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ConsenSys: Ethereum Roadmap, Merger Unresolved Threats and the Future of Institutional DeFi

2022-09-21 14:40:34Wu said blockchain

在这篇文章中,We'll take a look at some of the threats to the Ethereum ecosystem that will remain after the merger,Some further upgrades planned after the merger,以及去中心化金融 (DeFi) view of the future for institutional investors.

作者:Clemens Wan,Nicole Adarme,Ryan Ho,Simran Jagdev,Yan Lin Fu

This week is a very important week in Ethereum history.The most anticipated upgrade since launch,i.e. move to proof of stake(PoS)共识机制,已在 9 月 15 日完成.This upgrade is called the merger,Is the first step in the etheric lane road map,Future-proof the network's infrastructure,And in order to improve safety、Sustainability and scalability ready.

in our recently published "合并对机构的影响 "报告中,We discussed in detail how the merger willWeb3Opportunities created by institutions in the world.该报告由 MetaMask 机构和 ConsenSys Written by the Cryptoeconomic Research Team,Network activity is also explored、Factors such as safety and valuation,These factors set the stage for Ethereum's long-term growth and success.You can find the full report here:

While the merger means institutions will have more attractive staking opportunities、Greater security and customer diversity and interoperability,But some long-standing criticisms of ethereum,such as high transaction costs and slower transaction processing speeds remain.在这篇文章中,We'll take a look at some of the threats to the Ethereum ecosystem that will remain after the merger,Some further upgrades planned after the merger,以及去中心化金融 (DeFi) view of the future for institutional investors.

Merge unresolved threats

PoS Mechanisms may increase centralization in Ethereum、Risk of censorship and fraud.合并后,ETH Whales could theoretically interfere with network performance.Although this doesn't extend to catastrophic events like rolling back a transaction,But it may hinder the accuracy of the results.An example of such a threat is Lido Finance、Rocket Pool and similar agreements.例如,Lido Now controls nearly a third of staking ETH.尽管 Lido Decentralization exists within(例如,Lido 上有 21 validators are responsible for staking),But potential attack vectors remain.

Interoperability improvements pose an existential threat to Ethereum.This includes cross-chain messaging protocols(如 Axelar)的出现,Protocols with built-in interoperability(如 Cosmos 和 Polkadot)的激增,and improvements in bridging technology.All these factors enable developers to build chain-agnostic applications,At the same time, it allows users to transfer smoothly between chains in a more secure way.

While the merger may not directly address some of these criticisms,But it does prepare for further upgrades that Ethereum outlines in its roadmap.Merger is a step in the right direction,But only the first step.


The Surge

The first update after the merge will be Surge,It will allow the Ethereum network to massively scale through sharding.作为一个整体概念,Shard the database(Decentralized or otherwise)The data processing responsibility is split among many nodes,Allow parallel transactions、存储和处理信息.As we mentioned in the previous chapters,Sharding will split the Ethereum network into shards,The shard will work as a separate block chain.目前,Ethereum processes on average per second 15 笔交易(TPS).以太坊联合创始人 Vitalik Buterin 表示,Once its roadmap is complete,The processing power of Ethereum can reach 100,000 TPS.

Sharding will also resolve Arbitrum 和 Polygon Wait for the second floor(L2)An existential threat to Ethereum.目前,Ethereum is significantly more expensive to use than most L2s.

像 Optimism 这样成熟的 OP rollups 和像 Starkware It's still in development ZK rollups Will use a base layer away from Ethereum,And settlement is still resolved at the base layer.

Increased transaction processing speed will allow Ethereum to reduce network congestion,This in turn reduces transaction costs.这是通过在 rollups on the task L2 Hierarchical and parallel processing of unrelated tasks through sharding.起初,These shards function like rollups,Bundle multiple transactions on each shard into one,Then publish that transaction to mainnet.最终,These shards will be able to function as independent blockchains,Has its own smart contract and account balance,Transactions between different blocks will happen through cross-shard communication.

The Verge

The next phase of the Ethereum roadmap,即 Verge,Will focus on further improving the scalability of the network.This upgrade will aim to pass Verkle Trees 优化存储,This is a mathematical proof,is currently used by Ethereum Merkle Proof of upgrade.Run operations by reducing the amount of data validators need to store on their computers,Node size will shrink,and allow more users to become validators.This will further decentralize the network,提高安全性.

The Purge

Purge Will reduce hardware requirements and simplify validator storage by eliminating historical data and technical debt.反过来,This will further reduce network congestion.

The Splurge

The final stage of the Ethereum roadmap is a minor upgrade,It's just fine-tuning the network.Buterin call these upgrades "有趣的东西".

这里要记住的一件事是,These upgrades won't necessarily happen one after the other.they are quite independent,and in parallel.The order in which these upgrades will be rolled out has not yet been decided,But work on all these upgrades is happening at the same time.

机构 DeFi 的未来

The Ethereum ecosystem is being built for the long-term.Despite the current geopolitical、Macroeconomic factors and market volatility,The community is still working on building innovative products and systems,Institutions still have a strong desire to be a part of these innovations.金融机构——Investment banks such as Goldman Sachs and Barclays,Citadel Securities 和 Point72 Ventures等 对冲基金,以及 Banco Santander 和 Itau Unibanco and other commercial banks——are investing in crypto assets,Or further plan to offer crypto asset investment options to its clients.

As we continue to build through the bear market,We believe in institutions DeFi 的未来是光明的.

很长一段时间,The Debate Around Institutional Investing in Crypto Assets Is About Traditional Finance(TradFi)与 DeFi 的辩论.DeFi 的日益普及,往往被认为是 TradFi 的丧钟.然而,一些 TradFi Companies' digital asset management strategies in downturns suggest,TradFi 和 DeFi are coming together now,相互补充.This trend is likely to increase after the merger,Because the agency admits it's all a long game.

The security of the Ethereum network has been improved as the merger,and ready for its future scalability,We expect institutions to be more keen to participate Web3 生态系统.

在过去的两年里,DeFi of innovations have created institutional adoption DeFi Required infrastructure and tools.from ensuring that only KYC Participant's Licensed Loan Pool,to on-chain asset management,抗 MEV Best Execution Agreement,And the identity of the decentralization,More and more agency-focused projects have entered the market.

我们也看到 L2 项目,如 Optimism、Polygon 和 Arbitrum Raised by high yield DeFi 交易量.We expect that with the merger L2 Acceleration of scale,There will be more institutional-focused projects coming to market.

向 PoS The transition creates compelling reward opportunities for institutions.随着 ETH 鲸鱼——包括加密交易所、Funds and Custodians——has been recognized to hold ETH 在 DeFi The world has a strong position,they have been able to ETH gain on position 4.06% 的年化收益率.合并后,我们预计 ETH The actual rate of return on the fixed investment will be 5.5% 至 13.2% 之间,这取决于几个因素,such as block reward、Transaction fees and maximum extractable value accumulated by validators(MEV).

机构 DeFi 的机会是巨大的,Merge will help the market mature,Create opportunities for investors to chase yield in high-risk areas.maybe right before DeFi of investment opportunities skeptical institutional investors now recognize Web3 The growth of its related financial instruments is inevitable.they may not fully understand DeFi 或 Web3 背后的驱动因素,But it is already known that asset classes cannot be ignored.

Ethereum's next phase on the roadmap will address scaling challenges,thereby building confidence in the ecosystem,Especially in investments where crypto assets may be considered too risky.We expect progress and innovation to come quickly,Whether from funds and encrypted DAO,还是传统的 Web2 机构.

This article is adapted from our exclusive report“合并对机构的影响”,In which we discuss how changes to the Ethereum network resulting from the merger will translate into opportunities for institutional investors.


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