以太坊質押擔憂升溫：高比例、代幣發行模式爭論

在 Merge 和 Shapella 升級之後，以太幣的質押動態發生了重大變化。人們對高質押率及其潛在影響產生了擔憂，引發了社區內部的爭論。雖然有些人建議調整代幣發行模式來解決這些問題，但有些人則認為這將違反 ETH 的核心原則並損害網路的長期穩定性。以太坊開發人員強調了質押的重要性及其對網路安全的影響，並強調儘管代表質押 ETH 的流動性索賠，驗證者仍然面臨風險，從而確保他們對網路完整性的承諾。

Ethereum Staking Dynamics Shift: Concerns Raised Over High Staking Ratio and Token Issuance Model

以太坊質押動態轉變：對高質押率和代幣發行模式的擔憂

The Ethereum network has undergone significant changes following the Merge and Shapella upgrades, altering the dynamics of staking. Staking involves locking up a specific amount of ETH in a smart contract to support network operations. While the amount of staked ETH has surged, concerns have emerged within the community about the high staking ratio and its potential negative implications for the network and its users.

在 Merge 和 Shapella 升級之後，以太坊網路發生了重大變化，改變了質押的動態。質押涉及在智能合約中鎖定特定數量的 ETH 以支援網路運作。雖然質押 ETH 的數量激增，但社群內部開始擔心高質押率及其對網路及其用戶的潛在負面影響。

Proposed Changes to Token Issuance Model Ignites Debate

代幣發行模式的擬議變更引發爭論

Researchers at the ETH Foundation have proposed a revision to the token issuance model, sparking a heated debate among community members. Proponents argue that the model is crucial for ensuring the blockchain's future stability and security. They contend that excessive staked ETH could lead to reduced rewards for stakers and increased transaction fees, making the network less accessible for everyday use.

ETH基金會的研究人員提出了對代幣發行模型的修訂，引發了社區成員的激烈爭論。支持者認為，該模型對於確保區塊鏈未來的穩定性和安全性至關重要。他們認為，過度質押 ETH 可能會導致質押者的獎勵減少和交易費用增加，使網路難以日常使用。

However, critics assert that altering the way stakers are rewarded would violate core Ethereum principles and jeopardize the network's long-term success. They caution that such changes could attract unwanted regulatory scrutiny.

然而，批評者聲稱，改變利害關係人的獎勵方式將違反以太坊的核心原則，並危及網路的長期成功。他們警告說，此類變化可能會引起不必要的監管審查。

Ethereum Developer Raises Concerns About Network Integrity

以太坊開發者對網路完整性表示擔憂

Amid the ongoing debate, an Ethereum developer has raised concerns about the security implications of the network's Proof-of-Stake (PoS) system and the concept of staking. The developer highlights that users who stake their ETH while maintaining a liquid claim (such as stETH or similar tokens) may not truly sacrifice their assets. This is because they can still access their locked ETH through the liquid claim, which can be traded or used in other transactions.

在持續的爭論中，以太坊開發人員對該網路的權益證明（PoS）系統和權益概念的安全影響提出了擔憂。開發者強調，在保持流動性索賠（例如 stETH 或類似代幣）的同時質押 ETH 的用戶可能不會真正犧牲他們的資產。這是因為他們仍然可以透過流動債權存取鎖定的 ETH，這些 ETH 可以進行交易或用於其他交易。

The developer questions the security of the network if a significant portion of ETH holders stake their assets while retaining liquid claims. Without genuine skin in the game, it is unclear how the lockup mechanism effectively incentivizes honest behavior and maintains the integrity of the network.

如果 ETH 持有者很大一部分在保留流動性債權的同時抵押其資產，那麼開發商就會質疑網路的安全性。如果沒有真正的參與，鎖倉機制如何有效激勵誠實行為並維護網路的完整性尚不清楚。

Core ETH Developer Responds: Risk Socialization Ensures Security

ETH核心開發者回應：風險社會化確保安全

In response to the concerns, core ETH developer Tim Beiko acknowledged that individual stakers may not face direct risks to their staked ETH. However, he emphasized that they remain indirectly exposed to risks through the potential socialization of losses and risk pooling across the network. This mechanism ensures that validators have a vested interest in upholding their responsibilities to maintain the security and stability of the Ethereum network.

針對這些擔憂，核心 ETH 開發者 Tim Beiko 承認，個人質押者可能不會面臨質押 ETH 的直接風險。然而，他強調，透過網路上潛在的損失社會化和風險共擔，他們仍然間接面臨風險。這種機制確保驗證者在履行其維護以太坊網路安全性和穩定性的責任方面擁有既得利益。

Beiko's response highlights the collective nature of security in a PoS system. While individual stakers may not directly sacrifice their own ETH, they contribute to the overall security of the network by participating in the staking process. The network's security is ultimately dependent on the collective commitment of all stakers, ensuring that validators are incentivized to act honestly and uphold the integrity of the Ethereum ecosystem.

Beiko 的回應凸顯了 PoS 系統安全性的集體本質。雖然個人質押者可能不會直接犧牲自己的 ETH，但他們透過參與質押過程為網路的整體安全做出貢獻。網路的安全最終取決於所有利害關係人的集體承諾，確保激勵驗證者誠實行事並維護以太坊生態系統的完整性。