727 FinanceMarubuci: Gu Yu, ChainCatcher
A cikin kwana ɗaya da ya gabata, wani suna da yawancin mutane ba su taɓa gani ba ya bayyana a kan allon jagorancin kuɗin shiga na yarjejeniya na DefiLlama.
Na farko shine Titan Builder, tare da kuɗin shiga na dala miliyan 22.83 a cikin awanni 24 da suka gabata; na biyu shine Tether, tare da dala miliyan 16.99; na uku shine Circle, tare da dala miliyan 6.76. Ba kamfanin tsabar kudi mai tsayawa ba ne, ba musayar ba ce, kuma ba wata yarjejeniya shahararriyar ba ce, amma kamfani ne mai hedkwata a London wanda ke da ma'aikata goma sha shida kawai wanda ba ya tallata kansa a bainar jama'a.
Abin da yake yi shine tsara ma'amaloli na Ethereum—yana yanke shawarar wace ma'amala ce za ta shiga kowane toshe kuma a wace tsari. A cikin awanni arba'in da takwas da suka gabata, wannan matsayi ya zama wuri mafi riba a duk sarkar.
I. Yadda aka mayar da shari'ar sata zuwa kuɗin shiga na yarjejeniya
Don fahimtar wannan kuɗin, dole ne mu fara daga satar kanta.
Babban ɓangare na kadarorin da ɗan fashin ya sata sun kasance USDT da USDC. Irin wannan kadari yana da wata mummunar siffa: mai fitarwa zai iya daskarar da shi. Tether ya ɗauki mataki washegari, inda ya ƙara adadin da aka daskarar zuwa fiye da dala biliyan 1.5. Don haka ɗan fashin ya tilasta ya mai da wannan kuɗin zuwa wani abu da babu wanda zai iya daskarar da shi—tokens na Ethereum da Tron.
Gaggawa ita ce aminci, amma gaggawa tana da farashi.
Daga karfe 4:34 na safe zuwa karfe 4:49 na safe agogon Beijing ranar 30 ga Oktoba, ta hanyar tashoshi biyu na oda waɗanda "da farko ke sa hannu a wajen sarkar, sannan wata cibiya ta aiwatar da cinikin a madadinsu," ɗan fashin ya yi amfani da USDT miliyan 325 don siyan ETH 122,316 a matsakaicin farashin aiwatarwa na $2,657—yayin da farashin kasuwa a lokacin ya kasance $2,284. A wannan ciniki ɗaya, ɗan fashin ya biya fiye da kima na dala miliyan 45.7. Minti goma sha biyar bayan haka, ya sayi kai tsaye daga tafkin ruwa a kan sarkar kuma ya biya fiye da kima na wata dala miliyan 25.8.
Gabaɗaya, ya biya fiye da kima na dala miliyan 71.5 don siyan ETH. Ya sayar da tokens da aka sata kamar UNI, PEPE, ENA, LINK, da AAVE tare da asara na dala miliyan 24.8. Ya sayi TRX a Tron kuma ya biya fiye da kima na wata dala miliyan 22.4. Jimillar dala miliyan 119, duk an ƙididdige su cikin sa'a ɗaya.
Wannan kuɗin da aka biya fiye da kima bai ɓace cikin iska ba; mutanen da ke wancan gefen cinikin sun kama shi.
A cikin babban tafkin ruwa na ETH/USDT na Ethereum, farashin ETH a wani lokaci ya fi kasuwa girma da kashi 38%. Wannan bambancin farashi ne marar hankali; a cikin dare na yau da kullum, irin wannan damar tana samar da riba ta 'yan centi kawai. Don haka dubban wallets sun yi ta kwarara, suna sayar da ETH cikin tafkin mai tsada kuma suna sayen tokens da aka sata a farashi mai sauƙi.
Yadda mutane suka ƙara kwarara, haka suka ƙara yin layi; don tsallake layi, dole ne su biya.
A wannan daren, a cewar kamfanin nazarin blockchain Bitquery, bots sun biya masu gina toshe ETH 10,251 a matsayin tips. A daren da ya gabata a daidai wannan lokacin, adadin ya kasance ETH 4.6. Cikin dare ɗaya, fiye da sau dubu biyu. A wannan daren ma, an sami ma'amaloli da suka kasa gudana 10,235 (3,500 a daren da ya gabata), kuma kowanne har yanzu yana biyan kuɗi.An raba lissafin ƙarshe kamar haka: ƴan kasuwa da bots ɗinsu sun karɓi dala miliyan 59.9; kamfanonin da suka ba da umarnin ma'amaloli da masu tabbatarwa sun karɓi dala miliyan 29.5; masu ajiya a tafkin ruwa sun karɓi dala miliyan 20.2; cibiyoyin da suka taimaka wajen daidaita ciniki sun karɓi dala miliyan 6.7.
Yana da kyau a lura cewa masu yin gaba ba lallai ne su sami riba ba. Shahararren bot ɗin cinikin riba na Ethereum, jaredfromsubway, ya sami dala miliyan 2.87 a matsayin ƙimar rangwame daga rukunin tokens ɗin da aka sayar a farashi mai rahusa, amma ya biya dala miliyan 2.95 a matsayin kuɗaɗen fifiko saboda hakan, wanda ya haifar da asarar kuɗi ta dala 110,000. Wata walat ɗin kuma ta sami dala miliyan 3.24 kuma ta biya dala miliyan 3.51, asarar kuɗi ta dala 820,000.
Wanda ya yi nasara shi ne wanda yake karɓar kuɗaɗen shiga. Jimillar kuɗaɗen cibiyar sadarwar Ethereum a wannan ranar sun tashi daga dala miliyan 44.25 zuwa dala miliyan 56.4, sabon matsayi mafi girma tun watan Afrilu, yayin da a rana ta al'ada kuɗin ma'amala bai wuce cent ɗaya ba.
II. Wanene Titan Builder
Babban kamfanin Titan Builder ana kiransa Gattaca, wanda aka kafa a London a shekarar 2018 kuma asalin sunansa Day 0 Dynamics, yana yin ciniki na mallaka. A farkon shekarar 2023, ya ƙaddamar da Titan Builder kuma ya karkata zuwa kayan more rayuwa.
Wanda ya kafa Kubi Mensah tsohon ɗalibin Y Combinator S15 ne kuma a baya ya haɗa kai ya kafa kamfanin tsaron wayar hannu wanda ya samu nasarar ficewa. Wanda ya haɗa kafa Philip Gasslander shi ma daga YC ne kuma ya taɓa yin aiki a Google, wani wanda ya haɗa kafa, Fabrizio Cavallo Marincola, yana da digirin digirgir a fannin ilimin ruwa na lissafi daga Kwalejin Imperial. Har zuwa yau ƙungiyar tana da mutane goma sha shida kawai, galibinsu injiniyoyi ne, tare da zagayen haɓaka samfur na makonni biyu.
Ɗaya daga cikin muhimman matsayin da ta ɗauka wa kanta shi ne: ba ta yin ciniki na mallaka. Mensah ya sha nanata cewa wannan kasuwancin sabis ne—abin da yake samu ba kuɗi ne daga farensa ba, amma kuɗaɗen sabis na ba da umarnin ma'amaloli a madadin wasu da kuma ba wasu tabbacin cewa "za a haɗa wannan ma'amala a kan sarkar a cikin wannan tsari." Wannan kuma ya bayyana dalilin da ya sa kuɗin shigarsa ya yi tsalle a wannan lokacin ba tare da alaƙa da kasuwa ba: bai sayi ETH ɗaya ba daga farko zuwa ƙarshe.
Gattaca a halin yanzu tana da matakai biyar a kan sarkar Ethereum, waɗanda ke rufe dukkan tsarin ma'amala daga ƙirƙira har zuwa haɗawa a kan sarkar:
Titan Builder: yana da alhakin haɗa tubalan; a halin yanzu kusan rabin tubalan Ethereum shi ne yake gina su;
Titan Relay: yana da alhakin isar da tubalan ga masu tabbatarwa, yana haɗa fiye da kashi 90% na masu tabbatarwa na Ethereum;
Nova: sabis ɗin aiwatar da ma'amala da kariya ta MEV na matakai ɗaya ga talakawa masu amfani da walat;
Kairos: yana kama "hanyar fifiko" a kan Arbitrum, yana riƙe da ita kusan kashi 70% na lokaci;
Based OP: mai tsara jerin abubuwan buɗaɗɗen tushe da aka tanadar wa Optimism.A nan wajib a fayyace bambanci tsakanin "magini" da "relay." Magini shi ne wanda ke ƙayyade tsarin ma'amaloli; validator shi ne wanda aka zaɓa bisa ga rabo don a ƙarshe ya ƙara block ɗin zuwa sarkar. Su biyun ba su amince da juna ba, kuma ana buƙatar mai bada garanti a tsakaninsu—wato relay. Lokacin da Bitquery ya bi diddigin kwararar kuɗaɗen a wannan daren, ya gano cewa yawancin kuɗin da aka biya wa validators sun bi ta hanyar relay ɗin biyan kuɗi na Titan.
A lokaci guda yana riƙe da "ikon tsarawa" da kuma "hanyar shiga ga kashi casa'in na validators." Haɗin waɗannan matsayi biyu ya bayyana dalilin da ya sa ya kasance babban mai cin gajiyar wannan lamarin. Rubuce-rubucen DefiLlama sun nuna cewa a cikin watanni na yau da kullum, kuɗin shiga Titan yana tsakanin dala miliyan 3 zuwa dala miliyan 10.
III. Rabin Ethereum, da sauye-sauyen da ke kewaye da shi
Magina uku ne ke sarrafa mafi yawan blocks na Ethereum—wannan shi ne taken wani kashi na podcast ɗin Epicenter a watan Afrilun wannan shekara, wanda ke kwatanta daidai Titan, takwarorinsa, da tsarin oligopoly na wannan kasuwa.
Game da kaso, cibiyoyi daban-daban suna da alkaluma da suka ɗan bambanta: shafin yanar gizo na Gattaca ya ce "kusan 50%," shafin ɓangare na uku rated.network ya nuna 52.04%, wanda ya ninka na biyu kusan sau 2.8; wani shafin sa ido mai zaman kansa ya kama bayanan sa'o'i 24 na 48.3% a ranar 26 ga Oktoba. Ko wace lamba aka ɗauka, "kusan ko fiye da rabi" ita ce yarjejeniya, kuma ya riƙe wannan matsayi tsawon shekaru uku tun daga Agusta 2023.
Abokan hamayyarsa suna da siffofi daban-daban. Beaverbuild wanda ya taɓa jagorantar kaso ya rage da 0.13% kawai a cikin sabon sa ido mai zaman kansa; rsync-builder yana samun goyon bayan Coinbase Ventures kuma yana mai da hankali kan ƙarancin jinkiri a Gabashin Tekun Amurka; BuilderNet, wanda Flashbots ya ƙaddamar kuma masu gudanarwa da yawa ke tafiyar da shi tare, shi ne mafi rarrabuwa, da kusan kashi 9.79%.
Abin da ya fi daukar hankali shi ne Flashbots. A da yana samar da kashi 60% zuwa 70% na blocks na Ethereum, yanzu ya rage da kashi 8% zuwa 12 kawai. Amma wannan ba rashin nasara ba ne; ja da baya ne da son rai—ya mayar da hankalinsa zuwa manyan matakai na jama'a kamar relays, hanyoyin gwanjo na haƙƙin ma'amaloli na masu amfani, da kayan more rayuwa na tsallake-tsallake sarkar, wato ya yi watsi da wannan kasuwa mafi ƙiba.Don haka sai wani ban mamaki ya bayyana: da wannan kasuwanci guda biyu na oda da isar da sako, Flashbots ya zabi gina kayan more rayuwa na jama'a kuma ya bar rabo, yayin da Titan ya zabi ya rike mafi girman rabo kuma ya rike hanyar shiga ga kashi casa'in na masu tabbatarwa. Duk hanyoyin biyu suna raye a yau, amma na karshen a fili ya fi riba. Katangarsa ba wani asiri ba ne. Mensah ya taba bayyana wani zagaye: mafi kyawun sabis, mafi yawan ma'amaloli suna yin layi; mafi yawan ma'amaloli, mafi darajar tubalan da ake tattarawa; kuma mafi darajar tubalan, mafi yawan masu tabbatarwa da cibiyoyi suna son yin aiki da shi. Amma a yau fiye da rabin duk ma'amaloli a Ethereum ba sa wucewa ta wurin jira na jama'a kwata-kwata—ana shigar da su kai tsaye ta hanyoyin sirri. Wanda ya rike mafi yawan wuraren shiga shi ne ya rike mafi yawan kayan aiki. Sauran shine iyawar injiniya ta matakin millisecond, da wani abu na yau da kullum: amana. Dole ne bots su mika dabarunsu ga magina, kuma bayan wasu gudu na rashin nasara sai su koma wurin wani.
Abin lura: Gattaca, wanda ke rike da rabin kasuwa, ya kaddamar da wata kungiya ta masana'antu mai suna Blockspace Forum, wadda aka sadaukar don tattauna "me za a yi game da wuce gona da iri na rarraba tubalan."
Kammalawa
A gaskiya, wannan shine karo na biyu a wannan shekara da Titan Builder ya zama na farko a jerin kudaden shiga na kwana guda.
Na karshe shine a watan Maris: mutum daya ya shigar da sigar zamewa ba daidai ba, kuma dala miliyan 50.43 aka raba a duk sarkar cikin tubali guda—dakika goma sha biyu—inda Titan ya karbi kusan dala miliyan 34. Wannan karon an kwararo wata musaya, kuma dan fashin da ke gaggawar musanya alamu ya mika masa dala miliyan 22.83.
Tsakanin lokuta biyun, ko sau daya bai yi wani abu daidai da kansa ba. Kawai ya kasance yana tsaye a wannan matsayi a cikin rikice-rikice guda biyu.
Kamfani na mutum goma sha shida, cikin shekaru uku, ya kama ikon tattarawa na rabin tubalan Ethereum kuma ya hada da fiye da kashi casa'in na masu tabbatarwa. Wanda ya kafa shi ya ce wannan kasuwancin sabis ne kawai. Gaskiya ne—sai dai farashin wannan sabis bai dogara da yadda yake aiki ba, amma da yadda sarkar ta firgita.
Kuma daga cikin kololuwar kudaden shiga guda hudu na irin faduwa, biyu sun fito ne daga bala'o'in wasu.