<p>在加密货币领域，有一个真理：无论流动性在哪里，最大的资金都会聚集。规模使每笔交易的执行成本更低、更清晰、更安全，考虑到加密市场现在才开始变得足够流动，以便金融机构能够深入参与，根本没有办法超越它。</p>
<p>这就是今天购买 <strong>以太坊</strong>（ETH 0.12%）的一个重要原因。让我们更仔细地看看这个为该链提供流动性的最重要资产类别，看看为什么它值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAwMTEvZXRoZXJldW0tdmlydHVhbC1tb25leS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAwMTEvZXRoZXJldW0tdmlydHVhbC1tb25leS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这个流动性基础不容忽视</h2>
<p>以太坊是加密货币中法币挂钩稳定币流动性最深的池子。如果你想接触全球金融最有可能使用的网络，购买已经持有最多美元的网络是一个明智的选择。</p>
<p>稳定币是旨在保持稳定价值的加密代币，通常为 1 美元。它们是去中心化金融（DeFi）中几乎所有交易的润滑剂，从借贷到交易、支付和结算。</p>
<p>按价值计算，以太坊在行业中拥有最大的稳定币堆积，仅其基础层就有大约 1460 亿美元的稳定币价值，远远领先于所有其他竞争链。为了让这个数据更有意义，<strong>Tron</strong> 持有约 820 亿美元的稳定币，而 <strong>Solana</strong> 持有约 120 亿美元。</p>
<p>因此，以太坊的更广泛生态系统在链上美元流动性方面占据了最大的份额。这也帮助解释了为什么它的 DeFi 总锁仓价值（TVL）领先于所有其他网络。这也是为什么新的 DeFi 项目有很大的动力在该链上运营。如果你希望你的项目带来丰厚的收入，将其定位在资金最多、流动性最强的网络上是显而易见的选择。</p>
<p>换句话说，最大的代币化现金池会带来更多寻求捕捉部分现金的价值流入，形成一种良性循环。</p>
<h2>大资金正在涌入，但竞争仍然是个问题</h2>
<p>对于养老金基金或资产管理公司来说，通过薄弱的管道移动大额资本是操作上风险高且成本昂贵的。流动性降低了滑点，简化了交易后的工作流程，从而节省了成本。</p>
<p>在这方面，稳定币结算正在迅速扩展，2024 年在各大区块链上的转移量达到 27.6 万亿美元。</p>
<p>这很重要，因为这些美元需要一个可靠的交易平台。因此，至少有一些金融机构可能会涌向以太坊进行业务。而机构资金流入是购买该币投资论点的重要组成部分。</p>
<p>但以太坊在长期内的胜利并不确定，因为它面临的最大竞争威胁是真实存在的。Tron 在多个地区主导零售点对点稳定币流动，且在这些用例中，它的转移量往往超过以太坊。如果这些流动成为金融机构流动性的基准，以太坊的领先地位可能会随着时间的推移而缩小。</p>
<p>相比之下，Solana 的高速度和低费用使其成为某些重稳定币应用的强大场所，这确保了一些流动性将继续从以太坊中抽走。假设低延迟支付应用在链上金融中占据更大份额，即使以太坊仍然是机构用途的锚，Solana 也可能在边际上获得更大的份额。它也可能直接吸引那些机构到其链上，因此这是一个重大威胁。</p>
<p>尽管如此，今天购买以太坊仍然值得，它在稳定币和 DeFi 等许多在其链上运营的领域中仍有很大的增长空间。</p>
<p>如果稳定币继续增长，机构继续偏好最深、最互联的流动性池——这两者都很可能继续存在——以太坊将在未来几年受益。具体的场所、应用和资产的组合将会波动，但金融重心至少在目前已经基本确定。</p>

ETHE

CRCL

<p>以太坊是加密领域的领先平台，拥有最大的法币挂钩稳定币流动性池，稳定币价值约为 1460 亿美元。这种流动性吸引了金融机构，使以太坊成为投资的首选。然而，来自 Tron 和 Solana 等平台的竞争对其主导地位构成了风险。尽管面临这些挑战，以太坊在稳定币和去中心化金融（DeFi）方面的增长潜力依然强劲，这表明它今天仍然是一个值得投资的选择</p>

<p>In crypto, it's a truism that wherever liquidity sits, the biggest money will congregate. Scale makes every transaction cheaper, cleaner, and safer to execute, and given that crypto markets are only now starting to become liquid enough for financial institutions to really engage with deeply, there's simply no way to beat it.</p>
<div class="lb-trans"><p>在加密货币领域，有一个真理：无论流动性在哪里，最大的资金都会聚集。规模使每笔交易的执行成本更低、更清晰、更安全，考虑到加密市场现在才开始变得足够流动，以便金融机构能够深入参与，根本没有办法超越它。</p>
</div><p>That's one big reason to buy <strong>Ethereum</strong>(ETH 0.12%) today. Let's take a closer peek at the most important asset class that's providing the liquidity to this chain to see why it's worth buying.</p>
<div class="lb-trans"><p>这就是今天购买 <strong>以太坊</strong>（ETH 0.12%）的一个重要原因。让我们更仔细地看看这个为该链提供流动性的最重要资产类别，看看为什么它值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAwMTEvZXRoZXJldW0tdmlydHVhbC1tb25leS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830011%2Fethereum-virtual-money.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>This liquidity base is hard to ignore</h2>
<div class="lb-trans"><h2>这个流动性基础不容忽视</h2>
</div><p>Ethereum is home to the deepest pool of fiat currency-pegged stablecoin liquidity in crypto. If you want exposure to one of the networks that global finance is most likely to use, buying the network that already holds the most dollars is a good move.</p>
<div class="lb-trans"><p>以太坊是加密货币中法币挂钩稳定币流动性最深的池子。如果你想接触全球金融最有可能使用的网络，购买已经持有最多美元的网络是一个明智的选择。</p>
</div><p>Stablecoins are crypto tokens designed to hold a steady value, typically $1. They're the grease for nearly everything in decentralized finance (DeFi), from lending to trading, payments, and settlement.</p>
<div class="lb-trans"><p>稳定币是旨在保持稳定价值的加密代币，通常为 1 美元。它们是去中心化金融（DeFi）中几乎所有交易的润滑剂，从借贷到交易、支付和结算。</p>
</div><p>By value, Ethereum hosts the largest stack of stables in the industry, with roughly $146 billion in stablecoin value on its base layer alone, far ahead of all of the runner-up chains. To put that into context, <strong>Tron</strong> holds about $82 billion in stables, and <strong>Solana</strong> holds about $12 billion.</p>
<div class="lb-trans"><p>按价值计算，以太坊在行业中拥有最大的稳定币堆积，仅其基础层就有大约 1460 亿美元的稳定币价值，远远领先于所有其他竞争链。为了让这个数据更有意义，<strong>Tron</strong> 持有约 820 亿美元的稳定币，而 <strong>Solana</strong> 持有约 120 亿美元。</p>
</div><p>So Ethereum's broader ecosystem commands the largest on-chain dollar float by a wide margin. That helps explain why its DeFi total value locked (TVL) also leads all other networks. It's also why new DeFi projects have a big incentive to operate on the chain. If you want your project to bring in a lot of revenue, positioning it on the network where the most money is parked and flowing is an obvious move.</p>
<div class="lb-trans"><p>因此，以太坊的更广泛生态系统在链上美元流动性方面占据了最大的份额。这也帮助解释了为什么它的 DeFi 总锁仓价值（TVL）领先于所有其他网络。这也是为什么新的 DeFi 项目有很大的动力在该链上运营。如果你希望你的项目带来丰厚的收入，将其定位在资金最多、流动性最强的网络上是显而易见的选择。</p>
</div><p>In other words, the biggest pools of tokenized cash beget more inflows of value seeking to capture a portion of that cash, making a virtuous cycle of sorts.</p>
<div class="lb-trans"><p>换句话说，最大的代币化现金池会带来更多寻求捕捉部分现金的价值流入，形成一种良性循环。</p>
</div><h2>Big money is coming, but competition remains an issue</h2>
<div class="lb-trans"><h2>大资金正在涌入，但竞争仍然是个问题</h2>
</div><p>For a pension fund or asset manager, moving capital with size through thin pipes is operationally risky and expensive. Liquidity lowers slippage and simplifies post-trade workflows, saving costs.</p>
<div class="lb-trans"><p>对于养老金基金或资产管理公司来说，通过薄弱的管道移动大额资本是操作上风险高且成本昂贵的。流动性降低了滑点，简化了交易后的工作流程，从而节省了成本。</p>
</div><p>On that front, stablecoin settlement is scaling rapidly, with $27.6 trillion in transfer volume across various major blockchains in 2024.</p>
<div class="lb-trans"><p>在这方面，稳定币结算正在迅速扩展，2024 年在各大区块链上的转移量达到 27.6 万亿美元。</p>
</div><p>That matters because these dollars need a home with reliable rails. Overall, there's thus a good chance that at least some financial institutions will flock to do business on Ethereum. And the institutional inflows are another facet of why stablecoins are such an important part of the investment thesis for buying the coin.</p>
<div class="lb-trans"><p>这很重要，因为这些美元需要一个可靠的交易平台。因此，至少有一些金融机构可能会涌向以太坊进行业务。而机构资金流入是购买该币投资论点的重要组成部分。</p>
</div><p>But Ethereum's victory over the long term is not assured, as its biggest competitive threats are real. Tron dominates retail peer-to-peer stablecoin flows in several regions, and it often processes more transfer volume than Ethereum for those use cases. If those flows become the benchmark for liquidity for financial institutions, Ethereum's lead could compress over time.</p>
<div class="lb-trans"><p>但以太坊在长期内的胜利并不确定，因为它面临的最大竞争威胁是真实存在的。Tron 在多个地区主导零售点对点稳定币流动，且在这些用例中，它的转移量往往超过以太坊。如果这些流动成为金融机构流动性的基准，以太坊的领先地位可能会随着时间的推移而缩小。</p>
</div><p>In contrast, Solana's high speed and low fees make it a formidable venue for certain stablecoin-heavy applications as well, which ensures that some liquidity will continue to be siphoned from Ethereum. Assuming that low-latency payment apps become a larger share of on-chain finance, Solana could take larger slices at the margin, even if Ethereum remains the anchor for institutional purposes. It could also just attract those institutions to its chain directly, so it's a major threat.</p>
<div class="lb-trans"><p>相比之下，Solana 的高速度和低费用使其成为某些重稳定币应用的强大场所，这确保了一些流动性将继续从以太坊中抽走。假设低延迟支付应用在链上金融中占据更大份额，即使以太坊仍然是机构用途的锚，Solana 也可能在边际上获得更大的份额。它也可能直接吸引那些机构到其链上，因此这是一个重大威胁。</p>
</div><p>Nonetheless, Ethereum is still worth buying today, and it has a long runway for growth in stablecoins and DeFi, among many other segments that operate on its chain.</p>
<div class="lb-trans"><p>尽管如此，今天购买以太坊仍然值得，它在稳定币和 DeFi 等许多在其链上运营的领域中仍有很大的增长空间。</p>
</div><p>If stablecoins keep growing and institutions continue to prefer the deepest, most connected liquidity pools -- and both of those things are very likely to continue -- Ethereum is positioned to benefit for years. The precise mix of venues, applications, and assets will ebb and flow, but the center of financial gravity is already likely set, at least for now.</p>
<div class="lb-trans"><p>如果稳定币继续增长，机构继续偏好最深、最互联的流动性池——这两者都很可能继续存在——以太坊将在未来几年受益。具体的场所、应用和资产的组合将会波动，但金融重心至少在目前已经基本确定。</p>
</div>

购买以太坊的一个原因