胖熊理论 (The Fat Bera Thesis)
原文Original Article: https://blog.berachain.com/blog/the-fat-bera-thesis
胖应用和瘦协议 (Fat apps & thin protocols)
The fat bera thesis isn’t just a meme - it’s a fundamental driver of Berachain’s functioning and underpins how users, apps, and validators interact on-chain. Distilled to its simplest form, the fat bera thesis is a belief that the applications built with PoL at the forefront will capture the majority of value in the Berachain ecosystem.
胖熊理论不仅仅是一个模因——它是 Berachain 功能的基本驱动力，并支撑用户、应用程序和验证者如何在链上交互。提炼为最简单的形式，胖熊理论相信，以 PoL 为核心构建的应用将捕获 Berachain 生态系统中的大部分价值。
This value transfer is accompanied by a simultaneous shift in power back to apps, where important activities like providing liquidity and participating in governance thoughtfully are rewarded in a meaningful way. All of this is underpinned by Berachain’s consensus mechanism, Proof-of-Liquidity (PoL), and its ability to align these incentives at the protocol layer.
这种价值转移伴随着权力同时转移回应用，其中提供流动性和深思熟虑地参与治理等重要活动会以有意义的方式得到奖励。所有这一切都是由 Berachain 的共识机制、流动性证明（PoL）及其在协议层协调这些激励措施的能力支撑的。
The current state of crypto is centered around extremely valuable infrastructure, a countless number of apps, and a broader community that’s undecided on how the value can more fairly flow between these. You’ve read about Proof-of-Liquidity, learned to love the tri-token model, and can’t stop transacting on bArtio V2 - but are you prepared to forget everything you know and embrace the fat bera thesis?
加密货币的当前状态以极其有价值的基础设施、无数的应用和更广泛的社区为中心，而该社区尚未决定价值如何在这些基础设施之间更公平地流动。您已经阅读过有关流动性证明的内容，学会了喜欢三代币模型，并且无法停止在 bArtio V2 上进行交易 - 但您准备好忘记您所知道的一切并接受胖熊理论了吗？
The fat bera thesis is an extension of the fat protocol thesis, an idea first discussed by Joel Monegro back in 2016. This “fat protocol, thin app” terminology stuck, immediately entering crypto canon and becoming a staple of dialogue that’s shown to be extremely prescient. Protocol layers are the infrastructure that power the internet, while the application layer is where an app resides. In crypto, protocols are the L1s or L2s that power the applications that are built on them. The application layer broadly refers to any decentralized application on a blockchain.
_胖熊理论_是 胖协议理论 的扩展，该想法首先由乔尔·莫内格罗 (Joel Monegro) 早在 2016 年，这种“胖协议，瘦应用”的术语就被人们所接受，立即进入加密货币经典，并成为对话的主要内容，这被证明是非常有先见之明的。协议层是为互联网提供动力的基础设施，而应用层是应用所在的位置。在加密领域，协议是为基于其构建的应用提供支持的 L1 或 L2。应用层泛指区块链上的任何去中心化应用。
The fat protocol thesis was born out of an observation of tech trends within the web2 space, a thesis that was inspired by the notion that apps were becoming more powerful than the protocols built to support them. Before DeFi, Ethereum, and even Bitcoin, there was the world of web2. Facebook, Snapchat, Spotify - these are apps that changed the world and fundamentally altered how we interact with each other on a daily basis. Because of this, they were able to command greater premiums, in both user attention and monetary terms.
胖熊理论论文诞生于对 web2 领域技术趋势的观察，该论文的灵感来自于这样一种观念：应用正变得比为支持它们而构建的协议，更强大。在 DeFi、以太坊、甚至比特币之前，就有了 web2 的世界。 Facebook、Snapchat、Spotify - 这些应用改变了世界，并从根本上改变了我们日常互动的方式。正因为如此，他们能够在用户关注度和金钱方面获得更高的溢价。
Web2 can be defined as the second generation of the internet, an era that was - and still is - characterized by increased collaboration, user-generated content, and interactivity. Today, it’s more easily recognizable as the internet we’ve come to use everyday.
Web2 可以被定义为第二代互联网，这个时代过去和现在仍然以协作、用户生成内容和交互性的增强为特征。如今，它更容易被认为是我们每天使用的互联网。
Monegro examined a phenomenon where leading applications of the web2 era captured far more value than the protocols they’re built on. He argued for a different type of value transfer between blockchains and how new business models were forming because of this.
Monegro 研究了一种现象，即 web2 时代的领先应用获得的价值远远超过它们所构建的协议。他主张区块链之间存在不同类型的价值转移，以及新的商业模式如何因此形成。
Everything hypothesized in Monegro’s post turned out to be true. Most infrastructure is valued exponentially higher than crypto apps, and value flows between the two are often scarce.
莫内格罗帖子中的所有假设都被证明是正确的。大多数基础设施的价值比加密应用高得多，而两者之间的价值流动往往稀缺。
But why is it that crypto has fallen into a trap of rampant infrastructure valuation growth without any room for apps to see this same level of success? Have we built too much infrastructure and left out the possibility for apps to compete with chains that want to “own the stack?” Even further, how is this relevant to Berachain and PoL?
但为什么加密货币会陷入基础设施估值大幅增长的陷阱，而应用却没有获得同样成功的空间呢？我们是否构建了太多的基础设施，而忽略了应用与想要“拥有堆栈”的区块链竞争的可能性？更进一步，这与 Berachain 和 PoL 有什么关系？
Historically, foundational layers of the crypto stack like L1s and L2s have commanded far greater premiums than the apps that reside on them. Even accounting for the cross-chain world crypto has been building towards, apps haven’t managed to trade at higher valuations based on future expectations.
从历史上看，L1 和 L2 等加密堆栈的基础层比驻留在其上的应用拥有更高的溢价。即使考虑到跨链世界加密货币的发展，应用也未能根据未来的预期以更高的估值进行交易。
Monegro’s 2016 thesis was a contrarian point-of-view to publicly take. Until then, all of modern history and the growth of web2 apps into mega corporations presented a counterpoint: why should the system change with crypto? If apps were where everyone was spending their time, why should the underlying infrastructure see any of that revenue? Because it’s so easy to deploy smart contracts onto a blockchain and create apps, some viewed this as a methodology to value the infrastructure higher than the apps. After all, without it there wouldn’t even be any apps to use.
莫内格罗 2016 年的论文是一种值得公开接受的逆向观点。在那之前，所有现代历史和 Web2 应用向大型企业的发展都提出了一个对立面：为什么系统应该随着加密货币而改变？如果应用是每个人都花时间的地方，为什么底层基础设施会获得任何收入呢？由于将智能合约部署到区块链上并创建应用非常容易，因此一些人认为这是一种对基础设施的重视程度高于应用的方法。毕竟，没有它，甚至不会有任何应用可供使用。
Even if crypto apps are capable of producing strong revenues and delivering sustainable outcomes, a phenomenon becoming increasingly ripe for debate, there’s no path for something like Maker to trade higher than Ethereum.
即使加密应用能够产生强劲的收入并提供可持续的成果（这种现象越来越引起争论），像 Maker 这样的东西的交易价格也不可能高于以太坊。
解释胖熊理论 (Explaining the fat bera thesis)
Is the application layer simply lackluster, or is there a more fundamental problem in crypto that hasn’t been addressed? What if there was a better way of doing things - what might this even look like?
到底是应用层乏善可陈，还是加密领域还有更根本的问题尚未解决？如果有更好的做事方式怎么办？这会是什么样子？
Monegro described “fat” protocols and “thin” applications in the crypto industry, driven by the shared data layers of blockchains and the presence of speculative tokens. At their core, blockchains are just decentralized, immutable databases that make it relatively easy for new applications to make use of this vast amount of user data in a net-new way. Monegro discussed the role that tokens play in this transfer of value from applications to protocols - something unique from the web2 industry - and the idea that price increases leading to massive shifts in attention.
Monegro 描述了加密行业中的“胖”协议和“瘦”应用程序，这是由区块链共享数据层和投机代币的存在驱动的。从本质上讲，区块链只是去中心化的、不可变的数据库，使新应用能够相对轻松地以全新的方式利用大量用户数据。 Monegro 讨论了代币在从应用到协议的价值转移中所扮演的角色（这是 web2 行业独有的），以及价格上涨导致注意力大规模转移的想法。
This is evident enough through the massive attention Bitcoin has managed to sustain since the 2008 whitepaper. “Token go up” has essentially forced the world to pay attention, whereas applications are far more limited in how much they can go up, which has stunted their share of attention in turn. Apps are forced to play second fiddle to the chain they’re deployed on, which doesn’t make sense considering these apps are the main drivers of user acquisition on blockchains.
自 2008 年白皮书发布以来，比特币一直受到广泛关注，这一点就显而易见了。 “代币上涨”本质上迫使世界关注，而应用的上涨幅度则受到极大限制，这反过来又阻碍了它们的关注度。应用被迫在其部署的链上扮演次要角色，考虑到这些应用是区块链上用户获取的主要驱动力，这是没有意义的。
The core value proposition of PoL comes from its ability to scale liquidity and security simultaneously, achieving a healthy alignment of incentives between users, dApps, and validators. PoL is a first-of-its-kind mechanism designed to enable real value transfer between the protocol and application layers.
PoL 的核心价值主张来自于它同时扩展流动性和安全性的能力，实现用户、dApp 和验证者之间激励的健康协调。 PoL 是一种首创机制，旨在实现协议层和应用层之间的真正价值传输。
The success of all three distinct ecosystem participants hinges on PoL participation, with this activity leading to a type of shared trust on-chain. Validators trust users to delegate their BGT, users trust validators to control the flow of BGT emissions, and dApps trust that they’ll be rewarded for facilitating this behavior. Validators on Berachain are incentivized to create real-time rewards for apps in order to maximize their earnings.
所有三个不同生态系统参与者的成功取决于 PoL 参与，这种活动导致了一种链上共享信任。验证者信任用户委托他们的 BGT，用户信任验证者来控制 BGT 排放流，而 dApp 相信他们会因为促进这种行为而获得奖励。 Berachain 上的验证者被激励为应用创建实时奖励，以最大化他们的收入。
These validators are gunning for BGT rewards, but they’re also eligible to exchange their BGT block rewards for any apps’ native tokens, aligning incentives between validators and the apps they secure. The better an app does, the more a validator is able to earn in rewards, with this cycle repeating and producing increasingly larger positive feedback loops.
这些验证者正在争夺 BGT 奖励，但他们也有资格将 BGT 区块奖励换成任何应用的原生代币，从而协调验证者和他们所保护的应用之间的激励。应用做得越好，验证者获得的奖励就越多，这个循环不断重复并产生越来越大的正反馈循环。
Apps - and validators - that align themselves with the principles of this fat bera thesis effectively become zones of power, dependent on their own merits and competitive advantages. Instead of apps that might only gain notoriety for being on Chain A as opposed to Chain B, apps that are built with PoL in mind can dictate the success of the chain they’ve deployed on while increasing their reputation simultaneously. Apps can finally take pride in a job well done, knowing the infrastructure securing them is on their side.
符合这一胖熊理论论文原则的应用和验证器实际上成为权力区域-取决于它们自身的优点和竞争优势。考虑到 PoL 构建的应用可以决定其部署的链的成功，同时提高其声誉，而不是仅因位于 链 A 而不是 链 B 上而“臭名昭著”的应用。应用最终可以为出色的工作而感到自豪，因为他们知道保护自身的基础设施就在它们身边。
胖熊理论及更多 (Fat beras and beyond)
Monegro said that “The market cap of the protocol always grows faster than the combined value of the applications built on top, since the success of the application layer drives further speculation at the protocol layer.” PoL finally opens the door for unlocking tangible value capture at the application layer by enabling inter-protocol alliances and competition. BGT rewards ebb and flow between users, validators, and apps, but it ultimately finds its way into the hands of all three participants - the real fun comes in how they’ll choose to acquire it.
Monegro 表示，“协议的市值增长速度总是快于构建在其之上的应用的总价值增长速度，因为应用层的成功推动了协议层的进一步投机。” PoL 最终通过实现协议间联盟和竞争，打开了在应用层获取有形价值的大门。 BGT 奖励在用户、验证者和应用之间波动，但最终会落入所有三个参与者的手中——真正的乐趣在于他们选择如何获取。
Validators have to be aware of what users want, apps need to ensure they have a competitive advantage and are offering differentiated products, and users need to stay alert to all of this. Validators have been far removed from the actual ongoings of the chain they secure, forced into a position where they can comfortably “collect rent” from users and apps without doing any work within the ecosystem. Berachain demands the opposite.
验证者必须了解用户想要什么，应用需要确保自己具有竞争优势并提供差异化产品，而用户需要对所有这些保持警惕。验证者已经远离了其所保护的链的实际运行，被迫处于一种可以轻松地从用户和应用“收取租金”的位置，而无需在生态系统内做任何工作。 Berachain 的要求恰恰相反。
There doesn’t have to be a world where applications only derive value from the chain they’re on. Flipping this on its head is the only way to begin the transfer from fat protocols and thin applications to fat applications, fat protocols, and fat beras. None of this is easy, of course - but anything worth doing will always be a challenge.
应用不一定只能从它们所在的链中获取价值。彻底颠覆这一点是开始从胖协议和瘦应用转移到胖应用、胖协议和胖熊(Fat bera)的唯一方法。当然，这一切都不容易——但任何值得做的事情都将永远是一个挑战。
Berachain wants to change the narrative and finally create a world where applications are valued proportionately for the amount of work they put in. A world where blockchains derive value from successful apps and infinite economic games can be played by all parties.
Berachain 希望改变这种说法，最终创造一个应用的价值与其投入的工作量成比例的世界。在这个世界中，区块链从成功的应用中获取价值，各方都可以玩无限的经济游戏。
“In PoL, the fatness of the protocol is determined by the thicccness of your applications.” - Berachain Head of Defi, Cap’n Jack Bearow.
“在 PoL 中，协议的胖度取决于应用的厚度。” - Berachain Defi 负责人，Cap’n Jack Bearow.
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