隨著 Lido 主導地位的減弱，以太坊的監管前景光明

在以太坊質押平台 Lido 的市場份額不斷下降的情況下，摩根大通分析師認為，以太坊可能由於其網路去中心化程度不斷提高而逃避「安全」分類。這一轉變與 SEC 的「Hinman 文件」一致，該文件表明充分去中心化的代幣可能會避免被指定為證券。

Ethereum's Regulatory Future Brightens as Lido's Dominance Wanes

隨著 Lido 主導地位的減弱，以太坊的監管前景光明

New York, NY - In a groundbreaking analysis, JPMorgan analysts have suggested that Ethereum, the world's second-largest cryptocurrency, could evade the ominous "security" label due to a significant decline in the market share of Lido Finance, a leading staking platform.

紐約 - 摩根大通分析師在一項開創性的分析中表示，由於領先的質押平台 Lido Finance 的市場份額大幅下降，全球第二大加密貨幣以太坊可能會逃避不祥的「安全」標籤。

Just four months ago, JPMorgan raised concerns about Lido's growing influence, warning that its dominance could potentially centralize Ethereum and expose it to regulatory scrutiny as a security. However, the analysts' latest findings paint a much more optimistic picture for Ethereum's future regulatory status.

就在四個月前，摩根大通對 Lido 日益增長的影響力表示擔憂，警告稱其主導地位可能會使以太坊中心化，並使其作為一種證券受到監管審查。然而，分析師的最新發現為以太坊未來的監管狀況描繪了一幅更樂觀的景象。

According to JPMorgan, Lido's diminishing market share is a clear indication that Ethereum is becoming increasingly decentralized, a key factor in determining a digital asset's classification as a security or a commodity. This shift in market dynamics aligns with the recent guidance provided by the Securities and Exchange Commission (SEC) in the so-called "Hinman documents," which suggest that tokens operating on sufficiently decentralized networks may avoid being designated as securities.

摩根大通表示，Lido 市場份額的下降清楚地表明以太坊正變得越來越去中心化，這是決定數位資產分類為證券還是商品的關鍵因素。市場動態的這種轉變與美國證券交易委員會（SEC）最近在所謂的「Hinman 文件」中提供的指導相一致，該指導表明在充分去中心化的網路上運行的代幣可能會避免被指定為證券。

"The decline in Lido's share is a positive development for Ethereum," said Nick Carter, a partner at Castle Island Ventures. "It shows that the network is becoming more decentralized, which reduces the risk of it being classified as a security."

Castle Island Ventures 合夥人 Nick Carter 表示：“Lido 份額的下降對以太坊來說是一個積極的發展。” “這表明網路正在變得更加去中心化，這降低了它被歸類為證券的風險。”

Ethereum's recent Dencun upgrade, which significantly reduced transaction costs for Ethereum Layer 2 networks, has further strengthened its position as the ultimate settlement layer for its ecosystem. Looking ahead, the Ethereum roadmap includes the Petra upgrade, which is expected to go live later this year and promises further enhancements through the introduction of Verkle trees.

以太坊最近的 Dencun 升級顯著降低了以太坊 Layer 2 網路的交易成本，進一步鞏固了其作為生態系統最終結算層的地位。展望未來，以太坊路線圖包括 Petra 升級，預計將於今年稍後上線，並承諾透過引入 Verkle 樹來進一步增強。

These developments demonstrate Ethereum's ongoing commitment to innovation and growth in the digital asset space. As the network becomes more decentralized and efficient, its potential to avoid the security label becomes increasingly likely.

這些發展顯示了以太坊對數位資產領域創新和成長的持續承諾。隨著網路變得更加去中心化和高效，其避免安全標籤的可能性變得越來越大。

"Ethereum is well-positioned for regulatory success," said Gabriel Shapiro, general counsel at Delphi Labs. "The network is decentralized, it has a strong ecosystem, and it is constantly innovating."

德爾福實驗室總法律顧問加布里埃爾·夏皮羅 (Gabriel Shapiro) 表示：“以太坊處於監管成功的有利位置。” “該網絡是去中心化的，擁有強大的生態系統，並且不斷創新。”

The regulatory landscape for cryptocurrencies is still evolving, but JPMorgan's analysis suggests that Ethereum is on track to achieve a favorable classification that will allow it to continue to thrive as a key player in the digital asset market.

加密貨幣的監管環境仍在不斷發展，但摩根大通的分析表明，以太坊有望獲得有利的分類，使其能夠作為數位資產市場的關鍵參與者繼續蓬勃發展。