AI 中文总结
针对现有去中心化措施仅关注源头侧的问题，本文提出频谱方法分析以太坊验证者资金的目的地侧集中度，发现其资金最终仅流向四个终端账户，且均非主要盈利矿工。
AI 中文摘要
现有的去中心化措施几乎完全集中在源头侧，用于量化区块挖矿或验证主体的集中度。我们引入一种频谱方法，转而衡量目的地侧的集中度：即资金从验证者钱包流出后最终流向何处。将钱包间转账建模为马尔可夫链，我们通过Perron-Frobenius定理计算近实时稳态概率，以识别长期终端接收方。该方法应用于四年挖矿数据中的76855个以太坊钱包，资金最终流向仅四个终端账户，且这些资金目的地账户均不属于网络中三个主要的可识别盈利矿工。
英文摘要
Existing decentralization measures are almost entirely origination-side, quantifying concentration in who mines or validates blocks. We introduce a spectral methodology measuring concentration on the destination side instead: where value ultimately flows once it leaves a validator wallet. Modeling wallet-to-wallet transfers as a Markov chain, we compute near-real-time steady-state probabilities via the Perron--Frobenius theorem to identify long-run terminal recipients. Applied to 76,855 Ethereum wallets from four years of mining data, fund flows collapse to just four terminal accounts. None of these fund destination accounts are among the network's three dominant identifiable revenue-earning miners.
Comments13 pages
