Coinbase作為以太坊網絡最大的節點操作員的出現引起了人們對網絡集中化的擔憂

這種類型的網絡合併帶來了審查制度的風險和降低網絡彈性的風險

Coinbase's emergence as the Ethereum network's largest node operator has raised concerns about network centralization that could worsen as institutional adoption accelerates, industry executives told Cointelegraph.

行業主管告訴Cointelegraph，Coinbase作為以太坊網絡最大的節點運營商的出現引起了人們對網絡集中化的擔憂，隨著機構採用的加速，這種集中化可能會惡化。

On March 19, Coinbase published a report disclosing that the US cryptocurrency exchange controlled more than 11% of staked Ether (ETH), more than any other Ethereum node operator.

3月19日，Coinbase發表了一份報告，揭示了美國加密貨幣交易所控制了超過11％的固定以太（ETH），這比任何其他以太坊節點運算符都要多。

According to Karan Sirdesai, CEO of Web3 startup Mira Network, Coinbase's growing dominance highlights "a systemic issue in Ethereum's staking architecture."

Web3初創公司Mira Network的首席執行官Karan Sirdesai表示，Coinbase的統治地位越來越多地突出了“以太坊堆積建築中的系統性問題”。

“We're creating a system where a handful of major players control an outsized portion of network security, undermining the core promise of decentralization,” Sirdesai told Cointelegraph.

Sirdesai告訴Cointelegraph：“我們正在創建一個系統，其中少數主要參與者控制著網絡安全的一部分，破壞了權力下放的核心希望。”

According to the report, Coinbase controlled 3.84 million ETH staked to 120,000 validators, representing 11.42% of staked Ether as of March 4.

根據該報告，Coinbase控制了384萬ETH，將其存放到120,000個驗證器，佔3月4日固定以太的11.42％。

Liquid staking protocol Lido controls a larger share of staked Ether overall — approximately 9.4 million ETH, according to Lido's website.

Lido的網站稱，Liquid Statik制定協議Lido總體上控制了更大的固定以太股，約940萬ETH。

However, Lido's staked Ether is distributed across dozens of independent node operators, Anthony Sassano, host of The Daily Gwei, said in a March 19 post on the X platform.

但是，Lido的固定以太分佈在數十名獨立節點運營商中。

To limit risks, Coinbase spreads staking operations across five countries and employs multiple cloud providers, Ethereum clients, and relays, according to its report. "Diversification at the network level and the overall health of the network is always a priority for us. That’s why we periodically check network distribution," the exchange said.

為了限制風險，Coinbase在五個國家 /地區分配了業務，並僱用了多個雲提供者，以太坊客戶和接力賽。交易所說：“網絡級別的多元化和網絡的整體健康始終是我們的首要任務。這就是為什麼我們定期檢查網絡分佈。”

Coinbase is the largest Ethereum node operator. Source: Coinbase

Coinbase是最大的以太坊節點操作員。資料來源：Coinbase

Related: Ether ETFs poised to surge in 2025, analysts say

相關：分析師說，Ether ETF有望在2025年激增。

Impending centralization risks

即將發生的集中化風險

Ethereum's network concentration could worsen if US exchange-traded funds (ETFs) are permitted to begin staking — a priority for asset managers such as BlackRock.

如果允許美國交易所交易資金（ETF）開始積分，那麼以太坊的網絡集中率可能會惡化 - 對於貝萊德（BlackRock）等資產經理來說，這是優先考慮的。

Coinbase is the largest custodian for US crypto ETFs and holds ETH on behalf of eight of the nine US spot Ether funds, the exchange said in January.

該交易所在一月份表示，Coinbase是美國加密ETF的最大託管人，代表美國九個現貨資金中的八個持有ETH。

"This type of network consolidation brings with it increased risk of censorship and reduced network resilience," Temujin Louie, CEO of Wanchain, a blockchain interoperability protocol, told Cointelegraph.

區塊鏈互操作協議Wanchain首席執行官Temujin Louie告訴Cointelegraph：“這種網絡合併帶來了增加審查制度和降低網絡彈性的風險。”

For instance, high staking concentrations "represent potential points of regulatory pressure... [and] these large staking entities will likely prioritize regulatory adherence over network censorship resistance when faced with difficult choices," Sirdesai said.

例如，高積分濃度“代表監管壓力的潛在點……[和]這些大型積分實體可能會優先考慮在面臨艱難選擇的情況下，而不是網絡審查的抵抗力，” Sirdesai說。

Meanwhile, new US regulatory guidance allowing banks to act as validators for blockchain networks adds to centralization risks, several crypto executives said.

同時，幾位加密管理人員說，與銀行充當區塊鍊網絡的驗證者的新美國監管指南增加了集中化風險。

"If too much stake consolidates under regulated entities like Coinbase and US banks, Ethereum will become more like traditional financial systems," Louie said.

Louie說：“如果Coinbase和US Banks等受監管實體下的股份過多的股份將變得更像傳統的金融體系。”

Conversely, more institutional validators could actually improve staking concentrations. Cryptocurrency exchange Robinhood is especially well positioned to check Coinbase's staking dominance, according to Sirdesai.

相反，更多的機構驗證器實際上可以提高堆積濃度。據Sirdesai稱，加密貨幣交換的Robrinhood尤為有利地檢查Coinbase的占主導地位。

Robinhood already has "the crypto infrastructure, user base, and technical capabilities to move into staking rapidly. They could realistically challenge Coinbase's position faster than any traditional bank," Sirdesai said.

Sirdesai說，Robinhood已經具有“加密基礎架構，用戶群和技術能力來迅速賺錢。它們實際上可以比任何傳統銀行更快地挑戰Coinbase的位置。” Sirdesai說。