イーサリアム (ETH) トケノミクス
イーサリアム (ETH) 情報
イーサリアムは、スマートコントラクト（ダウンタイム、検閲、不正、第三者の干渉を受けることなく、プログラム通りに動作するアプリケーション）を実行する分散型プラットフォームである。
イーサリアム (ETH) トケノミクス & 価格分析
イーサリアム (ETH) の時価総額、供給詳細、FDV、価格履歴など、主要なトケノミクスと価格データをご覧ください。トークンの現在の価値と市場でのポジションを一目で理解できます。
イーサリアム (ETH) の詳細なトークン構造
ETH トークンの発行、配分、解除の仕組みを詳しく解説します。本セクションでは、トークンの経済構造における重要な要素であるユーティリティ、インセンティブ、および権利確定に焦点を当てています。
Ethereum’s token economics are defined by a dynamic, evolving system that balances security, decentralization, and utility. Below is a comprehensive breakdown of the key mechanisms, with tables and detailed explanations for each requested aspect.
1. Issuance Mechanism
Current Issuance Model (Post-Merge, as of July 2025)
| Era | Issuance Source | Annual Issuance (approx.) | Mechanism/Notes |
|---|---|---|---|
| Pre-Merge (PoW) | Miners (Execution) | ~4.61% of supply | ~13,000 ETH/day issued to miners |
| Post-Merge (PoS) | Validators (Consensus) | ~0.52% of supply | ~1,700 ETH/day issued to stakers; dynamic based on total ETH staked |
| Post-EIP-1559 | Fee Burn | Variable | Base transaction fees are burned, reducing net issuance |
| Post-EIP-4844 | Fee Burn Reduced | Variable | Daily ETH burned dropped below 500 ETH after EIP-4844 (early 2024) |
- Issuance is now solely to validators via Proof-of-Stake. Execution-layer (mining) issuance is zero.
- Burning mechanism: EIP-1559 introduced burning of base transaction fees, making ETH potentially deflationary during periods of high network activity.
- Recent upgrades: EIP-4844 (2024) reduced daily ETH burned, impacting net supply dynamics.
- Annual net issuance: As of late 2024, ~703,000 ETH issued, ~954,000 ETH burned annually, resulting in net deflation.
2. Allocation Mechanism
Genesis and Ongoing Allocation
| Allocation Category | % of Initial Supply | Description/Notes |
|---|---|---|
| Public Sale (ICO, 2014) | ~83.5% | ~60.1M ETH sold to public investors |
| Ethereum Foundation/Team | ~16.5% | ~11.9M ETH allocated to the Foundation, developers, and early contributors |
| Ongoing Issuance | Dynamic | All new ETH is issued to validators (PoS) as staking rewards |
- Decentralized Genesis: Ethereum’s initial distribution was highly decentralized, with 85% of tokens sold to the public and only 15% to insiders (team, VCs, Foundation).
- No vesting for ICO ETH: The initial public sale ETH was liquid from genesis.
- Ongoing allocation: All new ETH is distributed to validators as staking rewards, with no additional team or foundation allocations.
3. Usage and Incentive Mechanisms
ETH Utility and Incentives
| Mechanism | Description |
|---|---|
| Gas Fees | ETH is required to pay for transaction execution and smart contract operations |
| Staking | ETH is staked to secure the network; stakers (validators) earn rewards for honest participation |
| Slashing | Malicious or faulty validators are penalized (slashed), losing a portion of their staked ETH |
| Fee Burn | Base transaction fees are burned, reducing supply and aligning incentives for all holders |
| MEV (Post-Pectra) | Validators can capture MEV (Maximal Extractable Value) through block proposal opportunities |
| Grants & Ecosystem | ETH is used for grants, bounties, and ecosystem support via the Ethereum Foundation |
- Validators earn rewards from new ETH issuance, transaction priority fees (tips), and MEV opportunities.
- Slashing and penalties ensure honest behavior and network security.
- ETH is the sole staking and fee currency, reinforcing its central role in the ecosystem.
4. Locking Mechanism
Staking and Contract-Based Locks
| Mechanism | Locking Details |
|---|---|
| Staking (PoS) | 32 ETH per validator is locked in the Beacon Deposit Contract; required to participate in consensus |
| Liquid Staking | Users deposit ETH into protocols (e.g., Lido, Rocket Pool) and receive liquid tokens (stETH, rETH) |
| Smart Contract Locks | ETH can be locked in DeFi protocols (e.g., Maker, Aave) as collateral for loans or other purposes |
| Governance Locks | Some protocols (e.g., Lido) may implement governance-related locks for protocol upgrades |
- Staking is permissionless: Anyone can run a validator by locking 32 ETH.
- Liquid staking allows users to maintain liquidity while their ETH is staked.
- Smart contract locks are widely used in DeFi for collateralization and governance.
5. Unlocking Time and Mechanisms
Staking Withdrawals and Unlocking Schedules
| Unlocking Mechanism | Unlocking Time/Conditions |
|---|---|
| Staking Withdrawals | Post-Shapella (April 2023): Partial and full withdrawals enabled; subject to exit queue limits |
| Exit Queue | ~0.33% of validators can exit per day; minimum 4 per epoch, increases with validator count |
| Liquid Staking | Unlocking depends on protocol; e.g., Lido allows instant swaps, but direct withdrawal may have delays |
| Governance Locks | Lido’s dual governance (2025): Timelocks of 3–45 days for proposal execution, with rage quit up to 180 days |
| DeFi Protocols | Unlocking times vary by protocol and contract; some allow instant, others have vesting/lockup |
- Staking unlocks: After the Shapella upgrade, stakers can withdraw rewards or fully exit, but are subject to protocol-imposed exit rate limits to maintain network stability.
- Liquid staking tokens can often be swapped instantly, but direct redemption for ETH may be delayed.
- Governance-related locks (e.g., Lido’s dual governance) introduce dynamic timelocks and rage quit mechanisms for protocol safety.
Summary Table: Ethereum Token Economics
| Aspect | Mechanism/Details |
|---|---|
| Issuance | Dynamic PoS issuance (~0.52%/yr), all to validators; EIP-1559 burn; net deflation possible |
| Allocation | 85% public sale, 15% insiders at genesis; all new ETH to validators |
| Usage/Incentives | Gas, staking, MEV, slashing, grants, DeFi collateral |
| Locking | 32 ETH per validator; liquid staking; DeFi and governance locks |
| Unlocking | Post-Shapella: partial/full withdrawals; exit queue; protocol-specific delays for liquid staking |
| Unlocking Time | Staking: variable, protocol-limited; Governance: 3–45 days (Lido), up to 180 days for rage quit |
Recent Developments and Future Implications
- Pectra Upgrade (May 2025): Increased validator stake limits (up to 2,048 ETH), faster withdrawals (EIP-7002), and quicker validator activation (EIP-6110), improving capital efficiency and MEV opportunities.
- EIP-4844 (2024): Reduced daily ETH burn, impacting net supply and transaction costs.
- Staking Participation: As of June 2025, over 35 million ETH staked (~28% of supply), with institutional and retail participation at all-time highs.
- Liquid Staking Growth: Liquid staking protocols (Lido, Rocket Pool, etc.) dominate DeFi TVL on Ethereum, offering flexible staking options.
- Governance Innovations: Lido’s dual governance introduces dynamic timelocks and rage quit mechanisms, enhancing protocol safety and user rights.
Conclusion
Ethereum’s token economics are characterized by a highly decentralized initial allocation, dynamic and deflationary issuance, robust incentive structures for validators and users, and sophisticated locking/unlocking mechanisms that balance security, flexibility, and decentralization. Ongoing protocol upgrades continue to refine these mechanisms, ensuring Ethereum remains adaptive and resilient as the leading smart contract platform.
イーサリアム (ETH) トケノミクス：主要指標の解説とユースケース
イーサリアム (ETH) のトケノミクスを理解することは、その長期的な価値、持続可能性、そして成長の可能性を分析する上で不可欠です。
主要指標とその計算方法：
総供給量：
これまでに発行された、または今後発行される ETH トークンの最大総数です。
循環供給量：
現在市場に出回っており、一般の人々が保有しているトークンの数です。
最大供給量：
ETH トークンの総発行上限です。
FDV（完全希薄化後時価総額）：
現在の価格 × 最大供給量として計算され、すべてのトークンが流通した場合の時価総額の予測を示します。
インフレ率：
新トークンの発行速度を反映し、希少性や長期的な価格変動に影響を与えます。
なぜこれらの指標がトレーダーにとって重要なのか？
高い 循環供給量 = 流動性の向上。
限られた 最大供給量 + 低い インフレ = 長期的な価格上昇の可能性を示唆します。
透明性の高い トークンの配布 = プロジェクトへの信頼向上と中央集権的なコントロールリスクの低減につながります。
高い FDV に対して現在の時価総額が低い = 過大評価の可能性を示すシグナルとなります。
ETH のトケノミクスを理解したところで、ETH トークンのライブ価格 も調べてみましょう！
ETH の購入方法
イーサリアム (ETH) をポートフォリオに加えたいですか？MEXC は、クレジットカード、銀行振込、ピアツーピア取引など、ETH を購入するさまざまな方法をサポートしています。初心者からプロまで、MEXCなら暗号資産の購入を簡単かつ安全に行えます。
イーサリアム (ETH) 価格履歴
ETH の価格履歴を分析することで、過去の市場動向や重要なサポート/レジスタンスライン、ボラティリティのパターンを理解できます。史上最高値の推移を追ったり、トレンドを見極めたりする際に、過去のデータは価格予測やテクニカル分析に欠かせない要素です。
ETH 価格予測
ETH の今後の動向が気になりますか？当社の ETH 価格予測ページでは、市場センチメント、過去のトレンド、テクニカル指標を組み合わせ、将来の見通しを提供しています。
MEXCを選ぶべき理由は何ですか？
MEXCは世界有数の暗号資産取引所であり、世界中の何百万人ものユーザーから信頼されています。初心者からプロまで、MEXCは暗号資産を手軽に始めるための入り口となります。
免責事項
このページのトケノミクス情報は第三者機関から提供されたものです。MEXCはその正確性を保証しません。投資を行う前に、十分な調査を行ってください。
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金額
1 ETH = 2,534.99 USD