以太坊網路支援去中心化，為現貨 ETF 批准鋪平道路

摩根大通分析師認為，以太坊日益去中心化可能有助於其避免被美國證券交易委員會歸類為證券。在此之前，Lido 質押 ETH 的份額有所下降，減少了人們對中心化的擔憂。以太坊網路擺脫中心化質押模式的舉動被視為一個積極的發展，可能會增加以太坊避免「安全」稱號的機會。

Ethereum Network Unveils Enhanced Decentralization Amid Declining Lido Shares, Allaying Securities Concerns

以太坊網路在 Lido 股價下跌之際增強去中心化，緩解證券擔憂

New York City, April 3, 2023

紐約市，2023 年 4 月 3 日

In a significant development for the Ethereum network, analysts from the multinational investment bank JPMorgan have reported a notable decline in the share of staked ETH held by Lido Finance. This positive shift has sparked optimism that Ethereum may avoid being classified as a security, paving the way for the potential approval of spot Ethereum exchange-traded funds (ETFs).

跨國投資銀行摩根大通的分析師報告稱，Lido Finance 持有的 ETH 質押份額顯著下降，這是以太坊網路的重大發展。這一積極轉變引發了人們的樂觀情緒，認為以太坊可能會避免被歸類為證券，從而為現貨以太坊交易所交易基金（ETF）的潛在批准鋪平道路。

Decentralization and Security Concerns

權力下放和安全問題

The decentralization of a blockchain network is a key factor in determining whether it falls under the purview of securities laws. The Securities and Exchange Commission (SEC) has historically excluded decentralized networks from security classification, citing the absence of a controlling group.

區塊鏈網路的去中心化程度是決定其是否屬於證券法管轄範圍的關鍵因素。美國證券交易委員會（SEC）歷來將去中心化網路排除在證券分類之外，理由是不存在控制集團。

Lido Finance, a liquid staking platform, has been a major player in the Ethereum staking ecosystem. However, the concentration of staked ETH in Lido's hands has raised concerns about centralization. JPMorgan's analysts believe that the declining Lido share eases these concerns and increases the likelihood of Ethereum being deemed sufficiently decentralized to avoid security designation.

Lido Finance 是一個流動性質押平台，一直是以太坊質押生態系統的主要參與者。然而，質押的 ETH 集中在 Lido 手中引發了人們對中心化的擔憂。摩根大通的分析師認為，Lido 份額的下降緩解了這些擔憂，並增加了以太坊被認為足夠去中心化以避免被指定為證券的可能性。

Staking and Proof-of-Stake

質押和權益證明

Staking involves users pledging their cryptocurrency holdings to the network to validate transactions and secure the blockchain. In the case of Ethereum, which operates on a proof-of-stake (PoS) blockchain, validators are responsible for ensuring the network's integrity.

質押涉及用戶將其持有的加密貨幣抵押給網絡，以驗證交易並保護區塊鏈。對於在權益證明（PoS）區塊鏈上運作的以太坊來說，驗證者負責確保網路的完整性。

Unlike the proof-of-work (PoW) blockchain used by Bitcoin, where miners are responsible for transaction validation, PoS delegates this role to validators based on the amount of cryptocurrency they hold. The transition to PoS has raised concerns about centralization, as large entities with substantial cryptocurrency holdings could potentially dominate the validation process.

與比特幣使用的工作量證明 (PoW) 區塊鏈不同，礦工負責交易驗證，而 PoS 根據驗證者持有的加密貨幣數量將這一角色委託給驗證者。向 PoS 的過渡引發了人們對中心化的擔憂，因為持有大量加密貨幣的大型實體可能會主導驗證過程。

JPMorgan's Analysis and Outlook

摩根大通的分析與展望

JPMorgan's analysts have observed a positive trend in Ethereum's decentralization, with Lido's share of staked ETH declining from one-third a year ago to its current level. This decline has allayed concerns about excessive centralization and has increased the likelihood of Ethereum being categorized as a commodity rather than a security.

摩根大通的分析師觀察到以太坊去中心化的積極趨勢，Lido 質押 ETH 的份額從一年前的三分之一下降到目前的水平。這種下降緩解了人們對過度中心化的擔憂，並增加了以太坊被歸類為商品而不是證券的可能性。

Implications for Ethereum Classification and ETFs

對以太幣分類和 ETF 的影響

The classification of Ethereum as a commodity or security is crucial for the approval of spot Ethereum ETFs. Several hopeful issuers have submitted applications to the SEC for spot Ethereum ETFs, and the Commission is currently seeking public comment on these proposals.

以太坊作為商品或證券的分類對於現貨以太坊 ETF 的批准至關重要。一些有希望的發行人已向 SEC 提交了以太坊 ETF 現貨申請，委員會目前正在就這些提案徵求公眾意見。

The SEC's recent enforcement actions against crypto companies for allegedly selling unregistered securities highlight the importance of regulatory compliance. However, JPMorgan's optimistic assessment of Ethereum's decentralization suggests that the SEC may be more receptive to approving spot Ethereum ETFs.

美國證券交易委員會最近對涉嫌出售未註冊證券的加密貨幣公司採取的執法行動凸顯了監管合規的重要性。然而，摩根大通對以太坊去中心化的樂觀評估表明，美國證券交易委員會可能更願意批准現貨以太坊 ETF。

Market Activity and Price Performance

市場活動和價格表現

Meanwhile, Ethereum's daily trading volume has surged by 4.10% in the past 24 hours, reaching $15.894 billion. Despite this increased activity, Ethereum's price has fluctuated between $3,238.96 and $3,436.89 during the same period.

同時，以太坊日交易量在過去24小時飆升4.10%，達到158.94億美元。儘管活動有所增加，但同期的以太坊價格仍在 3,238.96 美元至 3,436.89 美元之間波動。

Ethereum's overall market performance has been relatively muted compared to Bitcoin, which set an all-time high price in March. Ethereum is currently trading at 32.6% below its November 2021 high of $4,878.26.

與 3 月創下歷史新高的比特幣相比，以太坊的整體市場表現相對平淡。以太坊目前的交易價格比 2021 年 11 月高點 4,878.26 美元低了 32.6%。

Conclusion

結論

The decline in Lido's share of staked ETH, as reported by JPMorgan analysts, provides positive indicators for Ethereum's decentralization. This development has the potential to shape the SEC's classification of Ethereum and influence the approval process for spot Ethereum ETFs.

根據摩根大通分析師報告，Lido 質押 ETH 份額的下降為以太坊的去中心化提供了積極的指標。這項進展有可能影響 SEC 對以太坊的分類，並影響現貨以太坊 ETF 的審批流程。