Ethereum国の規模

いまは全てのL1チェーンの収支がマイナスだが、PoS移行後のEthereumは初めて収支がプラスになると予測してる

パブリックブロックチェーンのビジネスモデルは

純利益 = 取引手数料 - トークン発行

Ethereumは今年の後半くらいには1日あたり

$13M（取引手数料）- $4M(発行額)で、

純利益$9M（利益率72%）と予測

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Ethereum is bringing in nearly $13M in transaction fees every day, making it the most valuable blockchain by this measure. However, the flip side of that is that in order to produce those blocks, the network is distributing $36M in ETH per day in issuance to miners. As such, Ethereum is currently operating at a -64% loss.

(DeepL)イーサリアムは毎日$13M近くの取引手数料をもたらし、この指標で最も価値のあるブロックチェーンとなっています。しかし、その裏返しとして、それらのブロックを生成するために、ネットワークはマイナーに1日あたり$36MのETHを発行して分配しています。そのため、イーサリアムは現在、-64%の損失で運用されています。

2022-03-31現在

The First Profitable Blockchain is Coming

Ethereum is the first blockchain on a clear path to profitability with The Merge. Sometime later this year, the network will shift to Proof of Stake and reduce its issuance by 90%.

The interesting part of The Merge and Ethereum’s shift is that it’s not just a pure issuance reduction.

There’s a fundamental change in how that “security budget” is spent while tapping into higher security efficiency. Given the shift in the consensus algorithm and the improvements it holds, Proof of Stake makes Ethereum more secure while simultaneously allowing the network to reduce issuance.

With the network’s 90% issuance reduction, Ethereum would be distributing less than $4M per day in ETH to stakers. The important part to note is that ETH fees don’t change with The Merge—they stay the same.

This means that later this year, the network will be distributing $4M per day in issuance while generating $13M in revenue, generating a net profit of $9M and a profit margin of +72%.

(DeepL)今年の後半には、ネットワークは1日あたり400万ドルの発行を分配する一方で、1300万ドルの収益を上げ、900万ドルの純利益と72％の利益率を生み出すことになるのです。

Q: Ethereum has $4,745M revenue a year. Compare the revenue with other nations. What is the nearest nation?

GPT-4: ... is is closest to the government budget of the Republic of Congo, which has a budget of approximately $5,600M a year.

Countries in Europe:

Estonia: $11,000M, which is more than twice the annual revenue of Ethereum.

Albania: $3,500M, which is less than the annual revenue of Ethereum.

Municipalities in Japan:

Kawasaki: The budget of Kawasaki city is approximately $5,500M, which is slightly higher than the annual revenue of Ethereum.

Sakai: The budget of Sakai city is approximately $2,500M, which is about half of the annual revenue of Ethereum.

Companies:

Twitter: The revenue of Twitter in 2022 was approximately $4,800M, which is slightly higher than the annual revenue of Ethereum.

Snap Inc.: The revenue of Snap Inc. in 2022 was approximately $2,500M, which is about half of the annual revenue of Ethereum.

EthereumのTX feeを税収や企業の売上高とみなした場合、規模的には川崎市のちょっと下、Twitterのちょっと上ぐらいの規模。なお規模がTwitterでも利益率が72%もあるのですごく強い。一方でTwitterみたいな統治形式は取れない、これがデメリットがメリットかは今後の歴史が示す。

バリデーターへの報酬と、研究開発の予算の比較。

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