \u7684\u5e94\u7528\u9886\u57df\u4e0d\u65ad\u6269\u5927\uff0c\u5b9e\u7528\u6027\u968f\u4e4b\u63d0\u9ad8\uff0c\u5e02\u5360\u7387\u4e5f\u4f1a\u9010\u6b65\u4e0a\u5347\uff0cLST \u7684\u8d27\u5e01\u5c5e\u6027\u5728\u591a\u4e2a\u65b9\u9762\u90fd\u5c06\u5f97\u5230\u52a0\u5f3a\uff0c\u4f8b\u5982\u94fe\u4e0a\u548c\u94fe\u4e0b\u7684\u96c6\u6210\u5ea6\u3001\u6d41\u52a8\u6027\u3001\u62b5\u5fa1\u6cbb\u7406\u653b\u51fb\u7684\u80fd\u529b\u7b49\u3002<\/p>\n

    \u5728\u9ad8\u8d28\u62bc\u7387\u7684\u73af\u5883\u4e2d\uff0c\u5982\u679c\u67d0\u5355\u4e00 SSP \u63a7\u5236\u4e86\u5927\u90e8\u5206\u7684\u8d28\u62bc\u6bd4\u4f8b\uff0c\u5f88\u53ef\u80fd\u4f1a\u88ab\u89c6\u4e3a\u300c\u5927\u800c\u4e0d\u5012\u300d\u3002<\/strong>\u5982\u679c\u5927\u591a\u6570 ETH \u90fd\u8d28\u62bc\u5728\u8be5 SSP \u5904\uff0c\u5f88\u96be\u6709\u529e\u6cd5\u5bf9\u5176\u8fdb\u884c\u6709\u6548\u60e9\u7f5a\u3002\u5982\u679c\u4e00\u4e2a\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u7684 SSP \u6e17\u900f\u8fdb\u4ee5\u592a\u574a\u534f\u8bae\u6cbb\u7406\u7684\u6838\u5fc3\uff0c\u4f46\u5374\u4e0d\u5fc5\u5bf9\u7528\u6237\u62c5\u8d1f\u76f8\u5e94\u7684\u8d23\u4efb\uff0c\u8fd9\u79cd\u96c6\u4e2d\u5316\u7684\u6cbb\u7406\u98ce\u9669\uff0c\u65e0\u7591\u4f1a\u5bf9\u4ee5\u592a\u574a\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea7\u751f\u6df1\u8fdc\u5f71\u54cd\u3002<\/p>\n

    \n
    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n<\/div>\n

    \u5982\u679c\u5927\u90e8\u5206 ETH \u90fd\u53c2\u4e0e\u4e86\u6d41\u52a8\u6027\u8d28\u62bc\uff0c\u5b9e\u9645\u4e0a\u5728\u9664 Gas Token \u4e4b\u5916\u7684\u591a\u6570\u573a\u666f\u4e2d\uff0c\u771f\u6b63\u4f5c\u4e3a\u8d27\u5e01\u7684\u5c06\u4f1a\u662f LST\u3002<\/strong>\u7136\u800c\uff0c\u65e0\u8bba\u662f\u7531 ETF\u3001CEX \u8fd8\u662f\u94fe\u4e0a\u8d28\u62bc\u6c60\u53d1\u884c\u7684 LSTs\uff0c\u90fd\u4f34\u968f\u7740\u4e0d\u540c\u7684\u4fe1\u4efb\u5047\u8bbe\uff0c\u5177\u6709\u663e\u8457\u98ce\u9669\u3002\u6700\u7ec8\uff0c\u7528\u6237\u5c06\u4e0d\u53ef\u907f\u514d\u5730\u627f\u53d7\u6765\u81ea\u8fd0\u8425\u5546\u3001\u6cbb\u7406\u3001\u6cd5\u5f8b\u4ee5\u53ca\u667a\u80fd\u5408\u7ea6\u7b49\u65b9\u9762\u7684\u989d\u5916\u98ce\u9669\uff0c\u8fd9\u663e\u7136\u4e0d\u662f\u7406\u60f3\u72b6\u6001\u3002<\/p>\n

    \u6b64\u5916\uff0cLST \u867d\u7136\u81ea\u5938\u53ef\u4ee5\u8fd8\u539f\u88ab\u8d28\u62bc ETH \u7684\u6d41\u52a8\u6027\uff0c\u4f46\u5176\u5728 DeFi \u4e2d\u4f5c\u4e3a\u62b5\u62bc\u7269\u7684\u6548\u679c\u80af\u5b9a\u4e0d\u5982\u539f\u751f ETH\u3002\u4ee5\u592a\u574a\u7f51\u7edc\u60f3\u8981\u5b9e\u73b0\u771f\u6b63\u7684\u7ecf\u6d4e\u53ef\u6269\u5c55\u6027\uff0c\u5176\u8d27\u5e01\u5fc5\u987b\u5c3d\u53ef\u80fd\u53bb\u4fe1\u4efb\u5316\uff0c\u6700\u597d\u662f\u4f7f\u7528 ETH \u672c\u8eab\u3002<\/p>\n

    \u6700\u5c0f\u53ef\u884c\u53d1\u884c\u91cf\u2014\u2014\u670d\u52a1\u4e8e\u7528\u6237\u4f53\u9a8c<\/strong><\/p>\n

    \u4ee5\u592a\u574a\u7684\u6700\u5c0f\u53ef\u53d1\u884c\u91cf MVI \u662f\u4ee5\u592a\u574a\u7f51\u7edc\u5728\u7ef4\u62a4\u5176\u5b89\u5168\u6027\u548c\u529f\u80fd\u6027\u524d\u63d0\u4e0b\uff0c\u6240\u9700\u7684\u6700\u4f4e\u53d1\u884c\u91cf\uff0c\u65e8\u5728\u5e73\u8861\u7f51\u7edc\u7684\u5b89\u5168\u6027\u548c ETH \u901a\u80c0\u7387\u3002\u6839\u636e MVI \u539f\u5219\uff0c\u5fc5\u987b\u786e\u4fdd\u6709\u8db3\u591f\u7684\u8d28\u62bc\u53c2\u4e0e\u6765\u4fdd\u969c\u534f\u8bae\u7684\u5b89\u5168\u6027\uff0c\u4f46\u8d28\u62bc\u91cf\u4e0d\u5b9c\u8fc7\u591a\u3002<\/strong><\/p>\n

    \u5f53\u8d28\u62bc\u6c34\u5e73\u8fbe\u5230\u67d0\u4e2a\u4e34\u754c\u70b9\u65f6\uff0c\u534f\u8bae\u7684\u5b89\u5168\u6027\u5df2\u7ecf\u8db3\u591f\u7a33\u56fa\uff0c\u6b64\u65f6\u989d\u5916\u8d28\u62bc\u5e26\u6765\u7684\u8fb9\u9645\u6548\u7528\u4f1a\u9010\u6e10\u9012\u51cf\uff0c\u751a\u81f3\u53ef\u80fd\u51fa\u73b0\u8d1f\u9762\u6548\u5e94\uff08\u4f8b\u5982\uff0c\u589e\u52a0\u7f51\u7edc\u8d1f\u8f7d\u3001\u7a00\u91ca ETH \u6301\u6709\u8005\u7684\u6743\u76ca\u7b49\uff09\u3002\u6b64\u5916\uff0c\u8d28\u62bc\u662f\u4e00\u9879\u534f\u8bae\u6240\u9700\u7684\u57fa\u7840\u670d\u52a1\uff0c\u534f\u8bae\u5e94\u4e3a\u8d28\u62bc\u652f\u4ed8\u5408\u7406\u7684\u62a5\u916c\u5438\u5f15\u7528\u6237\u53c2\u4e0e\uff0c\u800c\u4e0d\u662f\u56e0\u8d44\u4ea7\u7a00\u91ca\u538b\u529b\u4f7f\u7528\u6237\u88ab\u8feb\u53c2\u4e0e\u3002<\/strong><\/p>\n

    \u82e5 ETH \u53d1\u884c\u91cf\u7ee7\u7eed\u589e\u52a0\uff0c\u4f1a\u5bfc\u81f4\u6240\u6709 ETH \u6301\u6709\u8005\u548c\u8d28\u62bc\u8005\u9762\u4e34\u66f4\u5927\u7684\u7a00\u91ca\u98ce\u9669\uff0c\u7136\u800c SSP \u5374\u4e0d\u4f1a\u53d7\u5230\u8d1f\u9762\u5f71\u54cd\u3002\u56e0\u4e3a\u4ee3\u8d28\u62bc ETH \u7684\u6240\u6709\u6743\u5e76\u4e0d\u5c5e\u4e8e SSP\uff0cSSP \u53ea\u662f\u901a\u8fc7\u6536\u53d6\u670d\u52a1\u8d39\u6765\u83b7\u53d6\u6536\u5165\uff0cETH \u4ef7\u503c\u7a00\u91ca\u4e0e\u5176\u65e0\u5173\u3002\u4e0d\u4f46\u5982\u6b64\uff0c\u5982\u679c\u66f4\u591a\u4eba\u4e3a\u4e86\u5bf9\u51b2\u901a\u80c0\u800c\u53c2\u4e0e LSD \u8d28\u62bc\uff0cSSP \u6536\u7684\u670d\u52a1\u8d39\u7528\u80fd\u6c34\u6da8\u8239\u9ad8\u3002<\/p>\n

    \u5047\u8bbe\u4e00\u4e2a\u60c5\u5883\uff1a<\/strong>\u4ee5\u592a\u574a\u8d28\u62bc\u53c2\u4e0e\u7387\u4e3a 90%\uff0c\u8d28\u62bc\u5e74\u6536\u76ca\u7387 2%\uff0c\u6d41\u52a8\u6027\u8d28\u62bc\u5360\u603b\u8d28\u62bc\u4ef7\u503c\u7684 90%\uff0c\u4e14\u5e73\u5747 SSP \u8d39\u7387\u4e3a 10%\uff0c\u6362\u7b97\u4e0b\u6765\u6bcf\u5e74\u5c06\u6709\u76f8\u5f53\u4e8e\u4ee5\u592a\u574a\u5e02\u503c 0.16% \u7684\u8d39\u7528\u652f\u4ed8\u7ed9 SSP\uff0c\u7ea6\u4e3a 20 \u4e07 ETH\uff0c\u6309\u5f53\u524d\u4ef7\u683c\u8ba1\u7b97\uff0c\u7ea6\u5408 5.3 \u4ebf\u7f8e\u5143\u3002\u8fd9 5.3 \u4ebf\u7f8e\u5143\uff0c\u5b9e\u9645\u4e0a\u76f8\u5f53\u4e8e\u662f\u5bf9\u6240\u6709 ETH \u6301\u6709\u8005\u7684\u4e00\u79cd\u9690\u5f62\u7a0e\u6536\u3002<\/p>\n

    \u5b9e\u9645\u6536\u76ca\u7387\uff1a\u540d\u4e49\u6536\u76ca\u7387 \u2014 \u7a00\u91ca\u6548\u5e94<\/strong><\/p>\n

    \u7c7b\u4f3c\u4e8e\u91d1\u878d\u5b66\u4e2d\u7684\u540d\u4e49\u5229\u7387\u4e0e\u5b9e\u9645\u5229\u7387\uff0c\u5b9e\u9645\u6536\u76ca\u7387\u4e3a\u5254\u9664 ETH \u540d\u4e49\u8d28\u62bc\u6536\u76ca\u4e2d\u7684\u7a00\u91ca\u6548\u5e94\u540e\u5f97\u6765\u7684\u771f\u5b9e\u6536\u76ca\u7387\u3002<\/strong>\u968f\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u4eba\u53c2\u4e0e\u8d28\u62bc\uff0c\u4ee5\u53ca\u4ee5\u592a\u574a\u7684\u901a\u80c0\uff0c\u7531 ETH \u8d28\u62bc\u5e26\u6765\u7684\u540d\u4e49\u6536\u76ca\u5c06\u9010\u6e10\u88ab\u7a00\u91ca\uff0c\u5b9e\u9645\u6536\u76ca\u80fd\u66f4\u6e05\u6670\u5730\u53cd\u6620\u51fa\u8d28\u62bc\u7684\u771f\u5b9e\u6fc0\u52b1\uff0c\u800c\u6211\u4eec\u4e4b\u524d\u8ba8\u8bba\u7684\u8d28\u62bc\u6536\u76ca\u66f2\u7ebf\uff0c\u5747\u4e3a\u540d\u4e49\u6536\u76ca\u66f2\u7ebf\u3002<\/p>\n

    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

    \u4e0a\u56fe\u5206\u522b\u53cd\u6620\u4e86\u7a00\u91ca\u6548\u5e94\u5bf9\u8d28\u62bc\u8005\u548c\u975e\u8d28\u62bc ETH \u6301\u6709\u8005\u6536\u76ca\u7684\u5f71\u54cd\u3002\u5bf9\u4e8e\u4e0d\u8fdb\u884c\u8d28\u62bc\u7684 ETH \u6301\u6709\u8005\uff08\u56fe\u4e2d\u7ea2\u7ebf\u6240\u793a\uff09\uff0c\u7531\u4e8e\u4ed6\u4eec\u7684\u540d\u4e49\u4f59\u989d\u4fdd\u6301\u4e0d\u53d8\uff0c\u4f46\u627f\u53d7\u4e86\u901a\u80c0\u5e26\u6765\u7684\u7a00\u91ca\u6548\u5e94\uff0c\u6240\u4ee5\u4ed6\u4eec\u7684\u5b9e\u9645\u6536\u76ca\u663e\u7136\u662f\u8d1f\u7684\u3002\u4e3a\u4e86\u6e05\u6670\u5730\u63cf\u8ff0\u8fd9\u79cd\u5f71\u54cd\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u8d28\u62bc\u6bd4\u4f8b\u300cS\u300d\u5206\u4e3a\u4e24\u79cd\u60c5\u51b5\u8fdb\u884c\u5206\u6790\u3002<\/strong><\/p>\n

    \u5f53\u8d28\u62bc\u6bd4\u4f8b\u8f83\u4f4e\u65f6\uff08\u66f2\u7ebf\u5de6\u4fa7\u90e8\u5206\uff09\uff0c\u5b9e\u9645\u6536\u76ca\u66f2\u7ebf\uff08\u7eff\u8272\u5b9e\u7ebf\uff09\u4e0e\u540d\u4e49\u6536\u76ca\u66f2\u7ebf\uff08\u7070\u8272\u5b9e\u7ebf\uff09\u8f83\u4e3a\u63a5\u8fd1\uff0c<\/strong>\u8fd9\u662f\u56e0\u4e3a\u8d28\u62bc\u8005\u6570\u91cf\u8f83\u5c11\uff0c\u534f\u8bae\u901a\u8fc7\u589e\u53d1 ETH \u800c\u5206\u914d\u7684\u5956\u52b1\u4e5f\u5c11\uff0c\u6240\u4ee5 ETH \u901a\u80c0\u7387\u5f88\u4f4e\uff0c\u7a00\u91ca\u6548\u5e94\u8f83\u8f7b\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u8d28\u62bc\u7684\u4e3b\u8981\u6fc0\u52b1\u6765\u81ea\u4e8e\u6b63\u6536\u76ca\uff0c\u5373\u56fe\u4e2d\u7eff\u8272\u533a\u57df\u3002<\/p>\n

    \u5f53\u8d28\u62bc\u6bd4\u4f8b\u8f83\u9ad8\u65f6\uff08\u66f2\u7ebf\u53f3\u4fa7\u90e8\u5206\uff09\uff0c\u5b9e\u9645\u6536\u76ca\u4e0e\u540d\u4e49\u6536\u76ca\u66f2\u7ebf\u4e4b\u95f4\u7684\u5dee\u8ddd\u6e10\u6e10\u589e\u5927\u3002<\/strong>\u968f\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u8d28\u62bc\u8005\u53c2\u4e0e\uff0cETH \u7684\u589e\u53d1\u91cf\u589e\u52a0\uff0c\u7a00\u91ca\u6548\u5e94\u66f4\u660e\u663e\u3002\u9664\u4e86\u5b9e\u9645\u6536\u76ca\u7684\u51cf\u5c11\u5916\uff0c\u8d28\u62bc\u8005\u7684\u4e00\u90e8\u5206\u6fc0\u52b1\u6765\u6e90\u4e8e\u300c\u7a00\u91ca\u4fdd\u62a4\u300d\uff0c\u5373\u901a\u8fc7\u8d28\u62bc\u5bf9\u51b2\u901a\u80c0\u3002\u6781\u7aef\u60c5\u51b5\u4e0b\uff0c\u5f53\u8d28\u62bc\u6bd4\u4f8b\u63a5\u8fd1 100% \u65f6\uff0c\u8d28\u62bc\u7684\u5b9e\u9645\u6536\u76ca\u5c06\u4ec5\u7531 MEV \u6536\u76ca\u6784\u6210\uff0c\u6b64\u65f6\u4ee5\u592a\u574a\u7684\u901a\u80c0\u7387\u5c06\u975e\u5e38\u9ad8\uff0c\u56e0\u4e3a\u8981\u4e0d\u65ad\u7684\u589e\u53d1\u4ee3\u5e01\u5956\u52b1\u8d28\u62bc\u8005\u3002<\/p>\n

    \u603b\u7ed3\u4e0b\u6765\u5c31\u662f\uff0c\u8d28\u62bc\u6bd4\u4f8b\u9ad8\u4e0e\u4f4e\u7684\u6700\u5927\u533a\u522b\uff0c\u662f\u8d28\u62bc\u6536\u76ca\u7684\u6784\u6210\u4e0d\u540c\u3002<\/strong>\u4f4e\u8d28\u62bc\u6bd4\u4f8b\u4e0b\uff0c\u7528\u6237\u4f1a\u83b7\u5f97\u5b9e\u9645\u7684\u6b63\u5411\u6536\u76ca\uff0c\u8d28\u62bc\u6bd4\u4f8b\u63d0\u9ad8\u540e\uff0c\u7531\u4e8e\u901a\u80c0\u7387\u8f83\u9ad8\uff0c\u7528\u6237\u6700\u540e\u53ea\u80fd\u83b7\u5f97\u8f83\u5c11\u7684\u6536\u76ca\u7528\u6765\u62b5\u6d88\u7a00\u91ca\u6548\u5e94\uff0c\u5373\u300c\u7a00\u91ca\u4fdd\u62a4\u300d\u3002\u4ee5\u592a\u574a\u8d28\u62bc\u6bd4\u4f8b\u8d8a\u9ad8\uff0c\u65b0\u53d1\u884c\u7684 ETH \u5c31\u8d8a\u591a\uff0c\u8d28\u62bc\u7528\u6237\u7684\u540d\u4e49\u6536\u76ca\u5c31\u8d8a\u9ad8\uff0c\u7136\u800c\u540d\u4e49\u6536\u76ca\u9ad8\u5e76\u4e0d\u610f\u5473\u7740\u5b9e\u9645\u6536\u76ca\u9ad8\u3002<\/p>\n

    \u9700\u8981\u5f3a\u8c03\u7684\u662f\uff0c\u8fd9\u79cd\u6536\u76ca\u6784\u6210\u7684\u53d8\u5316\u5e76\u4e0d\u4f1a\u964d\u4f4e\u8d28\u62bc\u7684\u6fc0\u52b1\u4f5c\u7528\u3002\u5982\u679c\u53ea\u770b\u7ed3\u679c\uff0c\u7a00\u91ca\u4fdd\u62a4\u548c\u771f\u91d1\u767d\u94f6\u7684\u6b63\u6536\u76ca\uff0c\u5bf9\u4e8e\u7528\u6237\u6765\u8bf4\u540c\u6837\u5177\u6709\u5438\u5f15\u529b\u3002\u7136\u800c\uff0c\u4e24\u79cd\u4e0d\u540c\u6027\u8d28\u7684\u6536\u76ca\u5bf9\u7528\u6237\u7684\u610f\u4e49\u622a\u7136\u4e0d\u540c\uff1a\u5f53\u8d28\u62bc\u6bd4\u4f8b\u8f83\u4f4e\u65f6\uff0c\u8d28\u62bc\u662f\u4e00\u9879\u7531\u4ee5\u592a\u574a\u534f\u8bae\u4e3a\u4e4b\u4e70\u5355\u7684\u3001\u6709\u5229\u53ef\u56fe\u7684\u670d\u52a1\uff1b\u76f8\u53cd\uff0c\u5f53\u8d28\u62bc\u6bd4\u4f8b\u5347\u9ad8\u65f6\uff0c\u8d28\u62bc\u53d8\u6210\u4e86\u4e00\u79cd\u5bf9\u51b2\u901a\u80c0\u7684\u65e0\u5948\u4e4b\u4e3e\u3002<\/strong><\/p>\n

    \u56e0\u6b64\uff0c\u5982\u679c\u8d28\u62bc\u6bd4\u4f8b\u5411\u53f3\u79fb\u52a8\u5230\u6700\u9ad8\uff0c\u6211\u4eec\u53ef\u80fd\u4f1a\u9677\u5165\u4e00\u79cd\u6700\u5dee\u7684\u5c40\u9762\uff1a\u8d28\u62bc\u63d0\u4f9b\u7684\u5b9e\u9645\u6536\u76ca\u6781\u4e3a\u6709\u9650\uff0c\u8fd8\u5bf9\u90a3\u4e9b\u4e0d\u613f\u63a5\u53d7 LST \u7684\u4eba\u6784\u6210\u8d44\u4ea7\u7a00\u91ca\u7684\u5a01\u80c1\u3002<\/strong><\/p>\n

    \u4efb\u4f55\u8d28\u62bc\u8005\u5728\u540c\u4e00\u8d28\u62bc\u653f\u7b56\u4e0b\uff0c\u4e00\u5b9a\u4f1a\u9009\u62e9\u5bf9\u81ea\u5df1\u6765\u8bf4\u5b9e\u9645\u6536\u76ca\u66f4\u9ad8\u7684\u7b56\u7565\u3002\u4f46\u5728\u4ee5\u592a\u574a\u7684\u534f\u8bae\u8bbe\u8ba1\u4e2d\uff0c\u7528\u6237\u6839\u672c\u65e0\u6cd5\u9009\u62e9\uff0c\u56e0\u4e3a\u534f\u8bae\u7684\u53d1\u884c\u66f2\u7ebf\u51b3\u5b9a\u4e86\u8d28\u62bc\u7684\u6700\u7ec8\u5747\u8861\u72b6\u6001\uff08\u957f\u671f\u8d28\u62bc\u4f9b\u7ed9\u66f2\u7ebf\u56fa\u5b9a\u7684\u60c5\u51b5\u4e0b\uff09\uff0c\u51fa\u4e8e\u6536\u76ca\u8003\u8651\uff0c\u4efb\u4f55\u7528\u6237\u53ea\u80fd\u9009\u62e9\u53c2\u4e0e\u8d28\u62bc\u8fd9\u4e00\u79cd\u7b56\u7565\u3002<\/p>\n

    \u72ec\u7acb\u8d28\u62bc\u7684\u53ef\u884c\u6027\u8f83\u5dee<\/strong><\/p>\n

    SSP \u6210\u672c\u56fa\u5b9a\uff0c\u8d28\u62bc\u8d8a\u591a\u5355\u4f4d\u6210\u672c\u5c31\u8d8a\u4f4e\uff0c\u5929\u751f\u5177\u5907\u89c4\u6a21\u7ecf\u6d4e\u4f18\u52bf\u3002<\/strong>\u968f\u7740 SSPs \u7ba1\u7406\u7684 ETH \u6570\u91cf\u589e\u52a0\uff0c\u5176\u8fb9\u9645\u6548\u7387\u4e5f\u4f1a\u63d0\u5347\uff0c\u80fd\u538b\u4f4e\u6210\u672c\u6536\u53d6\u66f4\u4f4e\u7684\u670d\u52a1\u8d39\u7528\uff0c\u5438\u5f15\u66f4\u591a\u7528\u6237\uff0c\u5e76\u5b9e\u73b0\u66f4\u9ad8\u7684\u5229\u6da6\u3002\u57fa\u4e8e\u8fd9\u4e9b\u4f18\u52bf\uff0c\u6210\u529f\u7684 SSP \u53ef\u80fd\u88ab\u89c6\u4e3a\u300c\u5927\u800c\u4e0d\u5012\u300d\u7684\u5b58\u5728\uff0c\u8fd9\u964d\u4f4e\u4e86\u5176\u9762\u4e34\u7684\u5c3e\u90e8\u98ce\u9669\uff0c\u5e76\u8fdb\u4e00\u6b65\u5f3a\u5316\u4e86\u89c4\u6a21\u6548\u5e94\u3002<\/p>\n

    \uff08\u5c3e\u90e8\u98ce\u9669\uff1a\u6781\u7aef\u4e8b\u4ef6\u7684\u53d1\u751f\u98ce\u9669\uff0c\u8fd9\u4e9b\u4e8b\u4ef6\u6982\u7387\u6781\u4f4e\uff0c\u4f46\u4e00\u65e6\u53d1\u751f\u5f80\u5f80\u4f1a\u5bfc\u81f4\u6781\u5927\u635f\u5931\uff09<\/p>\n

    \u76f8\u53cd\uff0c\u72ec\u7acb\u8d28\u62bc\u8005\u9700\u8981\u81ea\u884c\u627f\u62c5\u6240\u6709\u6210\u672c\uff0c\u6210\u672c\u4e0d\u4f1a\u56e0\u8d28\u62bc\u91cf\u7684\u589e\u52a0\u800c\u51cf\u5c11\uff0c\u53cd\u800c\u4f1a\u56e0\u7f51\u7edc\u8d1f\u8f7d\u7684\u589e\u52a0\u800c\u6709\u6240\u4e0a\u5347\uff0c<\/strong>\u8fd9\u6b63\u662f\u4ee5\u592a\u574a\u901a\u8fc7 EIP-7514 \u63d0\u6848\u7684\u539f\u56e0\u4e4b\u4e00\u3002<\/p>\n

    \u6309\u7167\u524d\u9762\u7684\u5206\u6790\uff0c\u968f\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u8d28\u62bc\u6536\u76ca\u88ab\u7528\u4e8e\u5bf9\u51b2\u901a\u80c0\uff0c\u800c\u975e\u83b7\u53d6\u5b9e\u9645\u6536\u76ca\uff0c\u8d28\u62bc\u8005\u7684\u5b9e\u9645\u6536\u76ca\u8d8a\u6765\u8d8a\u4f9d\u8d56\u4e8e MEV\uff0c\u800c MEV \u6536\u76ca\u5177\u6709\u9ad8\u6ce2\u52a8\u6027\uff0c\u4f1a\u8ba9\u72ec\u7acb\u8d28\u62bc\u8005\u7684\u603b\u6536\u76ca\u4ea7\u751f\u6ce2\u52a8\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0cSSP \u80fd\u591f\u5c06\u603b\u7684 MEV \u6536\u5165\u6309\u6bd4\u4f8b\u5206\u914d\u7ed9\u5176\u7ba1\u7406\u7684\u6240\u6709 Validator \u9a8c\u8bc1\u8282\u70b9\uff0c\u6709\u6548\u964d\u4f4e\u4e86\u8d28\u62bc\u6536\u76ca\u6ce2\u52a8\u5bf9\u5176\u6574\u4f53\u8fd0\u8425\u6548\u679c\u7684\u5f71\u54cd\u3002<\/p>\n

    \u968f\u7740 LST \u7684\u4f7f\u7528\u7387\u4e0a\u5347\u53ca\u5176\u8d27\u5e01\u5c5e\u6027\u7684\u589e\u5f3a\uff0c\u72ec\u7acb\u8d28\u62bc\u548c LSD \u8d28\u62bc\u95f4\u7684\u5dee\u8ddd\u5c06\u8fdb\u4e00\u6b65\u62c9\u5f00\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u968f\u7740\u8d28\u62bc\u7387\u4e0a\u5347\uff0c\u72ec\u7acb\u8d28\u62bc\u76f8\u8f83\u4e8e LSD \u8d28\u62bc\u7684\u7ade\u4e89\u52a3\u52bf\u6108\u52a0\u663e\u8457\u3002<\/strong><\/p>\n

    \u5728\u8bb8\u591a\u53f8\u6cd5\u7ba1\u8f96\u533a\uff0c\u653f\u5e9c\u5bf9\u8d28\u62bc\u6536\u5165\u5f81\u7a0e\u65f6\u4ee5\u540d\u4e49\u6536\u5165\u4e3a\u57fa\u7840\uff0c\u800c\u4e0d\u662f\u7ecf\u8fc7\u7a00\u91ca\u6548\u5e94\u8c03\u6574\u540e\u7684\u5b9e\u9645\u6536\u5165\u3002\u901a\u8fc7\u67d0\u4e9b\u7ed3\u6784\u8bbe\u8ba1\uff0cLST \u80fd\u591f\u4e3a\u6301\u6709\u4eba\u63d0\u4f9b\u4e00\u5b9a\u7684\u4fdd\u62a4\uff0c\u907f\u514d\u8fd9\u79cd\u7a0e\u6536\u5f71\u54cd\uff0c\u800c\u72ec\u7acb\u8d28\u62bc\u901a\u5e38\u65e0\u6cd5\u505a\u5230\u8fd9\u4e00\u70b9\u3002\u968f\u7740\u540d\u4e49\u6536\u76ca\u4e0e\u5b9e\u9645\u6536\u76ca\u4e4b\u95f4\u5dee\u8ddd\u8d8a\u6765\u8d8a\u5927\uff0c\u72ec\u7acb\u8d28\u62bc\u8005\u7684\u6536\u76ca\u6c34\u5e73\u4e5f\u8fdb\u4e00\u6b65\u88ab LSD \u8d28\u62bc\u8005\u7529\u5f00\u3002<\/p>\n

    \n
    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n<\/div>\n

    \u57fa\u4e8e\u6b64\uff0c\u6211\u4eec\u63d0\u51fa\u4ee5\u4e0b\u89c2\u70b9\uff1a<\/strong><\/p>\n

    1. \u6301\u6709\u539f\u751f ETH \u5e94\u5177\u5907\u7ecf\u6d4e\u53ef\u884c\u6027\uff0c\u786e\u4fdd\u826f\u597d\u7684\u7528\u6237\u4f53\u9a8c\uff0c\u5e76\u907f\u514d\u56e0\u5b89\u5168\u98ce\u9669\u5bfc\u81f4\u7684\u4ef7\u503c\u7a00\u91ca\u95ee\u9898\uff0c\u4ece\u800c\u66f4\u597d\u5730\u4fdd\u62a4 ETH \u6301\u6709\u8005\u7684\u5229\u76ca\u3002<\/p>\n

    2. \u4e3a\u4e86\u5b9e\u73b0\u771f\u6b63\u7684\u7ecf\u6d4e\u53ef\u6269\u5c55\u6027\uff0c\u4ee5\u592a\u574a\u7684\u901a\u7528\u8d27\u5e01\u5e94\u5c3d\u53ef\u80fd\u514d\u4fe1\u4efb \/ \u65e0\u9700\u4fe1\u4efb\u3002\u53ea\u6709\u8fd9\u6837\uff0c\u624d\u80fd\u786e\u4fdd\u6574\u4e2a\u7cfb\u7edf\u7684\u7a33\u5065\u548c\u5e7f\u6cdb\u7684\u9002\u7528\u6027\u3002<\/p>\n

    3. \u8d44\u4ea7\u4ef7\u503c\u7684\u7a00\u91ca\u4fdd\u62a4\u6210\u4e3a\u8d28\u62bc\u7684\u4e3b\u8981\u6fc0\u52b1\u6784\u6210\uff0c\u5bf9\u8d28\u62bc\u8005\u548c ETH \u6301\u6709\u8005\u6765\u8bf4\u90fd\u662f\u4e0d\u7406\u60f3\u7684\u7ed3\u679c\u3002\u4f9d\u8d56\u7a00\u91ca\u4fdd\u62a4\u4f5c\u4e3a\u6fc0\u52b1\u53ef\u80fd\u4f1a\u5e26\u6765\u4e0d\u5fc5\u8981\u7684\u5e02\u573a\u6ce2\u52a8\uff0c\u524a\u5f31\u4e86\u8d28\u62bc\u673a\u5236\u7684\u521d\u8877\u3002<\/p>\n

    4. \u9ad8\u8d28\u62bc\u53c2\u4e0e\u7387\u4f1a\u8fdb\u4e00\u6b65\u52a0\u5267\u72ec\u7acb\u8d28\u62bc\u8005\u5728\u5e02\u573a\u4e2d\u7684\u7ade\u4e89\u52a3\u52bf\uff0c\u53ef\u80fd\u8ba9\u66f4\u591a\u7528\u6237\u503e\u5411\u4e8e\u5229\u7528 SSP \u8fdb\u884c\u8d28\u62bc\uff0c\u5bfc\u81f4\u8d28\u62bc\u7684\u96c6\u4e2d\u5316\uff0c\u4e0d\u5229\u4e8e\u7f51\u7edc\u7684\u53bb\u4e2d\u5fc3\u5316\u548c\u5b89\u5168\u3002<\/p>\n

    \u4ee5\u592a\u574a\u672a\u6765\u80fd\u8fbe\u5230\u7684\u8d28\u62bc\u6bd4\u4f8b\u4ecd\u4e0d\u786e\u5b9a\uff0c\u6211\u4eec\u9700\u8981\u4e3b\u52a8\u91c7\u53d6\u63aa\u65bd\uff0c\u786e\u5b9a\u4e00\u4e2a\u6700\u4f18\u7684\u8d28\u62bc\u6bd4\u4f8b\uff0c\u9632\u6b62\u6bd4\u4f8b\u8fc7\u9ad8\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u3002<\/strong>\u5373\u4f7f\u9ad8\u8d28\u62bc\u6bd4\u4f8b\u5bf9\u67d0\u4e9b\u4eba\u6765\u8bf4\u53ef\u80fd\u662f\u6709\u5229\u7684\uff0c\u8fd9\u4e2a\u9009\u62e9\u4e5f\u5e94\u5f53\u662f\u7ecf\u8fc7\u5145\u5206\u8003\u91cf\u540e\u505a\u51fa\u7684\uff0c\u800c\u975e\u53d7\u5230\u5e02\u573a\u5916\u90e8\u56e0\u7d20\u7684\u968f\u673a\u5f71\u54cd\u3002<\/p>\n

    \u8d28\u62bc\u53c2\u4e0e\u6bd4\u4f8b\u7684\u6700\u7ec8\u76ee\u6807<\/strong><\/p>\n

    \u6211\u8ba4\u4e3a\uff0c\u4ee5\u592a\u574a\u7684\u8d28\u62bc\u653f\u7b56\u5e94\u5f53\u4ee5\u8d28\u62bc\u6bd4\u4f8b\u4e3a\u57fa\u51c6\uff0c\u800c\u975e ETH \u7684\u8d28\u62bc\u91cf\u3002<\/strong>ETH \u7684\u4f9b\u5e94\u91cf\u53d7\u5230 EIP-1559 \u548c\u53d1\u884c\u673a\u5236\u7684\u5f71\u54cd\u800c\u6ce2\u52a8\uff0c\u4ee5\u8d28\u62bc\u6bd4\u4f8b\u4e3a\u6807\u51c6\u80fd\u591f\u9002\u5e94\u8fd9\u79cd\u4f9b\u5e94\u53d8\u5316\u3002\u867d\u7136\u76ee\u524d ETH \u7684\u4f9b\u5e94\u53d8\u5316\u975e\u5e38\u7f13\u6162\uff0c\u81ea The Merge \u4ee5\u6765\u6bcf\u5e74\u4e0b\u964d\u7ea6 0.3%\uff0c\u4f46\u5176\u957f\u671f\u5f71\u54cd\u4e0d\u53ef\u5ffd\u89c6\u3002\u8bbe\u7acb\u4ee5\u8d28\u62bc\u6bd4\u4f8b\u4e3a\u57fa\u51c6\u7684\u653f\u7b56\uff0c\u80fd\u591f\u5728\u66f4\u957f\u65f6\u95f4\u8303\u56f4\u5185\u4fdd\u6301\u7a33\u5b9a\uff0c\u65e0\u9700\u9891\u7e41\u8c03\u6574\u3002<\/strong><\/p>\n

    \u5982\u524d\u6587\u6240\u8bf4\uff0c\u5f53\u524d\u7684\u53d1\u884c\u66f2\u7ebf\u867d\u7136\u786e\u4fdd\u4e86\u6700\u4f4e\u7684\u8d28\u62bc\u6c34\u5e73\uff0c\u4f46\u7f3a\u4e4f\u9650\u5236\u8d28\u62bc\u6bd4\u4f8b\u4e0a\u9650\u7684\u673a\u5236\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5bfc\u81f4\u8d28\u62bc\u6bd4\u4f8b\u8fc7\u9ad8\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u4e00\u4e2a\u5b8c\u5584\u7684\u4ee3\u5e01\u53d1\u884c\u653f\u7b56\u5e94\u5f53\u8bbe\u5b9a\u8d28\u62bc\u6bd4\u4f8b\u7684\u4e0a\u4e0b\u9650\uff0c\u6765\u786e\u4fdd\u7f51\u7edc\u5b89\u5168\uff0c\u5e76\u7ef4\u6301\u5408\u7406\u7684\u53c2\u4e0e\u5ea6<\/strong>\u3002\u5177\u4f53\u800c\u8a00\uff0c\u8be5\u653f\u7b56\u5e94\u52aa\u529b\u5c06\u8d28\u62bc\u6bd4\u4f8b\u4fdd\u6301\u5728\u4e00\u4e2a\u300c\u65e2\u80fd\u786e\u4fdd\u7f51\u7edc\u5b89\u5168\uff0c\u53c8\u80fd\u907f\u514d\u8d1f\u9762\u5916\u90e8\u6548\u5e94\u7684\u6700\u4f73\u8303\u56f4\u300d\u5185\u3002<\/strong><\/p>\n

    \u4e3a\u6b64\uff0c\u4ee5\u592a\u574a\u53ef\u4ee5\u5bf9\u8fc7\u4f4e\u7684\u8d28\u62bc\u6bd4\u4f8b\u8bbe\u7f6e\u8d85\u9ad8\u5956\u52b1\uff0c\u5bf9\u8fc7\u9ad8\u7684\u8d28\u62bc\u6bd4\u4f8b\u8bbe\u7f6e\u8d85\u4f4e\u5956\u52b1\u3001\u751a\u81f3\u662f\u8d1f\u5956\u52b1\uff0c\u6765\u8c03\u8282\u8d28\u62bc\u6bd4\u4f8b\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u4ee5\u592a\u574a\u53ef\u4ee5\u8c03\u63a7\u8d28\u62bc\u53c2\u4e0e\u5ea6\u3002\u8fd9\u79cd\u653f\u7b56\u8bbe\u8ba1\u7684\u66f2\u7ebf\u53ef\u4ee5\u53c2\u8003 Vitalik \u6240\u63d0\u51fa\u7684\u793a\u4f8b\uff0c\u8be5\u66f2\u7ebf\u5c55\u793a\u4e86\u5982\u4f55\u5728\u4e0d\u540c\u8d28\u62bc\u6bd4\u4f8b\u4e0b\u8c03\u8282\u5956\u52b1\uff0c\u4ee5\u5f15\u5bfc\u8d28\u62bc\u884c\u4e3a\u3002<\/p>\n

    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n

    \u5982\u56fe\u4e2d\u7684\u53d1\u884c\u66f2\u7ebf\u6240\u793a\uff0c\u8d28\u62bc\u53c2\u4e0e\u5ea6\u8f83\u4f4e\u65f6\u5956\u52b1\u4e30\u539a\uff0c\u4e0e\u5f53\u524d\u7684\u653f\u7b56\u4e00\u81f4\u3002\u968f\u7740\u8d28\u62bc\u53c2\u4e0e\u5ea6\u7684\u63d0\u9ad8\uff0c\u8d28\u62bc\u6536\u76ca\u9010\u6e10\u51cf\u5c11\uff0c\u76f4\u81f3\u8f6c\u4e3a\u8d1f\u503c\u3002<\/strong>\u6362\u53e5\u8bdd\u8bf4\uff0c\u8d28\u62bc\u7684\u6536\u76ca\u6700\u7ec8\u5c06\u51cf\u5c11\u5230\u4e0d\u518d\u5177\u6709\u4efb\u4f55\u5438\u5f15\u529b\uff0c\u4ece\u800c\u6291\u5236\u8d28\u62bc\u884c\u4e3a\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u8d1f\u6536\u76ca\u72b6\u6001\u4e0d\u4f1a\u957f\u671f\u6301\u7eed\uff0c\u8d28\u62bc\u53c2\u4e0e\u5ea6\u4f1a\u56e0\u4e3a\u8fd9\u79cd\u673a\u5236\u7684\u8c03\u8282\u9010\u6e10\u964d\u4f4e\uff0c\u5e76\u5728\u67d0\u4e2a\u5408\u9002\u7684\u6c34\u5e73\u8fbe\u5230\u5747\u8861\u3002\u56e0\u6b64\uff0c\u5448\u73b0\u51fa\u8fd9\u79cd\u6536\u76ca\u66f2\u7ebf\u89c4\u5f8b\u7684\u6a21\u578b\uff0c\u80fd\u591f\u786e\u4fdd\u8d28\u62bc\u6bd4\u4f8b\u7ef4\u6301\u5728\u5408\u7406\u8303\u56f4\u5185\u3002<\/strong><\/p>\n

    \u4e8b\u5b9e\u4e0a\uff0c\u8981\u8fbe\u5230\u5408\u7406\u7684\u8d28\u62bc\u6bd4\u4f8b\u8303\u56f4\uff0c\u5e76\u4e0d\u9700\u8981\u9009\u62e9\u4e00\u6761\u6536\u76ca\u8fc5\u901f\u8f6c\u4e3a\u8d1f\u503c\u7684\u66f2\u7ebf\uff0c\u90a3\u4e9b\u5728\u67d0\u4e2a\u4e34\u754c\u70b9\u4e4b\u540e\u4ec5\u5c06\u8d28\u62bc\u5956\u52b1\u63a7\u5236\u5728\u96f6\u6216\u63a5\u8fd1\u96f6\u7684\u66f2\u7ebf\uff0c\u53ef\u80fd\u5df2\u7ecf\u8db3\u591f\u8fbe\u5230\u540c\u6837\u6548\u679c\uff0c\u65e2\u80fd\u6291\u5236\u8fc7\u5ea6\u8d28\u62bc\uff0c\u53c8\u80fd\u7ef4\u6301\u7cfb\u7edf\u7684\u7a33\u5b9a\u6027\u3002<\/p>\n

    \u786e\u5b9a\u5408\u7406\u8d28\u62bc\u6bd4\u4f8b\u8303\u56f4\u5e26\u6765\u7684\u5f71\u54cd<\/strong><\/p>\n

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    \u56e0\u6b64\uff0c\u5c3d\u7ba1\u786e\u5b9a\u8d28\u62bc\u6bd4\u4f8b\u8303\u56f4\u7684\u4f18\u70b9\u5f88\u591a\uff0c\u4f46\u4e5f\u53ef\u80fd\u52a0\u5267\u672c\u5c31\u5b58\u5728\u7684\u6536\u76ca\u6ce2\u52a8\u6027\u3002<\/strong>MEV \u98ce\u9669\u53ef\u4ee5\u901a\u8fc7\u5f15\u5165 Execution Tickets \u6216 MEV Burn \u7b49\u673a\u5236\u6765\u89e3\u51b3\uff0c\u6216\u8bbe\u7f6e\u8d28\u62bc\u8d39\u7528\u7684\u65b9\u5f0f\u6765\u7f13\u89e3\uff0c\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u5e73\u8861\u6536\u76ca\u7684\u6ce2\u52a8\u6027\u3002\u4e5f\u6709\u4e00\u4e9b\u4eba\u53cd\u5bf9\u5c06\u8d28\u62bc\u6bd4\u4f8b\u786e\u5b9a\u5728\u67d0\u4e00\u8303\u56f4\u5185\uff0c\u5176\u4e2d\u4e00\u4e2a\u5177\u6709\u4ee3\u8868\u6027\u7684\u89c2\u70b9\u662f\uff0c\u8fd9\u6837\u505a\u53ef\u80fd\u4f1a\u964d\u4f4e\u6574\u4f53\u7684\u5747\u8861\u6536\u76ca\uff0c\u4ece\u800c\u52a0\u5267\u72ec\u7acb\u8d28\u62bc\u8005\u4e0e SSPs \u7684\u7ade\u4e89\uff0c\u4ee5\u53ca\u4e0d\u540c SSPs \u4e4b\u95f4\u7684\u7ade\u4e89\u3002<\/p>\n

    \u53cd\u5bf9\u8005\u7684\u903b\u8f91\u662f\uff0c\u6574\u4f53\u5747\u8861\u6536\u76ca\u964d\u4f4e\u5bfc\u81f4\u8d44\u91d1\u4f9b\u5e94\u4e0d\u5145\u8db3\uff0c\u4e00\u4e9b SPPs \u91c7\u7528\u7684\u8d28\u62bc\u5f62\u5f0f\u53ef\u80fd\u5bf9\u4ee5\u592a\u574a\u534f\u8bae\u66f4\u6709\u76ca\uff0c\u4f46\u7531\u4e8e\u5176\u9879\u76ee\u7ade\u4e89\u529b\u4e0d\u8db3\uff0c\u96be\u4ee5\u6301\u7eed\u76c8\u5229\u800c\u5b58\u6d3b\u4e0b\u53bb\uff0c\u5bfc\u81f4\u4ee5\u592a\u574a\u7684\u6574\u4f53\u6548\u7528\u66f4\u4f4e\u3002\u8981\u5e94\u5bf9\u8fd9\u4e00\u95ee\u9898\uff0c\u4ecd\u7136\u8981\u5206\u6e05\u540d\u4e49\u6536\u76ca\u548c\u5b9e\u9645\u6536\u76ca\u3002<\/p>\n

    \u867d\u7136\u786e\u5b9a\u8d28\u62bc\u6bd4\u4f8b\u8303\u56f4\u7684\u7b56\u7565\u53ef\u80fd\u964d\u4f4e\u540d\u4e49\u6536\u76ca\uff0c\u4f46\u5b9e\u9645\u6536\u76ca\u672a\u5fc5\u4f1a\u53d7\u5230\u5f71\u54cd\uff0c\u3002\u4ee5\u4e0b\u793a\u610f\u56fe\u8fdb\u4e00\u6b65\u4e86\u8bf4\u660e\u8fd9\u4e00\u70b9\u3002<\/p>\n

    \n
    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n<\/div>\n
    \n
    \"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"\"ETH\u8d28\u62bc\u7ecf\u6d4e\u5b66\u7814\u7a76\uff1a\u8d28\u62bc\u6536\u76ca\u7387\u66f2\u7ebf\u8be5\u5982\u4f55\u8bbe\u8ba1\"<\/figure>\n<\/div>\n

    \u4e0a\u56fe\u8868\u793a\u91c7\u7528\u786e\u5b9a\u7684\u8d28\u62bc\u6bd4\u4f8b\u8303\u56f4\u65f6\uff0c\u7cfb\u7edf\u8fbe\u5230\u957f\u671f\u5747\u8861\u7684\u60c5\u666f\uff0c\u4e0b\u56fe\u5219\u5927\u81f4\u5c55\u793a\u4e86\u5f53\u524d\u4ee5\u592a\u574a\u4ee3\u5e01\u53d1\u884c\u66f2\u7ebf\u4e0b\u7684\u60c5\u666f\u3002\u8fd9\u4e24\u4e2a\u4f8b\u5b50\u90fd\u57fa\u4e8e\u76f8\u540c\u7684\u5047\u8bbe\uff1a\u7ea6 1 \u4ebf ETH \u53c2\u4e0e\u4e86\u8d28\u62bc\uff0c\u5373\u957f\u671f\u8d28\u62bc\u4f9b\u7ed9\u4fdd\u6301\u4e00\u81f4\uff0c\u8fd9\u6837\u7684\u5bf9\u6bd4\u624d\u6709\u610f\u4e49\u3002<\/p>\n

    \u4e0b\u56fe\u4e2d\uff0c\u5927\u90e8\u5206\u8d28\u62bc\u6fc0\u52b1\u7528\u4e8e\u7a00\u91ca\u4fdd\u62a4\uff0c\u56e0\u6b64\u5b9e\u9645\u6536\u76ca\u7387\u4ec5\u7ef4\u6301\u5728\u7ea6 0.5% \u5de6\u53f3\u3002\u800c\u5728\u5de6\u56fe\u60c5\u5883\u4e2d\uff0c\u7cfb\u7edf\u4f1a\u8fbe\u5230\u4e00\u4e2a\u8f83\u4f4e\u7684\u540d\u4e49\u6536\u76ca\u7387\u5747\u8861\u70b9\uff0c\u4f46\u7531\u4e8e\u901a\u80c0\u7387\u8f83\u4f4e\uff0c\u5b9e\u9645\u6536\u76ca\u7387\u4f1a\u63d0\u9ad8\u81f3\u7ea6 1.4%\u3002<\/p>\n

    \u8fd9\u4e00\u4f8b\u5b50\u6e05\u695a\u5730\u8bf4\u660e\u4e86\uff0c\u786e\u5b9a\u8d28\u62bc\u6bd4\u4f8b\u8303\u56f4\u4f1a\u5408\u7406\u5730\u63d0\u5347\u5b9e\u9645\u6536\u76ca\u7387\uff0c\u53ef\u4ee5\u7f13\u89e3\u8d28\u62bc\u8005\u4e4b\u95f4\u7684\u7ade\u4e89\u538b\u529b\u3002<\/strong>\u6b64\u5916\uff0c\u8fd9\u4e5f\u6709\u5229\u4e8e\u4e0d\u53c2\u4e0e\u8d28\u62bc\u7684 ETH \u6301\u6709\u8005\uff0c\u56e0\u4e3a\u80fd\u6700\u5927\u9650\u5ea6\u5730\u51cf\u5c11\u7a00\u91ca\u98ce\u9669\u3002<\/p>\n

    \u5f00\u653e\u6027\u95ee\u9898<\/strong><\/p>\n

    \u672c\u6587\u63d0\u51fa\u7684\u7b56\u7565\u662f\u786e\u5b9a\u5408\u7406\u7684\u8d28\u62bc\u6bd4\u4f8b\u3002\u7136\u800c\uff0c\u8fd9\u5b58\u5728\u4e00\u4e9b\u4e9f\u5f85\u89e3\u51b3\u7684\u95ee\u9898\u3002<\/p>\n

    1. \u8d28\u62bc\u6bd4\u4f8b\u7684\u7406\u60f3\u8303\u56f4\u662f\u591a\u5c11\uff1f<\/strong><\/p>\n

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    \u7ed3\u8bba<\/strong><\/p>\n

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    \u4e3a\u6b64\uff0c\u6211\u4eec\u5728\u5373\u5c06\u5230\u6765\u7684 Electra \u5347\u7ea7\u4e2d\uff0c\u63d0\u51fa\u4e86\u4e00\u9879\u5173\u4e8e\u6539\u9769\u8d28\u62bc\u53d1\u884c\u653f\u7b56\u7684\u63d0\u6848\uff08\u76f8\u5173\u5185\u5bb9\u53ef\u4ee5\u53c2\u8003\u6587\u7ae0 Electra:Issuance Curve Adjustment Proposal\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u672c\u6587\u6765\u81ea\u4e8e Ansgar Dietrichs \u548c Casparschwa \u5728 eth research \u8bba\u575b\u4e0a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-969","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=969"}],"version-history":[{"count":1,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/969\/revisions"}],"predecessor-version":[{"id":2622,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/969\/revisions\/2622"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=969"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}