Ebunker 中文

@ebunker_eth 亚洲最大的节点供应商之一，以非托管/托管方式管理超 15 亿美元 ETH 质押资产。

[Ebunker 中文 @ebunker_cn]

@IzzyDailey 可能会成为节点运营商未来一个新的优化方向，但应该未必是决定性的差异化。更多像是给 Validator 提供了更灵活的 Builder Selection 能力，不同运营商可能会根据自己的策略做不同配置。

[Ebunker 中文 @ebunker_cn]

ePBS 带来的变化，不只是把 PBS 写进 Ethereum 协议。

对于 Validator 来说，更大的变化在于 Builder Selection。

过去，大多数节点主要依赖 Relay 来连接 Builder；而在 ePBS 下，Builder 将拥有协议内身份，Validator 也可以针对不同 Builder 配置不同的选择策略，而不再只是简单依赖单一参数。

对于 Node Operator 而言，这意味着 Builder Selection 将逐渐成为节点配置的重要组成部分，也是未来 Ethereum 共识层值得关注的一项变化。

[terence @terencechain]

Quick post on how ePBS changes builder selection: https://t.co/KDU7wfpQdU

[Ebunker 中文 @ebunker_cn]

持续的新增质押，以及长期保持低位的退出队列，让 以太坊质押生态的长期趋势变得越来越清晰。

[蓝狐 @lanhubiji]

以太坊的eth质押达到了33.9%，算是历史新高。不过，更有趣的是它入队和退出的趋势。

当前处于极端不对称状态：入队队列249 万 vs 退出 队列0 ，净流入极强。

[Ebunker 中文 @ebunker_cn]

阅读周报全文 ⏬
https://t.co/pMHx3hJI9p

[Ebunker 中文 @ebunker_cn]

🗓 以太坊质押周报 7/20/2026

🌟🌟ETH 质押核心数据🌟🌟
1️⃣ Ebunker 以太坊质押 APR：3.12%
2️⃣ stETH（Lido）7日平均 APR：2.66%
3️⃣ 总质押以太坊数量：40,839,299 ETH
4️⃣ 以太坊总质押率：33.84%
5️⃣ 上周 ETH 通胀量：+19,913.24 ETH
6️⃣ 质押入队等待时间：< 43 天 5 小时
7️⃣ 退出等待时间：< 1 小时
8️⃣ Ebunker 市占率：1.15%
9️⃣ 平均验证者运行效率评分：98.38%
🔟 Ebunker 验证者效率评分：99.2%（高出平均值 0.82%）

🎾 Ethereum 网络升级
🔘 EthSystems 正式成立，作为从以太坊基金会分拆出来、专注于机构市场的新公司，为企业采用以太坊提供隐私解决方案及咨询服务。
🔘 开发者确认，Glamsterdam-Devnet-8 很可能将是公共测试网升级前的最后一个开发测试网。

🎾 ETH 质押
🔘 Bitmine 的 ETH 持仓已增至 577 万枚，总加密资产、现金及证券价值超过 113 亿美元。
🔘 剑桥大学最新研究显示，以市场价值调整后的能源强度衡量，以太坊仍是最节能的 PoS 网络之一。
🔘 以太坊质押业务贡献了 Bitmine 上季度 98% 的收入，凸显其从比特币挖矿向 ETH 质押业务的持续转型。

🎾 Layer2 网络
🔘 Robinhood Chain 日交易量突破 1000 万笔，平均出块时间缩短至 100 毫秒。
🔘 Uniswap 提议将协议手续费扩展至更多 v4 资金池及 Robinhood Chain，并将新增手续费用于 UNI 销毁机制。
🔘 Optimism 网络上的 USDT 市值已突破 2 亿美元。

关于Ebunker
亚洲最大的节点运营商之一，管理规模超 15 亿美元，为包括 Lido、EtherFi、SSV 等协议提供节点运营服务，并为大型机构和高净值个人提供以太坊等多种资产非托管、托管 Staking 解决方案。

[Ebunker 中文 @ebunker_cn]

Robinhood Chain 月活用户已突破 100 万，过去一周增长约 10 倍。

比起这组数据本身，更值得关注的是，它再次验证了一种正在形成的路径：成熟应用 + Ethereum 底层基础设施。

当越来越多面向大众用户的应用选择构建在以太坊生态之上，链上的真实使用场景也会持续扩展，并不断吸引更多用户进入以太坊生态。

[Token Terminal 📊 @tokenterminal]

Monthly active users on @RobinhoodCrypto Chain surpass 1 million, up by ~10x over the past week.

Powered by @arbitrum and @ethereum.

[Ebunker 中文 @ebunker_cn]

以太坊生态又迎来了一个新的独立团队：EthSystems @eth_systems

与前几天成立的 Ethlabs（协议研发）和 Ethereum Institutional（机构采用）不同，EthSystems 更聚焦于另一个越来越重要的方向：机构级隐私（Institutional Privacy）。

越来越多银行、资管机构和金融基础设施希望将稳定币、RWA、链上结算等业务部署到 Ethereum，但真正的挑战并不是能不能上链，而是如何在公开链上保护商业隐私。

因此，EthSystems 的目标是帮助机构在不牺牲以太坊开放性和安全性的前提下，构建具备隐私保护能力的链上系统。

过去一年，团队以 Ethereum Foundation Institutional Privacy Task Force（IPTF） 的身份完成了包括：
• Private Bonds（私募债券）
• Confidential Stablecoin Transfers（隐私稳定币转账）
• Cross-chain DvP（跨链券款对付）
• Ethereum Privacy Map 等多个开源项目

[EthSystems @eth_systems]

Today we're launching EthSystems.

We build confidential systems for institutional Ethereum.

Institutions want to use Ethereum, but one of the biggest problems is the lack of built-in, modular privacy tools.

We were the Ethereum Foundation's Institutional Privacy Task Force (IPTF) for the past year. We had hundreds of conversations with central banks, regulators, tier-one banks, and asset managers, shipping open source work the whole time.

Wall Street has found crypto as an asset class, but not yet as commercial infrastructure. Institutions want to run real flows on Ethereum: stablecoins, tokenized assets, settlement. These are businesses with billions of dollars on the line, and no bank will operate in full public view. On a public ledger, confidentiality is the hard part: each party to a transaction should see what it has a right to see, and nothing more.

We have a year of proof of work: private bonds, confidential stablecoin transfers, private settlement across chains, the Ethereum Privacy Map, and more. All with protocol specs and security properties, at our website.

We've spent a decade working on privacy in crypto. We know there's no silver bullet. Different use cases need different systems, each designed, specified, and hardened properly, and someone has to do that work. That's why EthSystems exists.

We're an independent, for-profit company, backed by long-term Ethereum-aligned investors. This is a decade-long transition, and we aren't going anywhere.

If you're an institution that wants to build on Ethereum, talk to us. We're hiring: BD in New York, protocol engineers, ops: [email protected]

[Ebunker 中文 @ebunker_cn]

阅读周报全文 ⏬
https://t.co/auFElArubH

[Ebunker 中文 @ebunker_cn]

🗓 以太坊质押周报 7/13/2026

🌟🌟ETH 质押核心数据🌟🌟
1️⃣ Ebunker 以太坊质押 APR：3.12%
2️⃣ stETH（Lido）7日平均 APR：2.68%
3️⃣ 总质押以太坊数量：40,502,949 ETH
4️⃣ 以太坊总质押率：33.75%
5️⃣ 上周 ETH 通胀量：+19,798.83 ETH
6️⃣ 质押入队等待时间：< 45 天 19 小时
7️⃣ 退出等待时间：< 1 小时
8️⃣ Ebunker 市占率：1.15%
9️⃣ 平均验证者运行效率评分：98.44%
🔟 Ebunker 验证者效率评分：99.3%（高出平均值 0.86%）

🎾 Ethereum 网络升级
🔘 以太坊基金会表示，AI Agent 是发现漏洞的有力工具，但由于大多数检测结果为误报，仍需人工进行验证。
🔘 Vitalik 提出基于 ZK-STARK 证明的新状态管理方案，以大幅减少验证者状态数据并提升以太坊的长期可扩展性。

🎾 ETH 质押
🔘 最新研究显示，以太坊节点活动仍主要集中在美国和欧洲，凸显了基础设施集中化带来的潜在风险。
🔘 Bitmine 再次购入价值约 7000 万美元的 ETH，继续扩大其全球最大的企业 ETH 储备。
🔘 Lido 已支持 Robinhood Chain 上的 wstETH，使用户能够将以太坊质押收益带入新的生态系统。

🎾 Layer2 网络
🔘 Robinhood Chain 上线首周跨链 ETH 规模突破 7000 万美元，进一步巩固了以太坊作为代币化资产结算层的地位。
🔘 Base 的 Beryl 升级及 B20 原生代币标准已正式在主网上线。
🔘 Payy 推出 Payy Network，这是一个注重隐私的以太坊 Layer 2 网络，支持默认私密代币转账及隐私应用基础设施。

关于Ebunker
亚洲最大的节点运营商之一，管理规模超 15 亿美元，为包括 Lido、EtherFi、SSV 等协议提供节点运营服务，并为大型机构和高净值个人提供以太坊等多种资产非托管、托管 Staking 解决方案。

[蓝狐 @lanhubiji]

ETH整体供应量的33%已被质押，还有更多还在排队中。

之前很难想象超过4000万ETH已被质押。ETH不仅是提供安全服务的资产，也是生产性资产。

它最重要的价值，不仅是为未来金融的提供安全服务，也是要，为未来AI时代社会的公共设施提供基础信任服务。

ETH的上限未来会超过人们的想象。

[Ebunker 中文 @ebunker_cn]

Robinhood Chain 上线一周，目前已经全面采用 ETH 作为网络原生 Gas Token。

这意味着，用户在链上的每一笔交易都需要使用 ETH 支付网络费用，而交易对也主要围绕 WETH 构建。

随着更多传统金融应用选择在以太坊生态中落地，ETH 正在从网络原生资产，进一步成为越来越多链上经济活动中的基础结算资产。

[A.J. Warner @ajwarner90]

It has been a week since the Robinhood Chain has launched, and the momentum has been rapidly increasing. It's been awesome to see.

The early success of the Robinhood Chain is an illustration of my vision for what success looks like for the two foundations it is built on top of: Ethereum and Arbitrum.

Ethereum: Robinhood utilizes $ETH as the native gas token of the chain. In other words, for every transaction to occur someone needs to be holding and spending $ETH. This motion continues to cement $ETH as the native onchain asset across the programmable economy. All the major trading pairs on the chain right now are utilizing WETH on Uniswap. Bringing on 27m users into Ethereum's sphere of influence is a generational and historic moment for Ethereum.

Arbitrum: Robinhood's tokenized equities have been housed on Arbitrum One for the last year, prior to the launch of the Robinhood Chain. The Robinhood Chain is now utilizing the underlying Arbitrum stack to power its experiences. The way the license works, Robinhood shares with the ArbitrumDAO Treasury 10% of its transaction fee profits for utilization of the technology. So, while Arbitrum One remains the core focus and priority for supporting enterprises, startups and protocols, the monetization strategy extends with their growth motions. I look forward to continued and deepened collaboration between Arbitrum and Robinhood across a number of different initiatives.

Building business models that align with the success of the adoption of the underlying technology has always been necessary, but has become absolutely critical as investors are looking more at capture than proliferation today. Both Ethereum and Arbitrum are extremely well set up as the onchain economy increases 100x in the coming years.

Ethereum for settlement and medium of exchange.

Arbitrum for execution, scalability and cusomizations.

Powerful combination with a lot more to come. The playbook is being written as we speak.

[Ebunker 中文 @ebunker_cn]

以太坊基金会研究员 Toni Wahrstätter 最近提出了一项新的研究提案：将原生 UTXO 引入以太坊。

这并不意味着以太坊要改用 Bitcoin 的 UTXO 模型，而是在保留现有账户体系的基础上，为支付场景增加一种可选的原生 UTXO 机制。

核心思路是：支付应该更像一次性对象，而不是永久占用链上状态。

对于已经花费的支付对象，相关数据可以通过历史记录证明存在，链上状态中只需要保留一个“是否已花费”的标记。

按照提案估算，这种设计可以将简单支付场景带来的永久状态占用减少约 99.8%。

过去几年，以太坊一直在围绕 State Growth、Stateless、History Expiry 等方向进行优化。Native UTXOs 也是同一条路线上的探索：减少不必要的永久状态，让节点运行更轻量，也让网络更适合长期扩展。

[Toni Wahrstätter ⟠ @nero_eth]

Native UTXOs on Ethereum.

Payments should be one-shot objects, not permanent state.
Bitcoin got this right. Ethereum can bring the same idea to payments: prove existence from history, keep only a spent bit in state, and reduce permanent state by ~99.8%.

Check out the blog post for details.
https://t.co/blKMizIHFS

[Ebunker 中文 @ebunker_cn]

阅读周报全文 ⏬
https://t.co/LD1e7gfyZW

[Ebunker 中文 @ebunker_cn]

🗓 以太坊质押周报 7/6/2026

🌟🌟ETH 质押核心数据🌟🌟
1️⃣ Ebunker 以太坊质押 APR：3.12%
2️⃣ stETH（Lido）7日平均 APR：2.72%
3️⃣ 总质押以太坊数量：40,250,539 ETH
4️⃣ 以太坊总质押率：33.35%
5️⃣ 上周 ETH 通胀量：+19,643.02 ETH
6️⃣ 质押入队等待时间：< 47 天 15 小时
7️⃣ 退出等待时间：< 2 小时 24 分钟
8️⃣ Ebunker 市占率：1.15%
9️⃣ 平均验证者运行效率评分：98.22%
🔟 Ebunker 验证者效率评分：99.10%（高出平均值 0.88%）

🎾 Ethereum 网络升级
🔘 以太坊基金会裁减约 20% 员工，作为更广泛组织重组和预算削减计划的一部分。
🔘 前以太坊基金会贡献者联合 Bitmine 和 SharpLink 成立新的非营利组织，推动以太坊面向机构应用的发展。
🔘 Glamsterdam Devnet-6 正式上线，引入多项新的 EIP，并持续推进下一阶段以太坊测试网开发。

🎾 ETH 质押
🔘 SharpLink 在暂停八个月后恢复增持 ETH，把握以太坊近期价格回调机会。
🔘 一项提议建议将最多 10% 的质押奖励用于资助以太坊公共产品，引发社区广泛讨论。
🔘 Lido 撤销了多个 Layer 2 网络上 wstETH 官方桥接端点（canonical bridge endpoints）的官方认证状态，用户无需采取任何操作。

🎾 Layer2 网络
🔘 Taiko 确认其跨链桥遭到攻击，并建议用户尽快撤出桥接资产，相关原因仍在调查中。
🔘 Ink 与 Optimism 的 OP Enterprise Fully Managed 服务达成合作，以强化基础设施并专注于生态发展。
🔘 Base 已成功在主网上完成 Beryl 协议升级。

关于 Ebunker
亚洲最大的节点运营商之一，管理规模超 15 亿美元，为包括 Lido、EtherFi、SSV 等协议提供节点运营服务，并为大型机构和高净值个人提供以太坊等多种资产非托管、托管 Staking 解决方案。

[Ebunker 中文 @ebunker_cn]

V神分享了两周前柏林以太坊研究者会议的一些进展，并同步更新了最新的 Strawmap（长期协议路线图）。

相比具体的升级时间，这次更值得关注的是几个核心方向正在持续推进：
🔘 扩容：继续推进更高的 L1 吞吐量、更快的最终确认以及并行执行等能力。
🔘 后量子安全：优先级进一步提高，协议层正在加快评估抗量子密码学方案。
🔘 隐私：不再只是应用层的可选功能，而是被提升为更核心的协议目标。
🔘 协议简化：通过 Lean Ethereum 等方向，让协议在保持安全性的同时更加轻量、更易验证。

这些内容不会一次性完成，而是会在未来几年通过多个升级逐步落地。

从 Strawmap 更新、Glamsterdam、Formal Verification 到 Post-Quantum，可以看到以太坊正在围绕同一个方向持续演进：在保持去中心化的前提下，不断提升网络的性能、安全性和可持续性。

[vitalik.eth @VitalikButerin]

Two weeks ago, Ethereum researchers met in Berlin to continue charting the protocol's long-term trajectory, following along discussions with client teams in Svalbard in April.

The updated strawmap is at https://t.co/9e2AQ6rhz6, and I attached a picture of it to this post.

My own high-level takeaways:

* "Lean Ethereum" is not a single one-shot upgrade, it is a collection of improvements that will come online to the Ethereum network over the course of three or four years. But make no mistake, this IS the third major iteration of Ethereum in the same way that the Merge was the second. Almost every major piece of the protocol will be replaced:

- Verification through recursive STARKs, rather than direct re-execution. Recursive STARKs become an enshrined first-class core component of the protocol
- Replacing everything quantum-vulnerable with quantum-safe alternatives
- Consensus: decoupled available chain and finality, one or two-round finality. Theoretically optimal security properties, simpler than today, and faster than today
- Multidimensional gas
- State: not just tree structure, but what *types* of state are available
- Changes to client architecture
...

At the same time, simplification, cleanup and future-proofing. And this will all be done in a way that minimizes disruption to existing application. We've done this before (the Merge), we can do it again.

* H-star (aka Hegota) is probably Ethereum's last thematically "pre-Lean" fork. Starting from I-star, most of everything we do will have a very strong "Lean" feel to it in one way or another.

* Privacy is no longer an afterthought, it is a first class goal. When designing Frames, the mempool, additions to the state tree, we explicitly ask the question "okay, how do quantum-safe, intermediary-free privacy protocol transactions go through this, and what is the overhead?"

* Formal verification of everything for security.

* FV also makes us much more comfortable with canonicalization (having pieces of the protocol that are directly defined as a piece of bytecode expressed in some language). evm-asm is being written in part to become a canonical proof system for the EVM.

* Quantum safety has shifted up a LOT in priority. This adds a lot of work (eg. finalizing a quantum-safe blobs design has become urgent; this work has already been ongoing for months)

* Probably the single most disruptive part of the plan is the changes to state. There is growing consensus around leaving present-day-style "dynamic state" mostly unchanged, but scaling it only a medium amount, and adding new types of state that are more scalability-friendly (eg. no need for builders to sync/store all of it) but more restrictive, and that will scale a large amount.

eg. possible Ethereum in 2030: 2 TB of present-day-style (dynamic) state, and 100 TB of new-style (scalable but restrictive) state

This "new-style" state would work very well for ERC20s, NFTs, many defi use cases, but not eg. highly "central" objects like Uniswap contracts, or onchain order books, or other complex things (which are crucial for Ethereum but which only take up a small percentage of state)

Hence, it will not be *necessary* to rewrite any apps, but it will be *very cost-effective* to eg. rewrite an ERC20 token into a newer design that uses a new type of UTXO storage that is currently being explored, so that it will have >10x lower txfees.

Design of these new state types (current ideas: keyed nonces, ring buffers, UTXOs, statically accessible state, temp state) is an area where we will need a lot of feedback from application developers (incl. privacy-friendly application developers) and probably several rounds of rethinking and iteration.

* In the context of a much larger total state size, we need to figure out the incentive issues around who stores this state and what motivates them to. Even saying "each node stores 1%" is not good enough - why do they store that 1% and why are they willing to serve it? This is being elevated as a first-class research area.

* Ethereum will need to have a "VM" other than EVM in one form or another - at the very least, we need something like leanISA for recursive STARKs - and the gains are large in exposing it to users so that we support programmable privacy and better scalability. Right now, the most likely contenders are leanISA and RISC-V.

My own ideal is that in this world, we adjust the protocol so that the EVM becomes a high-level-language compiler-level feature, and the protocol only "sees" RISC-V / leanISA directly. But this is still far away.

* Gas limit increases, blob increases and slot time decreases will happen many times over the next ~5 years. We expect a large gas limit increase with Glasterdam. Each step of increased scale or decreased slot time is a matter of getting to the point where it is safe to do it, which comes from a combination of client optimization and protocol changes.

Ethereum is CROPS.

Ethereum is scaling.

Ethereum is reinventing itself.

Onward.

[Ebunker 中文 @ebunker_cn]

继 Ethlabs 之后，以太坊生态今天又多了一个新的独立组织——Ethereum Institutional。

不过这一次关注的不是协议研发，而是机构采用。

团队认为，越来越多银行、资管机构和传统金融企业开始评估 Ethereum，但真正困扰他们的往往不是技术本身，而是如何理解整个生态、找到合适的合作伙伴，以及判断哪些基础设施适合长期采用。

Ethereum Institutional 希望填补的，正是这一空白。

他们会专注于五个方向：
• 机构合作（Institutional Engagement）
• 行业研究与情报（Institutional Intelligence）
• Ethereum 生态与 ETH 推广
• 收集机构需求并反馈生态
• 行业活动与交流

可以理解为，他们不会替任何项目做销售，而是希望成为机构了解整个以太坊生态的一个长期入口。

最近从 Ethlabs，到 Ethereum Institutional，再到 Ethereum Foundation 的角色调整，可以看到以太坊正在把不同职责交给越来越多独立团队承担。这或许也是一个成熟开放网络的发展方向。

[Ethereum Institutional @ethereuminsti]

1/ Announcing Ethereum Institutional

An independent non-profit dedicated to accelerating the institutional adoption of Ethereum, its L2s, applications and overall ecosystem.

[Ebunker 中文 @ebunker_cn]

近半年以来，以太坊质押规模明显加速增长。

📈 ETH 质押总量：约 3550 万枚 → 4000 万枚+
📈 ETH 质押率：约 29.5% → 32.9%

目前已有超过 4000 万枚 ETH 参与网络质押，占总供应量接近三分之一。

[Ebunker 中文 @ebunker_cn]

阅读周报全文 ⏬
https://t.co/WWTi9uLVHr

[Ebunker 中文 @ebunker_cn]

🗓 以太坊质押周报 6/29/2026

🌟🌟ETH 质押核心数据🌟🌟
1️⃣ Ebunker 以太坊质押 APR：3.12%
2️⃣ stETH（Lido）7日平均 APR：2.78%
3️⃣ 总质押以太坊数量：40,097,695 ETH
4️⃣ 以太坊总质押率：33.22%
5️⃣ 上周 ETH 通胀量：+19,463.83 ETH
6️⃣ 质押入队等待时间：< 51 天 14 小时
7️⃣ 退出等待时间：< 1 小时
8️⃣ Ebunker 市占率：1.15%
9️⃣ 平均验证者运行效率评分：98.52%
🔟 Ebunker 验证者效率评分：99.10%（高出平均值 0.58%）

🎾 Ethereum 网络升级
🔘 以太坊基金会裁减约 20% 员工，作为更广泛组织重组和预算削减计划的一部分。
🔘 前以太坊基金会贡献者联合 Bitmine 和 SharpLink 成立新的非营利组织，推动以太坊面向机构应用的发展。
🔘 Glamsterdam Devnet-6 正式上线，引入多项新的 EIP，并持续推进下一阶段以太坊测试网开发。

🎾 ETH 质押
🔘 SharpLink 在暂停八个月后恢复增持 ETH，把握以太坊近期价格回调机会。
🔘 一项提议建议将最多 10% 的质押奖励用于资助以太坊公共产品，引发社区广泛讨论。
🔘 Lido 撤销了多个 Layer 2 网络上 wstETH 官方桥接端点（canonical bridge endpoints）的官方认证状态，用户无需采取任何操作。

🎾 Layer2 网络
🔘 Taiko 确认其跨链桥遭到攻击，并建议用户尽快撤出桥接资产，相关原因仍在调查中。
🔘 Ink 与 Optimism 的 OP Enterprise Fully Managed 服务达成合作，以强化基础设施并专注于生态发展。
🔘 Base 已成功在主网上完成 Beryl 协议升级。

关于 Ebunker
亚洲最大的节点运营商之一，管理规模超 15 亿美元，为包括 Lido、EtherFi、SSV 等协议提供节点运营服务，并为大型机构和高净值个人提供以太坊等多种资产非托管、托管 Staking 解决方案。

[Ebunker 中文 @ebunker_cn]

关于最近 EF 人员调整，V 神今天解释了背后的原因。

很多人把它理解成一次普通的裁员。但按照他的说法，更准确地说，这是 EF 主动调整长期定位的一部分。

去年 EF 就已经提出，希望逐步从高支出模式，转向更像“长期基金会（Endowment）”的运作方式。未来每年的预算将从过去约占资金储备的 15%，逐步下降到 2030 年后的约 5%。

与此同时，EF 并没有降低对 Ethereum 长期路线图的投入。相反，他们希望把更多资源集中到真正影响未来十年的核心方向，例如 Strawmap、Access Layer、Formal Verification、后量子密码学以及协议层升级。

这意味着一些工作会逐渐从 EF 转移到更广泛的生态中完成。客户端团队会更加专业化，ZK 从研究走向落地，越来越多研发工作将由独立团队共同推进。这或许也是最近我们看到越来越多独立研究机构成立的原因。

对于一个希望长期存在的开放网络来说，真正重要的并不是 Foundation 有多大，而是整个生态是否能够持续成长。

[vitalik.eth @VitalikButerin]

This year, the EF is decreasing its budget by roughly 40%, which entails some difficult decisions. The goal of the decreases was set out in the Treasury Management Policy last year: the EF is transitioning into being a long-term-oriented endowment-based organization, shifting from its pre-2026 average of spending ~15% of its remaining funds each year, toward a post-2030 target of ~5% per year.

Often, when an organization goes through something like this, people try to pretend that nothing of great value was lost, that it is an efficiency increase, that the only people cut are unproductive dead weight, and everyone else stopped partying, studied the blade, entered cracked S-tier beast mode, and this was sufficient to make up for the downside. I will not try to pretend this. I respect my EF colleagues far too much to pretend that there was not much that is lost. They are brilliant people. They are dedicated engineers of whom some have worked on the Ethereum protocol for nearly a decade. They have brought a bright light to the Ethereum ecosystem with their code, their words, their warmth as human beings and their actions. My dearest hope is that they find a path that brings them fulfillment and happiness whether inside Ethereum or outside. Hopefully many will be able to bring their excellent talents and mindset to the wider Ethereum ecosystem, or the even wider CROPS world.

Instead, I will try to explain what *are* some of the grand sacrifices being made. The Ethereum Strawmap is no small thing. It is an extremely ambitious undertaking seeking to replace and augment almost every part of the protocol - consensus, proofs, privacy, account model, state, and more. This is the third iteration of Ethereum, in the same way that the Merge was the second, even if the shipping style is less Big Bang and more one-piece-at-a-time. On top of this, the EF is increasing its role in the Access Layer. We are not compromising on Ethereum being a Deeply Impressive protocol, something worthy of its place in a world with quantum computing, rockets to Mars and powerful biotech and AI, and capable of meeting the challenges that this era will bring.

Some of the deficit will be recovered through more work happening outside the EF. But not all. So what are the grand sacrifices that will enable a leaner effort to accomplish all of this? I will give a few examples (though far from an exhaustive list):

* The multi-client model will shift in the direction of multiple clients existing less for _redundancy_, and more for _specialization_. Up to this point, redundancy has been the main security strategy: if one client has a bug, if it has less than 33%, the chain keeps going and does not even stop finalizing. We are increasingly exploring moving more pieces of the protocol to a different security strategy: AI-assisted formal verification. Some smaller pieces of Ethereum (eg. BLS libraries) have worked this way already for a long time. But soon many more parts of Ethereum will likely function on this model. This may greatly reduce resource requirements of shipping a large number of EIPs. The resources saved by client teams can ideally instead be used to better serve different specialized user needs, including EF Access Layer goals.
* PSE (Privacy and Scaling Explorations) is winding down as a unit. The number of people working on ZKPs for privacy and scaling is probably as high as ever, but they are working less on "exploration" and more on *implementing* ZKP-based privacy and scaling into the Protocol and Access Layer
* Devcon will likely over time become smaller-scale, somewhat more spartan, much lower-deficit than previous years, in addition to other changes in vision in line with the Mandate.
* Fewer beyond-Ethereum megaprojects coming from EF. As I announced earlier this year, I am taking on some of the responsibility of doing projects in this category that I consider valuable with my personal funds.
* EF institutional work is reducing in scope, specializing more specifically on creating replicable test cases of highly CROPS-friendly deployments, even if at smaller scale.

These do not explain all departures; in some cases they do not explain departures at all and rather explain _reduced need for new spending_. But they are a large part of the strategy at play.

In the longer term, I personally favor a "soft lean-and-done" approach to Ethereum: once the Strawmap is completed, generally stick to security fixes and small high-value changes, and have a much higher bar for considering new feature additions to the protocol. This allows Ethereum to remain capture-resistant without demanding very large budgets. Learn less from multimillion-line-of-code behemoth projects, more from bitcoin.

The past years have been a challenging era for Ethereum. However, the ecosystem is adapting, both inside the EF and outside, and I am confident that Ethereum is very well-positioned to succeed and thrive.
https://t.co/iZiOonRYzR