Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ETH MAVAN如何成为Bitmine的3.57亿美元收入引擎——来源：CoinGape
当Bitmine董事长Tom Lee在三月首次推出MAVAN（Made in America VAlidator Network，美国制造验证者网络）时，该平台看似只是该公司雄心勃勃的以太坊（ETH）国库战略中的一环。
MAVAN作为Bitmine专有的机构级以太坊质押平台推出，最初旨在支持公司迅速扩张的ETH国库。然而，在启动六个月后，MAVAN如今已成为Bitmine的主要收入驱动力。以下是其具体运作方式：
Bitmine的MAVAN预计将产生4.21亿美元收入
起初仅作为Bitmine国库的质押工具，MAVAN现已成为该公司创收基础设施的重要组成部分。Tom Lee旗下的ETH国库公司Bitmine正日益将MAVAN定位为面向机构投资者、托管方和生态系统合作伙伴的平台。
截至9月20日，Bitmine持有598万枚ETH，其中已有506.7万枚ETH处于质押状态。在此之前，该公司于9月第一周收购了28,086枚ETH。按照当前ETH价格2,695美元计算，这代表了约136亿美元的市值。这意味着Bitmine持有的ETH中约有85%已在产生质押收益。
与MAVAN刚推出时的情况相比，这一进展十分显著。当时，通过该平台质押的ETH数量仅为314万枚左右。
基于当前的质押运营和2.62%的七日收益率，Bitmine进一步预测其年化质押收入为3.57亿美元。如果公司的全部ETH头寸最终都通过MAVAN及其质押合作伙伴进行质押，预计年化质押奖励将上升至约4.21亿美元。
Bitmine如何将MAVAN打造为机构质押平台
MAVAN最初的使命相对简单直接：帮助Bitmine从其庞大的ETH持仓中产生收益。此后，该平台的任务范围已得到扩展。
Bitmine现在将MAVAN描述为BMNR代币及机构投资者共同的质押目的地。其文件显示，该平台已扩展至服务于寻求质押基础设施的机构投资者、托管方和生态系统合作伙伴。
这一转型至关重要，因为机构级质押所需的工作远不止运行以太坊验证节点那么简单。
MAVAN围绕验证器基础设施、质押运营和技术进行开发，以便机构客户和其他平台集成。Bitmine的美国证券交易委员会（SEC）文件将该业务描述为提供机构级质押和验证基础设施。这补充了公司更广泛的基础设施战略，包括非托管质押、验证器运营以及“质押即服务”（Staking-as-a-Service）。
The company also acquired infrastructure to accelerate this expansion process. In March this year, Bitmine acquired Pier Two Holdings, a Australia blockchain infrastructure company, integrating its unmanaged pledge infrastructure, validator operations and "pledge as a service" capabilities into MAVAN. Bitmine paid an initial purchase price of approximately $30.5 million and may pay an additional profit consideration of up to $11.8 million.
After the acquisition was completed, Pier Two became part of the MAVAN platform. The deal effectively gives MAVAN a mature infrastructure base, allowing it to shift from serving Bitmine's own treasury to a broader institutional market.
Why MAVAN is critical to Bitmine's revenue model
MAVAN's growth is closely linked to fundamental changes in Bitmine's business. The company no longer relies solely on ETH piled up on its balance sheet.
Bitmine is now trying to move beyond mere ETH holdings and generate recurring gains from these assets. In fact, Bitmine's financial statements describe the company's primary businesses as institutional-level pledge and verification infrastructure, along side digital asset management, and other activities. Through these operations, the company generated huge pledge rewards and verification revenue.
In May, Bitmine stated that approximately 4.7 million ETH units (approximately 87% of its ETH positions at the time) had been pledged through MAVAN, with an expected annualized pledge revenue of approximately US$276 million. By September, the pledge balance exceeded 5 million ETH, and the annualized pledge income is expected to reach US$357 million.
这一数字的转变使MAVAN从国库战略的辅助部分，变成了Bitmine运营模式中更具决定性意义的组成部分。
越来越多的高管专职负责MAVAN
证明该平台在Bitmine内部重要性日益提升的一个最明显迹象是，越来越多的Bitmine高管和员工在LinkedIn上公开将其角色与MAVAN关联起来。策略、运营、商务等各个职能的高级人员都在其Bitmine职位旁列出了MAVAN。这表明该平台已发展成为重要的运营功能，而不仅仅是网站上的一个产品。
MAVAN的崛起也恰逢数字资产国库行业的重要时刻。随着加密货币面临熊市，国库公司模式正受到越来越多的审视。投资者质疑单纯积累比特币或其他加密资产是否能转化为可持续的长期商业经济效益，这在加密市场表现疲软时期尤为明显。
Bitmine的MAVAN战略提供了一种可能的答案：让资产发挥效用。随着506.7万枚ETH已投入质押以及3.57亿美元的预计年化质押收入，质押已成为Bitmine国库战略之下具有实质意义的经济层。
但MAVAN更大的机遇在于Bitmine自身的资产负债表之外。它希望MAVAN不仅质押公司的ETH持仓，还要构建服务于更广泛数字资产市场的机构基础设施。
And that will ultimately determine what MAVAN will become: not just a pledge tool for Bitmine, but a stand-alone infrastructure business built around one of the most important institutional use cases in the crypto space.
