State of Crypto Report 2024: New data on swing states, stablecoins, AI, builder energy, and more
2024 年加密貨幣報告：關於搖擺州、穩定幣、人工智慧、建築能源等新數據

When we launched our first annual State of Crypto report two years ago, the world looked very different. Crypto wasn’t high on policymakers’ agendas. Bitcoin and Ether exchange-traded products (ETPs) weren’t yet SEC approved. Ethereum had not yet switched to energy-minimizing proof-of-stake. Layer two (L2) networks, designed to increase capacity and lower transaction costs, were largely inactive — and the transactions that did occur on them cost a lot more than they do today.
當我們兩年前推出首份年度加密狀況報告時，世界看起來大不相同。加密貨幣並不是政策制定者的首要議題。比特幣和以太幣交易產品（ETP）尚未獲得美國證券交易委員會（SEC）的批准。以太坊尚未轉向能源最小化的權益證明機制。設計用於增加容量並降低交易成本的第二層（L2）網絡大多處於閒置狀態，而在其上發生的交易成本遠高於今天。

Times have changed, as our newly released 2024 State of Crypto Report makes clear. Our report covers crypto’s rise as a hot policy topic, the many recent tech improvements to blockchain networks, and the latest trends among crypto’s builders and users. The report also: 
時代已經改變，正如我們新發布的 2024 年加密狀況報告所清楚顯示的那樣。我們的報告涵蓋了加密作為熱門政策話題的崛起，區塊鏈網絡的許多最新技術改進，以及加密建立者和使用者之間的最新趨勢。該報告還包括：

• digs into the emergence of key applications such as stablecoins — one of crypto’s “killer apps”;
  深入探討穩定幣等關鍵應用程式的出現 - 加密貨幣的 “殺手級應用程式” 之一；
• explores the intersection of crypto and other key tech trends like AI, social networks, and games;
  探索加密與人工智慧、社交網絡和遊戲等其他關鍵技術趨勢的交集；
• shares new data on swing states’ levels of crypto interest ahead of the U.S. election, and more.
  股份新數據分享了美國大選前搖擺州對加密貨幣興趣的水平，以及更多信息。

The 2024 State of Crypto report also reveals all-time highs in crypto activity. And it analyzes how blockchain infrastructure has matured — especially after recent scaling upgrades drastically decreased onchain transaction costs alongside the rise of Ethereum L2s and other high-throughput blockchains.
2024 年加密貨幣狀況報告還顯示加密活動達到歷史新高。並分析區塊鏈基礎設施的成熟程度 — 特別是在最近的擴容升級後，隨著以太坊 L2 和其他高吞吐量區塊鏈的崛起，降低了鏈上交易成本。

This year, we’re also introducing a new tool: the a16z crypto Builder Energy dashboard. For the first time ever, we’re sharing proprietary data based on our unique view of the crypto landscape, including where the “builder energy” is. The dashboard incorporates thousands of data points — aggregated and anonymized — that are drawn from investment team research, our CSX startup accelerator program, and other industry-wide tracking. Through this tool, anyone can explore what crypto builders are saying about their activity and interests — everything from which blockchains they’re building on, to what types of applications they’re building, as well as which technologies they’re building with, and where they’re based. We plan to update the data every year as part of our annual State of Crypto. 
今年，我們還推出了一個新工具：a16z 加密 Builder Energy 儀表板。這是我們首次根據我們對加密景觀的獨特觀點分享專有數據，包括 “建造者能量” 所在位置。該儀表板整合了數千個數據點 - 匯總並匿名化 - 這些數據來自投資團隊研究、我們的 CSX 初創加速器計劃以及其他行業範圍內的追踪。通過這個工具，任何人都可以探索加密建造者對他們的活動和興趣的看法 - 從他們正在構建的區塊鏈，到他們正在構建的應用程序類型，以及他們正在使用的技術，以及他們的基地在哪裡。我們計劃每年更新數據，作為我們年度加密狀態的一部分。

explore the dashboard 探索儀表板

Now for the findings from our 2024 State of Crypto report.
現在來看一下我們 2024 年加密貨幣狀況報告的發現。

• Crypto activity and usage hit all-time highs 
  加密活動和使用量達到歷史新高
• Crypto has become a key political issue ahead of the U.S. election
  加密已成為美國選舉前的關鍵政治問題
• Stablecoins have found product-market fit
  穩定幣已找到產品市場契合
• Infrastructure improvements have increased capacity and drastically reduced transaction costs
  基礎設施改善已增加容量並大幅降低交易成本
• DeFi remains popular — and it’s growing
  DeFi 仍然很受歡迎 — 而且正在增長
• Crypto could solve some of AI’s most pressing challenges
  加密貨幣可以解決人工智慧面臨的一些最迫切挑戰
• More scalable infrastructure has unlocked new onchain applications
  更具擴展性的基礎設施已經解鎖了新的鏈上應用

There have never been more monthly active crypto addresses. In September, 220 million addresses interacted with a blockchain at least once, a figure that has more than tripled since the end of 2023. (As a metric, active addresses are easier to game than other measures. See more on that point here.)
從未有這麼多月活躍的加密貨幣地址。在九月，至少有 2.2 億個地址與區塊鏈互動過一次，這個數字自 2023 年底以來增長了三倍以上。（作為一個指標，活躍地址比其他指標更容易被操縱。有關該點的更多信息請參見此處。）

The explosion of activity is primarily due to Solana, which accounted for about 100 million active addresses. Following were NEAR (with 31 million active addresses), Coinbase’s popular L2 network Base (22 million), Tron (14 million), and Bitcoin (11 million). Of Ethereum Virtual Machine (EVM) chains, the second-most active after Base was Binance’s BNB Chain (10 million), followed by Ethereum (6 million). (Note: EVM chains were de-deduplicated by public key to calculate the 220 million total.)
活動的激增主要是由 Solana 引起的，約佔約 1 億個活躍地址。其次是 NEAR（擁有 3100 萬個活躍地址）、Coinbase 的熱門 L2 網絡 Base（2200 萬）、Tron（1400 萬）和比特幣（1100 萬）。在以太坊虛擬機（EVM）鏈中，除 Base 外，第二活躍的是幣安的 BNB 鏈（1000 萬），其次是以太坊（600 萬）。 （註：EVM 鏈通過公鑰進行去重，計算總數為 2.2 億）

These trends are also reflected in our Builder Energy dashboard. The blockchain that saw the biggest change in total share of builder interest is Solana. Specifically, the total share of founders who told us they either are, or are interested in, building on Solana grew to 11.2% this year from 5.1% last year. Base saw the next biggest jump, its total share growing to 10.7% from 7.8% last year, followed by Bitcoin, which bumped to a total share of 4.2% from 2.6% last year.
這些趨勢也反映在我們的 Builder Energy 儀表板中。在建構者興趣總份額變化最大的區塊鏈是 Solana。具體來說，告訴我們他們目前正在或有興趣在 Solana 上建構的創辦人總份額從去年的 5.1% 成長到今年的 11.2%。Base 看到下一個最大的增長，其總份額從去年的 7.8% 成長到今年的 10.7%，接著是比特幣，其總份額從去年的 2.6% 增長到今年的 4.2%。

On an absolute basis, Ethereum is still attracting the greatest share of total builder interest at 20.8%, followed by Solana and Base. After that are Polygon (7.9%), Optimism (6.7%), Arbitrum (6.2%), Avalanche (4.2%), Bitcoin (4.2%), and so on.
從絕對數據來看，以太坊仍然吸引了總建構者興趣的最大份額，佔 20.8%，其次是 Solana 和 Base。其後是 Polygon（7.9%）、Optimism（6.7%）、Arbitrum（6.2%）、Avalanche（4.2%）、比特幣（4.2%）等。

Meanwhile, the number of monthly mobile crypto wallet users hit an all-time high of 29 million in June 2024. While the U.S. makes up the greatest share of monthly mobile wallet users at 12%, its share of the total mobile wallet user base has declined in recent years as crypto adoption grows globally and as more projects seek regulatory compliance by excluding the U.S. through geofencing.
與此同時，2024 年 6 月，每月使用行動加密錢包的用戶數達到 2900 萬，創下歷史新高。儘管美國佔據每月行動錢包用戶的最大份額為 12％，但隨著全球加密貨幣的普及和更多項目通過地理圍欄排除美國以符合監管要求，其在總行動錢包用戶基數中的份額近年來有所下降。

Crypto’s footprint continues to expand abroad. After the U.S., the countries with the greatest share of mobile wallet users include Nigeria (which has sought to provide regulatory clarity including through regulatory incubation programs and has seen significant growth in consumer uses such as bill payments and retail purchases), India (with its booming population and mobile phone adoption), and Argentina (where many residents have flocked to crypto — especially stablecoins — amid currency devaluation).
加密貨幣的影響力在國外持續擴大。在美國之後，擁有最多行動錢包用戶的國家包括尼日利亞（尋求透過監管孵化計劃提供監管明確性，並在消費者使用方面如帳單支付和零售購買中看到顯著增長）、印度（擁有蓬勃發展的人口和手機普及率）、以及阿根廷（許多居民已轉向加密貨幣，特別是穩定幣，以應對貨幣貶值）。

While it’s easy to measure active addresses and monthly mobile wallet users, it’s much trickier to measure the number of actual active crypto users. However, using a combination of methodological approaches, we’ve estimated that there are 30-to-60 million monthly active crypto users worldwide, a proportion that represents only 5–10% of the total number of the 617 million global crypto owners estimated by Crypto.com in June 2024. (For more on the methodology behind our estimate, see here.)
雖然衡量活躍地址和每月手機錢包用戶很容易，但衡量實際活躍加密貨幣用戶的數量就困難得多。然而，通過結合多種方法論方法，我們估計全球每月活躍加密貨幣用戶數量為 3000 至 6000 萬，這一比例僅佔 Crypto.com 在 2024 年 6 月估計的全球 617 萬加密貨幣持有者總數的 5-10%。（有關我們估計背後的方法論，請參見此處。）

The disparity underscores the large opportunity to engage — and re-engage — passive crypto holders. As major infrastructure improvements make brand new, compelling apps and consumer experiences possible, more dormant crypto holders could become active onchain users.
差距凸顯了與被動加密持有者進行互動 - 並重新進行互動 - 的巨大機會。隨著主要基礎設施的改進，全新的引人入勝的應用程式和消費者體驗成為可能，更多休眠的加密持有者可能會成為主動的 onchain 使用者。

Crypto has broken into the national discourse this election cycle.
加密貨幣已經在這次選舉週期中引起了全國性的討論。

So we measured swing states’ relative levels of crypto interest. Two battlegrounds expected to be among the tightest races in November — Pennsylvania and Wisconsin — have seen the fourth- and fifth-biggest jumps in crypto search interest since the last election in 2020, measured as a proportion of total searches using Google Trends. Michigan saw the eighth-biggest jump in crypto search interest, while Georgia stayed put. Meanwhile, Arizona and Nevada experienced moderate drops in interest since 2020.
因此，我們測量了搖擺州對加密貨幣的相對興趣水平。預計在 11 月將是最激烈競爭的兩個戰場州 —— 賓夕法尼亞州和威斯康星州 —— 自 2020 年上次選舉以來，加密貨幣搜索興趣排名第四和第五大幅增加，以 Google Trends 使用的總搜索量比例來衡量。密西根州的加密貨幣搜索興趣增幅排名第八，而喬治亞州則保持不變。與此同時，亞利桑那州和內華達州自 2020 年以來的興趣程度有所下降。

One factor that could have raised people’s crypto interest this year was the listing of Bitcoin and Ethereum exchange-traded products (ETPs). The number of Americans who hold crypto could grow as ETPs such as these broaden investor access. Together, the Bitcoin and Ethereum ETPs already contain $65 billion in onchain holdings. (Note: Though commonly called ETFs, these products are actually registered as ETPs using SEC Form S-1, indicating the underlying portfolios are not comprised of securities.)
今年可能提高人們對加密貨幣興趣的一個因素是比特幣和以太坊交易所交易產品（ETP）的上市。隨著這些產品擴大投資者的進入權，持有加密貨幣的美國人數可能會增加。比特幣和以太坊的 ETP 已經包含 650 億美元的在鏈持有量。（註：儘管通常被稱為 ETF，但這些產品實際上是以 SEC 表格 S-1 註冊的 ETP，表明基礎組合並不包含證券。）

The SEC’s ETP approvals represent major crypto policy milestones. Regardless of which party wins office in November, many politicians expect momentum to build with the passage of bipartisan crypto legislation. An increasing number of policymakers and politicians are speaking positively about crypto on both sides of the aisle.
SEC 的 ETP 批准代表了重要的加密政策里程碑。無論哪個政黨在 11 月的選舉中獲勝，許多政客都預期隨著跨黨派加密立法的通過，動力將會增強。越來越多的政策制定者和政客都在兩黨都積極地談論加密。

The industry has inspired other significant movements on the policy front this year as well. At the federal level, the House of Representatives approved the Financial Innovation and Technology for the 21st Century (FIT21) Act with bipartisan support, including 208 Republicans and 71 Democrats voting in favor. Pending Senate proceedings and approval, the bill could provide much-needed regulatory clarity to crypto entrepreneurs. 
今年，這個行業在政策方面也激發了其他重要的動向。在聯邦層面，眾議院通過了《21 世紀金融創新與科技（FIT21）法案》，得到了兩黨支持，包括 208 名共和黨人和 71 名民主黨人投票贊成。在參議院的程序和批准之後，該法案可能為加密企業家提供急需的監管明確性。

No less meaningfully, at the state level, Wyoming passed the Decentralized Unincorporated Nonprofit Association (DUNA) Act, a law that gives decentralized autonomous organizations (DAOs) legal recognition and enables blockchain networks to operate lawfully without compromising on decentralization.
同樣有意義的是，在州級別上，懷俄明州通過了《分散式非法人非營利組織協會（DUNA）法案》，該法案賦予了分散自治組織（DAOs）法律承認，使區塊鏈網絡能夠合法運作而不會影響去中心化。

The EU and the United Kingdom have been the most proactive in engaging the public on questions of crypto policy and regulation. Various European agencies have put out many more calls for input than, for example, the U.S. Securities and Exchange Commission. Meanwhile, the European Union’s Markets in Crypto Act (MiCA) is the first comprehensive crypto-related policy regime to pass into law and it is set to come into full effect by the end of the year.
歐盟和英國一直是在加強與公眾就加密政策和監管問題進行互動方面最積極的國家。與美國證券交易委員會相比，各種歐洲機構提出了更多的徵求意見。與此同時，歐盟的加密市場法案（MiCA）是第一個全面的與加密相關的政策制度，已經通過法律並預計將在年底前全面生效。

Stablecoins — which have become one of the most popular crypto products — are one of the biggest topics for policy discussion, with several bills already floating around Congress. One of the tailwinds, at least in the U.S., is the realization that stablecoins can fortify the U.S. dollar’s position abroad even as the dollar’s global reserve currency status slips. Today, more than 99% of stablecoins are denominated in USD, which dwarfs the next largest denomination: 0.20% in Euro.
穩定幣已成為最受歡迎的加密產品之一，是政策討論中最重要的話題之一，國會已經有幾項法案在討論。至少在美國，穩定幣可以強化美元在國外的地位，即使美元作為全球儲備貨幣的地位有所下降。如今，超過 99% 的穩定幣以美元計價，遠超下一大計價貨幣：歐元的 0.20%。

In addition to projecting the power of the American dollar around the world, stablecoins are potentially strengthening the country’s financial footing at home. Despite being only a decade old, stablecoins have risen to become a top 20 holder of U.S. debt, putting them ahead of countries like Germany. 
除了在全球推動美元的實力外，穩定幣潛在地加強了美國國內的金融基礎。儘管只有十年的歷史，穩定幣已經崛起成為美國債務的前 20 大持有者，超越了德國等國家。

While some countries are exploring central bank digital currencies (CBDCs), the stablecoin opportunity sitting right in front of the U.S. is ripe for the taking. Between these discussions and the number of prominent political figures now weighing in about crypto generally, we expect more countries will start to flesh out their crypto policies and strategies in earnest.
雖然一些國家正在探索中央銀行數位貨幣（CBDCs），但美國面臨的穩定幣機會正等待著被把握。在這些討論和眾多知名政治人物對加密貨幣發表意見之間，我們預計更多國家將開始認真制定他們的加密貨幣政策和策略。

By enabling fast, cheap, global payments, among other uses, stablecoins have become one of crypto’s most obvious “killer apps”. Indeed, as Rep. Ritchie Torres (D-N.Y.) wrote in September in a New York Daily News op-ed, “The proliferation of dollar stablecoins — rendered possible by the ubiquity of smartphones and the cryptography of blockchains — could become the greatest experiment in financial empowerment humanity has ever undertaken.”
通過實現快速、便宜、全球支付等功能，穩定幣已成為加密貨幣中最明顯的 “殺手級應用” 之一。事實上，正如紐約民主黨議員里奇・托雷斯（D-N.Y.）在九月份在《紐約每日新聞》的專欄中所寫的那樣，“由於智能手機的普及和區塊鏈的加密技術，美元穩定幣的激增可能成為人類有史以來進行的最大金融賦權實驗。”

Major scaling upgrades have drastically reduced the cost to execute crypto transactions, including those involving stablecoins, in some cases by over 99%. On Ethereum, transactions involving USDC, a popular U.S. dollar-pegged stablecoin, cost on average $1 in gas fees this month, down from $12 on average in 2021. Sending USDC on Base, Coinbase’s popular L2 network, costs less than a cent on average. (Note that these figures may exclude some onboarding and exit costs.)
主要的擴展升級大幅降低了執行加密交易的成本，包括涉及穩定幣的交易，在某些情況下降低了超過 99%。在以太坊上，涉及美元鎖定穩定幣 USDC 的交易，本月的平均氣體費用為 1 美元，較 2021 年的平均 12 美元降低。在 Base 上發送 USDC，Coinbase 的熱門 L2 網絡，平均成本不到一分錢。（請注意，這些數字可能不包括一些入職和退出成本。）

Compare these fees to the $44 on average that it costs to send an international wire transfer. 
將這些費用與平均每筆國際電匯費用為 44 美元進行比較。

Stablecoins make it easy to transfer value. They amounted to $8.5 trillion in transaction volume across 1.1 billion transactions in the second quarter of 2024 ended June 30. Stablecoin transaction volumes more than doubled Visa’s $3.9 trillion in transactions over the same period. That stablecoins have entered the same conversation as such well-known and entrenched payment services as Visa, PayPal, ACH, and Fedwire is a remarkable testament to their utility. 
穩定幣使價值轉移變得容易。截至 2024 年 6 月 30 日的第二季度，穩定幣在 11 億筆交易中總計達到 8.5 萬億美元的交易量。與同期 Visa 的 3.9 萬億美元交易額相比，穩定幣的交易量超過了兩倍。穩定幣已經進入與 Visa、PayPal、ACH 和 Fedwire 等眾所周知且根深蒂固的支付服務同等對話的事實，這充分證明了它們的實用性。

Stablecoins aren’t just a fad either. If you compare stablecoin activity against crypto’s volatile market cycles, the two appear to be uncorrelated. Indeed, the number of monthly stablecoin-sending addresses has continued to increase even as spot crypto trading volumes have declined. In other words, people appear to be using stablecoins for more than just trading.
穩定幣也不僅僅是一時的熱門。如果將穩定幣活動與加密貨幣波動市場週期進行比較，這兩者似乎沒有相關性。事實上，每月穩定幣轉帳地址的數量仍在增加，即使現貨加密貨幣交易量有所下降。換句話說，人們似乎不僅僅是用穩定幣進行交易。

All that activity is reflected in usage stats. Stablecoins represent nearly a third of daily crypto usage at 32%, second only to decentralized finance, or DeFi, at 34%, as measured by share of daily active addresses. The rest of crypto’s usage is spread across infrastructure (bridges, oracles, maximum extractable value, account abstraction, etc.), token transfers, and a smattering of other areas, including emerging applications such as gaming, NFTs, and social networking.
所有這些活動都反映在使用統計數據中。穩定幣在每日加密使用量中佔 32％，僅次於 DeFi（去中心化金融）的 34％，根據每日活躍地址的份額來衡量。加密貨幣的其餘使用情況分佈在基礎設施（橋樑、預言機、最大可提取價值、賬戶抽象等）、代幣轉移以及一些其他領域，包括遊戲、NFT 和社交網絡等新興應用。

One reason why stablecoins have gotten so popular and easy to use is due to underlying infrastructure advances. For one thing, blockchain capacity is growing. Blockchains are processing more than 50 times as many transactions per second as they were just four years ago thanks to the rise of Ethereum L2 networks and other high-throughput blockchains. 
穩定幣變得如此受歡迎且易於使用的一個原因是由於基礎設施的進步。首先，區塊鏈容量正在增加。由於以太坊 L2 網絡和其他高吞吐量區塊鏈的崛起，區塊鏈每秒處理的交易量比四年前多了 50 倍以上。

More staggeringly, Ethereum’s biggest upgrade of the year — “Dencun,” also called “protodanksharding” or EIP-4844 — significantly reduced fees for L2 networks after its implementation in March 2024. Since then, the fees paid by L2s on Ethereum have plummeted even as ETH-denominated value on L2s has continued to rise. In other words, blockchain networks are getting more popular — and more efficient — all at once.
更令人震驚的是，以太坊今年最大的升級 ——“Dencun”，又稱為 “protodanksharding” 或 EIP-4844—— 在 2024 年 3 月實施後，顯著降低了 L2 網絡的費用。從那時起，以太坊上的 L2 支付的費用急劇下降，即使在 L2 上以 ETH 計價的價值持續上升。換句話說，區塊鏈網絡正在同時變得更受歡迎和更高效。

It’s a similar story for zero knowledge (ZK) proofs, another technology that has important implications for blockchain scaling, privacy, and interoperability. Even as the amount spent monthly to verify ZK proofs on Ethereum has declined, ETH-denominated value on ZK rollups has increased. In other words, ZK proofs are getting cheaper, too, even as they’re getting more popular. (We use zero knowledge here as a catchall for cryptography that can succinctly prove that computations offloaded to rollup networks were performed correctly.)
對於零知識（ZK）證明來說，情況也類似，這是另一項對區塊鏈擴展、隱私和互通性具有重要意義的技術。即使在以太坊上每月用於驗證 ZK 證明的金額有所下降，但以太幣價值在 ZK rollups 上的增加。換句話說，ZK 證明的成本也在降低，同時它們也變得更受歡迎。（我們在這裡使用零知識作為一個總稱，用於簡潔地證明將計算外包到 rollup 網絡的計算是正確的加密技術。）

ZK technology is extremely promising as it opens new pathways to cheap, verifiable blockchain compute for developers. Still, ZK-based virtual machines (zkVMs) have a long way to go before they can catch up to the performance of traditional computers — a humbling observation to note. 
ZK 技術非常有前途，因為它為開發人員開辟了便宜、可驗證的區塊鏈計算新途徑。然而，基於 ZK 的虛擬機器（zkVMs）在性能上還有很長的路要走，要追趕傳統計算機的表現 — 這是一個令人警醒的觀察。

With all of these infrastructure improvements, it’s easy to see why blockchain infrastructure remains one of the most popular categories for builders and why L2s have become one of the top 5 hottest builder subcategories that we’re tracking.
隨著所有這些基礎設施的改進，很容易看出為什麼區塊鏈基礎設施仍然是建造者中最受歡迎的類別之一，以及為什麼 L2 已成為我們追蹤的前五大最熱門建造者子類別之一。

The only category attracting builders more than blockchain infrastructure is decentralized finance, or DeFi (which also accounts for the most crypto usage at 34% of daily active addresses). Since DeFi’s arrival in the summer of 2020, decentralized exchanges, or DEXs, have grown to account for 10% of spot crypto trading activity — all of which occurred on centralized exchanges just four years ago. 
吸引建築者的唯一類別比區塊鏈基礎設施更多的是去中心化金融，或 DeFi（也佔每日活躍地址的 34％，是加密貨幣使用量最多的部分）。自從 DeFi 在 2020 年夏天出現以來，去中心化交易所，或 DEXs，已經增長到佔現貨加密貨幣交易活動的 10％，而這些活動在僅僅四年前都發生在中心化交易所上。

More than $169 billion is now locked inside thousands of DeFi protocols. Some of the top DeFi subcategories involve staking and lending.
現在有超過 1690 億美元被鎖在數千個 DeFi 協議中。一些頂級 DeFi 子類別涉及權益投資和借貸。

It’s been just over two years since Ethereum completed its transition to proof-of-stake, drastically reducing the network’s energy consumption and environmental footprint. Since then, the share of Ether being staked has risen to 29%, up from 11% two years prior, greatly enhancing the security of the network. 
以太坊完成了向股權證明的過渡已經超過兩年，大幅降低了網絡的能源消耗和環境足跡。從那時起，被抵押的以太幣比例已從兩年前的 11% 上升至 29%，大大增強了網絡的安全性。

While still in its early stages, DeFi presents a hopeful alternative to the trend of centralization and power consolidation afflicting the U.S. financial system, where the number of banks has dropped by two-thirds since 1990 and where an increasingly small share of big banks dominate assets. 
儘管 DeFi 仍處於早期階段，但它提供了一種希望的替代方案，可以對折磨美國金融系統的中央集權和權力集中趨勢提供解藥。自 1990 年以來，美國銀行數量已減少了三分之二，越來越少的大型銀行掌控著資產。

AI is one of the hottest trends this year, not only in tech broadly, but also in crypto specifically.
人工智慧是今年最熱門的趨勢之一，不僅在科技領域廣泛應用，也在加密貨幣領域特別突出。

AI is one of the most talked about trends among crypto influencers on social media. Perhaps more surprisingly, there’s major overlap between visitors to chatgpt.com and visitors to top crypto websites, indicating strong ties between crypto and AI users.
人工智慧是社交媒體上加密貨幣影響者討論最多的趨勢之一。更令人驚訝的是，訪問 chatgpt.com 的訪客與訪問頂級加密貨幣網站的訪客之間存在重疊，表明加密貨幣使用者和人工智慧使用者之間有著緊密的聯繫。

Crypto builders also have strong ties to AI. About a third of crypto projects — 34% — say they’re using AI, regardless of the category in which they’re building, up from 27% a year ago, per our Builder Energy dashboard. The most popular category for applied AI tech is blockchain infrastructure projects.
加密建築師也與人工智慧有著緊密聯繫。約三分之一的加密項目 - 34％ - 表示他們正在使用人工智慧，不論他們正在建立的類別如何，這一比例比一年前的 27％有所增加，根據我們的 Builder Energy 儀表板。應用人工智慧技術最受歡迎的類別是區塊鏈基礎設施項目。

Given that the cost of training frontier AI models has increased at four-times per year over the past 10 years, we believe AI could trend toward increasing centralization of power on the internet. Left unchecked, only the biggest tech companies may have the resources to train the latest AI models. 
鑑於過去 10 年來，訓練前沿 AI 模型的成本每年增加四倍，我們認為 AI 可能會趨向於增加對互聯網權力的集中。如果不加以控制，只有最大的科技公司可能擁有資源來訓練最新的 AI 模型。

AI’s centralization-related challenges are almost exactly the inverse of the opportunities for decentralization presented by blockchain networks. Crypto projects are already attempting to tackle some of these challenges today, including Gensyn (by democratizing access to AI compute), Story (by tracking IP to help compensate creators), Near (by running AI on open source, user-owned protocols), and Starling Labs (by helping to verify the authenticity and provenance of digital media), to name a few.
人工智慧相關的集中化挑戰幾乎完全與區塊鏈網絡提供的去中心化機會相反。加密項目已經開始嘗試解決一些這些挑戰，包括 Gensyn（通過民主化訪問人工智慧計算）、Story（通過追踪 IP 來幫助補償創作者）、Near（通過在開源、用戶擁有的協議上運行人工智慧）和 Starling Labs（通過幫助驗證數字媒體的真實性和來源），僅舉幾例。

The crossovers between crypto x AI may strengthen in the years ahead.
加密 x 人工智慧之間的交叉可能在未來幾年加強。

As transaction costs come down and blockchain capacity goes up, many other potential crypto consumer apps become possible.
隨著交易成本降低和區塊鏈容量增加，許多其他潛在的加密消費者應用程序變得可能。

Take NFTs, for instance. When crypto transactions were much more expensive a few years ago, people were trading NFTs on secondary markets for large sums totaling billions of dollars. That activity has since subsided, and in its place has risen a new consumer behavior: minting low-cost NFT collections on social apps like Zora and Rodeo. This represents a significant shift for the NFT market, one that was largely inconceivable before a drastic reduction in transaction fees. 
以 NFT 為例。幾年前加密交易費用更昂貴時，人們在二級市場上以數十億美元的巨額進行 NFT 交易。這種活動已經減弱，取而代之的是一種新的消費者行為：在 Zora 和 Rodeo 等社交應用程式上鑄造低成本的 NFT 收藏品。這代表了 NFT 市場的重大轉變，這在交易費用大幅降低之前幾乎是不可想像的。

Social networks are another example. Even though they account for only a small portion of daily onchain activity today, they’re attracting strong builder activity: 10.3% of crypto projects are social-related in 2024, per our Builder Energy dashboard. In fact, social network-related projects, such as those related to Farcaster, are one of the top 5 hottest builder subcategories this year.
社交網絡是另一個例子。即使它們今天僅佔每日鏈上活動的一小部分，但它們吸引了強大的建造者活動：根據我們的建造者能量儀表板，2024 年有 10.3% 的加密項目與社交相關。事實上，與社交網絡相關的項目，例如與 Farcaster 相關的項目，是今年前五個最熱門的建造者子類別之一。

While builders and consumers explore more social experiences, onchain games are pushing blockchain scaling to its limits. Rollups such as those used by Proof Of Play’s high-seas adventure role playing game Pirate Nation are consistently using the most gas per second of any Ethereum rollups.
當建造者和消費者探索更多社交體驗時，鏈上遊戲正將區塊鏈擴展推至極限。像 Proof Of Play 的高海盜冒險角色扮演遊戲 Pirate Nation 所使用的 Rollups 一樣，它們一直是以太坊 Rollups 中每秒使用最多氣體的。

As the November election approaches, crypto-based prediction markets are having a moment — despite their illegality in the U.S. — and momentum is building for prediction markets in general. So much so that Kalshi, a non-crypto-based prediction market that’s registered with the U.S. Commodity Futures Trading Commission, gained a win in a lower court last month as it pursues a federal lawsuit around listing elections contracts. (As of now, registered exchanges are allowed to offer elections-based traditional futures contracts.)
隨著十一月的選舉日益臨近，基於加密貨幣的預測市場正處於風口浪尖，盡管在美國是非法的，但對於預測市場的動能正在積聚。以至於 Kalshi，一個非基於加密貨幣的預測市場，上個月在追求關於上市選舉合約的聯邦訴訟中在一家下級法院獲得勝訴，該市場已在美國商品期貨交易委員會註冊。（截至目前，註冊交易所被允許提供基於選舉的傳統期貨合約。）

Glimmers of novel consumer behaviors are beginning to be discernible. All these new and emerging experiences were intractable when blockchain infrastructure was clunkier and transaction costs were higher. As the blockchains improve along classic tech price-performance curves, expect more of these applications to thrive.
新型消費者行為的曙光開始變得可辨識。當區塊鏈基礎設施較笨重且交易成本較高時，所有這些新興體驗都是棘手的。隨著區塊鏈在經典技術價格性能曲線上的改善，預計這些應用將會蓬勃發展。

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Where does that leave us? The state of crypto has made significant strides across policy, technology, consumer adoption, and more over the past year. There were policy milestones, including the sudden approval and listing of Bitcoin and Ethereum ETPs, as well as the passage of significant bipartisan crypto legislation. There were major infrastructure improvements, from scaling upgrades to the rise of Ethereum L2s and other high-throughput blockchains. And there were new apps being built and used, from the growth of mainstays like stablecoins to explorations of more nascent categories like AI, social networking, and games.
這讓我們處於何種狀態？過去一年來，加密貨幣在政策、技術、消費者採用等方面取得了重大進展。政策上有里程碑，包括比特幣和以太坊 ETP 的突然批准和上市，以及重要的跨黨派加密貨幣立法的通過。基礎設施方面有重大改進，從擴展升級到以太坊 L2 的崛起和其他高吞吐量區塊鏈。還有新的應用程式正在被建立和使用，從穩定幣的增長到對更新興類別如人工智慧、社交網絡和遊戲的探索。

Whether we have entered the fifth wave of the price-innovation cycle, our framework for understanding the ups and downs of crypto’s many market cycles, remains to be seen. Either way, crypto, as an industry, has made inarguable progress over the past year. And as ChatGPT has proven, it can take just one breakout product to shift an entire industry.
無論我們是否已經進入價格創新周期的第五波，我們對於理解加密貨幣許多市場周期的起伏的框架，仍有待觀察。無論如何，作為一個行業，加密貨幣在過去一年中取得了無可辯駁的進步。正如 ChatGPT 已經證明的那樣，只需一款突破性產品就能改變整個行業。

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Sign up for a16z crypto’s biweekly newsletter here. And for more regular data updates, keep an eye on our State of Crypto Index, an interactive tool, updated monthly, that tracks the health of the crypto industry from a technological, rather than financial, perspective through measures of industry rates of innovation and adoption. Also be sure to explore our new Builder Energy dashboard, which tracks where we’re seeing the most “builder energy” across crypto.
在這裡訂閱 a16z crypto 的雙週通訊。如需更頻繁的數據更新，請密切關注我們的加密狀態指數，這是一個互動工具，每月更新一次，通過行業創新和採用率來跟蹤加密行業的健康狀況，而不是從財務角度來看。同時，請務必探索我們的新 Builder Energy 儀表板，該儀表板追蹤我們在加密領域看到的最多「建造者能量」。

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