Coinbase現在運營以太坊網絡最大的企業服務，有些人擔心

3月19日，該公司透露，它控制了超過11％的固定ETH，比其他任何以太坊節點操作員都要多。

Coinbase is now the largest operator of the Ethereum network, and that has some people worried. On March 19, the company revealed it controls over 11% of staked ETH, more than any other Ethereum node operator.

Coinbase現在是以太坊網絡的最大運營商，並且有些人擔心。 3月19日，該公司透露，它控制了超過11％的固定ETH，比其他任何以太坊節點操作員都多。

According to Coinbase’s report, the company has 3.84 million ETH staked across 120,000 validators, which equals 11.42% of all staked ETH as of March 4.

根據Coinbase的報告，該公司在120,000個驗證器中擁有384萬ETH的ETH，截至3月4日，該公司的ETH佔所有固定ETH的11.42％。

“We’re creating a system where a few big players control most of the network. But that’s not what decentralization is about,” Sirdesai said.

Sirdesai說：“我們正在創建一個系統，其中一些大型參與者控制著大部分網絡。但這不是權力下放。”

For comparison, liquid staking protocol Lido holds around 9.4 million ETH, which is spread across many independent node operators, making it less of a centralization risk, as Sassano pointed out in a March 19 post on X.

為了進行比較，Liquid Staging協議Lido擁有約940萬個ETH，該ETH分佈在許多獨立的節點運營商中，這使其較小的集中化風險，正如Sassano在3月19日在X上的一篇文章中指出的那樣。

Coinbase says it’s trying to keep things balanced. The company spreads its staking operations across five countries, uses multiple cloud providers and Ethereum clients, and monitors its network distribution regularly. “The health of the network is always a priority for us,” Coinbase stated.

Coinbase表示，它試圖保持一切平衡。該公司在五個國家 /地區使用其存放業務，使用多個雲提供商和以太坊客戶，並定期監視其網絡分佈。 Coinbase說：“網絡的健康始終是我們的優先事項。”

But the issue could get even bigger if U.S. exchange-traded funds (ETFs) start staking ETH, something big asset managers like BlackRock are interested in.

但是，如果美國交易所交易資金（ETF）開始存放ETH，那麼這個問題可能會變得更大，而像BlackRock這樣的大資產經理對此感興趣。

Coinbase already holds ETH for eight of the nine U.S. spot Ether funds, which could push its influence even further. Some experts think this could lead to censorship risks.

Coinbase已經持有ETH的九個美國貨幣基金中的8個，這可能會進一步推動其影響力。一些專家認為這可能導致審查風險。

“If too much ETH is controlled by regulated companies like Coinbase, they might have to follow government rules instead of protecting Ethereum’s freedom,” Temujin Louie, CEO of Wanchain, told Blockfolio Pulse.

Wanchain首席執行官Temujin Louie告訴Blockfolio Pulse：“如果Coinbase等受監管的公司控製過多的ETH，他們可能必須遵守政府規則，而不是保護以太坊的自由。”

Sirdesai agreed, adding that big staking providers will likely prioritize legal compliance over network decentralization.

Sirdesai表示同意，並補充說，大型積分提供商可能會優先考慮法律依從性而不是網絡分散化。

“But these institutions don’t care about that. They’ll put all their efforts into maximizing their profits and following regulations.”

“但是這些機構並不關心這一點。他們將全力以赴，以最大限度地利用利潤和遵循法規。”

Meanwhile, U.S. regulators now allow banks to act as blockchain validators, meaning more big institutions could enter the staking game.

同時，美國監管機構現在允許銀行充當區塊鏈驗證者，這意味著更多的大型機構可以進入Staking Game。

But Sirdesail thinks another company could be a bigger challenger to Coinbase in the staking market: Robinhood.

但是Sirdesail認為另一家公司可能是在Staking Market：Robinhood中更大的挑戰者。

“They already have the tech, the users and the ability to move into staking quickly. They could actually compete with Coinbase better than any bank.”

“他們已經擁有技術，用戶以及能夠快速賺錢的能力。他們實際上可以比任何銀行更好地與Coinbase競爭。”