<p>在加密貨幣領域，有一個真理：無論流動性在哪裏，最大的資金都會聚集。規模使每筆交易的執行成本更低、更清晰、更安全，考慮到加密市場現在才開始變得足夠流動，以便金融機構能夠深入參與，根本沒有辦法超越它。</p>
<p>這就是今天購買 <strong>以太坊</strong>（ETH 0.12%）的一個重要原因。讓我們更仔細地看看這個為該鏈提供流動性的最重要資產類別，看看為什麼它值得購買。</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>圖片來源：Getty Images。</p>
<h2>這個流動性基礎不容忽視</h2>
<p>以太坊是加密貨幣中法幣掛鈎穩定幣流動性最深的池子。如果你想接觸全球金融最有可能使用的網絡，購買已經持有最多美元的網絡是一個明智的選擇。</p>
<p>穩定幣是旨在保持穩定價值的加密代幣，通常為 1 美元。它們是去中心化金融（DeFi）中幾乎所有交易的潤滑劑，從借貸到交易、支付和結算。</p>
<p>按價值計算，以太坊在行業中擁有最大的穩定幣堆積，僅其基礎層就有大約 1460 億美元的穩定幣價值，遠遠領先於所有其他競爭鏈。為了讓這個數據更有意義，<strong>Tron</strong> 持有約 820 億美元的穩定幣，而 <strong>Solana</strong> 持有約 120 億美元。</p>
<p>因此，以太坊的更廣泛生態系統在鏈上美元流動性方面佔據了最大的份額。這也幫助解釋了為什麼它的 DeFi 總鎖倉價值（TVL）領先於所有其他網絡。這也是為什麼新的 DeFi 項目有很大的動力在該鏈上運營。如果你希望你的項目帶來豐厚的收入，將其定位在資金最多、流動性最強的網絡上是顯而易見的選擇。</p>
<p>換句話説，最大的代幣化現金池會帶來更多尋求捕捉部分現金的價值流入，形成一種良性循環。</p>
<h2>大資金正在湧入，但競爭仍然是個問題</h2>
<p>對於養老金基金或資產管理公司來説，通過薄弱的管道移動大額資本是操作上風險高且成本昂貴的。流動性降低了滑點，簡化了交易後的工作流程，從而節省了成本。</p>
<p>在這方面，穩定幣結算正在迅速擴展，2024 年在各大區塊鏈上的轉移量達到 27.6 萬億美元。</p>
<p>這很重要，因為這些美元需要一個可靠的交易平台。因此，至少有一些金融機構可能會湧向以太坊進行業務。而機構資金流入是購買該幣投資論點的重要組成部分。</p>
<p>但以太坊在長期內的勝利並不確定，因為它面臨的最大競爭威脅是真實存在的。Tron 在多個地區主導零售點對點穩定幣流動，且在這些用例中，它的轉移量往往超過以太坊。如果這些流動成為金融機構流動性的基準，以太坊的領先地位可能會隨着時間的推移而縮小。</p>
<p>相比之下，Solana 的高速度和低費用使其成為某些重穩定幣應用的強大場所，這確保了一些流動性將繼續從以太坊中抽走。假設低延遲支付應用在鏈上金融中佔據更大份額，即使以太坊仍然是機構用途的錨，Solana 也可能在邊際上獲得更大的份額。它也可能直接吸引那些機構到其鏈上，因此這是一個重大威脅。</p>
<p>儘管如此，今天購買以太坊仍然值得，它在穩定幣和 DeFi 等許多在其鏈上運營的領域中仍有很大的增長空間。</p>
<p>如果穩定幣繼續增長，機構繼續偏好最深、最互聯的流動性池——這兩者都很可能繼續存在——以太坊將在未來幾年受益。具體的場所、應用和資產的組合將會波動，但金融重心至少在目前已經基本確定。</p>

ETHE

CRCL

<p>以太坊是加密領域的領先平台，擁有最大的法幣掛鈎穩定幣流動性池，穩定幣價值約為 1460 億美元。這種流動性吸引了金融機構，使以太坊成為投資的首選。然而，來自 Tron 和 Solana 等平台的競爭對其主導地位構成了風險。儘管面臨這些挑戰，以太坊在穩定幣和去中心化金融（DeFi）方面的增長潛力依然強勁，這表明它今天仍然是一個值得投資的選擇</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>在加密貨幣領域，有一個真理：無論流動性在哪裏，最大的資金都會聚集。規模使每筆交易的執行成本更低、更清晰、更安全，考慮到加密市場現在才開始變得足夠流動，以便金融機構能夠深入參與，根本沒有辦法超越它。</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>這就是今天購買 <strong>以太坊</strong>（ETH 0.12%）的一個重要原因。讓我們更仔細地看看這個為該鏈提供流動性的最重要資產類別，看看為什麼它值得購買。</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>圖片來源：Getty Images。</p>
</div><h2>This liquidity base is hard to ignore</h2>
<div class="lb-trans"><h2>這個流動性基礎不容忽視</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>以太坊是加密貨幣中法幣掛鈎穩定幣流動性最深的池子。如果你想接觸全球金融最有可能使用的網絡，購買已經持有最多美元的網絡是一個明智的選擇。</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>穩定幣是旨在保持穩定價值的加密代幣，通常為 1 美元。它們是去中心化金融（DeFi）中幾乎所有交易的潤滑劑，從借貸到交易、支付和結算。</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>按價值計算，以太坊在行業中擁有最大的穩定幣堆積，僅其基礎層就有大約 1460 億美元的穩定幣價值，遠遠領先於所有其他競爭鏈。為了讓這個數據更有意義，<strong>Tron</strong> 持有約 820 億美元的穩定幣，而 <strong>Solana</strong> 持有約 120 億美元。</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，以太坊的更廣泛生態系統在鏈上美元流動性方面佔據了最大的份額。這也幫助解釋了為什麼它的 DeFi 總鎖倉價值（TVL）領先於所有其他網絡。這也是為什麼新的 DeFi 項目有很大的動力在該鏈上運營。如果你希望你的項目帶來豐厚的收入，將其定位在資金最多、流動性最強的網絡上是顯而易見的選擇。</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>換句話説，最大的代幣化現金池會帶來更多尋求捕捉部分現金的價值流入，形成一種良性循環。</p>
</div><h2>Big money is coming, but competition remains an issue</h2>
<div class="lb-trans"><h2>大資金正在湧入，但競爭仍然是個問題</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>對於養老金基金或資產管理公司來説，通過薄弱的管道移動大額資本是操作上風險高且成本昂貴的。流動性降低了滑點，簡化了交易後的工作流程，從而節省了成本。</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>在這方面，穩定幣結算正在迅速擴展，2024 年在各大區塊鏈上的轉移量達到 27.6 萬億美元。</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>這很重要，因為這些美元需要一個可靠的交易平台。因此，至少有一些金融機構可能會湧向以太坊進行業務。而機構資金流入是購買該幣投資論點的重要組成部分。</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>但以太坊在長期內的勝利並不確定，因為它面臨的最大競爭威脅是真實存在的。Tron 在多個地區主導零售點對點穩定幣流動，且在這些用例中，它的轉移量往往超過以太坊。如果這些流動成為金融機構流動性的基準，以太坊的領先地位可能會隨着時間的推移而縮小。</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 的高速度和低費用使其成為某些重穩定幣應用的強大場所，這確保了一些流動性將繼續從以太坊中抽走。假設低延遲支付應用在鏈上金融中佔據更大份額，即使以太坊仍然是機構用途的錨，Solana 也可能在邊際上獲得更大的份額。它也可能直接吸引那些機構到其鏈上，因此這是一個重大威脅。</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>儘管如此，今天購買以太坊仍然值得，它在穩定幣和 DeFi 等許多在其鏈上運營的領域中仍有很大的增長空間。</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>如果穩定幣繼續增長，機構繼續偏好最深、最互聯的流動性池——這兩者都很可能繼續存在——以太坊將在未來幾年受益。具體的場所、應用和資產的組合將會波動，但金融重心至少在目前已經基本確定。</p>
</div>

購買以太坊的一個原因