以太坊質押格局轉變：Lido 在競爭和去中心化中失去控制力

Lido 在以太坊質押領域的主導地位已經下降，市佔率跌破 30%。這種減少歸因於市場競爭加劇和碎片化，因為主要的加密貨幣交易所和較小的利害關係人加入了競爭。多元化質押提供者的興起增強了去中心化，促進了以太坊的精神。儘管 Lido DAO 拒絕設置質押上限，但動態的變化預計將加強網路的完整性並與以太坊的去中心化目標保持一致。

Shifting Landscape in Ethereum Staking: Lido's Market Share Diminishes Amidst Heightened Competition and Decentralization

以太坊質押格局的轉變：Lido 的市場份額因競爭加劇和去中心化而減少

Introduction

介紹

The Ethereum staking landscape has witnessed a significant shift in market dynamics, with the once-dominant Lido Finance relinquishing a portion of its market share as a multitude of new entrants emerge. This development aligns with the fundamental principles of Ethereum's decentralized ethos, promoting a more balanced distribution of influence and decision-making power within the network.

以太坊質押格局見證了市場動態的重大轉變，隨著大量新進者的出現，曾經佔據主導地位的 Lido Finance 放棄了部分市場份額。這項發展符合以太坊去中心化精神的基本原則，促進網路內影響力和決策權的更平衡的分配。

Lido's Diminishing Market Share

麗都的市佔率不斷縮小

Until recently, Lido Finance, a leading provider of liquid staking services, held a commanding position within the Ethereum staking market. However, as of December 2023, Lido's market share has declined from 32% to below 30%, according to data compiled by Dune Analytics. This shift signals a notable erosion of Lido's dominance, signaling the diversification of the market and heightened competition.

直到最近，流動性質押服務的領先供應商 Lido Finance 在以太坊質押市場中仍佔據主導地位。然而，根據 Dune Analytics 彙編的數據，截至 2023 年 12 月，Lido 的市佔率已從 32% 下降至 30% 以下。這一轉變標誌著麗都的主導地位明顯受到削弱，標誌著市場的多元化和競爭的加劇。

Influx of New Stakers

新質押者的湧入

The decline in Lido's market share is primarily attributed to the influx of new entrants into the Ethereum staking ecosystem. Major crypto exchanges, such as Coinbase and Binance, have established significant presences in the market, capturing 14.04% and 3.75% of the market share, respectively. Additionally, Ethereum staking platform Kiln holds a 3.5% market share.

Lido 市佔率的下降主要歸因於新進業者湧入以太坊質押生態系統。 Coinbase 和 Binance 等主要加密貨幣交易所在市場上佔據重要地位，分別佔 14.04% 和 3.75% 的市佔率。此外，以太坊質押平台 Kiln 佔有 3.5% 的市場份額。

Smaller Stakers and Market Fragmentation

較小的質押者和市場碎片化

Beyond the presence of established players, the market has witnessed an increase in smaller, unidentified stakers, comprising approximately 16.9% of the market. This fragmentation promotes further decentralization, as the influence of any single entity is diminished. The presence of a diverse range of staking providers is seen as a positive development, as it aligns with Ethereum's goal of decentralization and reduces the risk of excessive concentration of power.

除了老牌參與者之外，市場上規模較小、身份不明的參與者也有所增加，約佔市場的 16.9%。這種碎片化促進了進一步的權力下放，因為任何單一實體的影響力都被削弱了。各種質押提供者的存在被視為一個積極的發展，因為它符合以太坊的去中心化目標，並降低了權力過度集中的風險。

Lido's Position and the Staking Cap Proposal

Lido 的立場和質押上限提案

Lido has been the subject of scrutiny due to its initial dominance in the Ethereum staking market. Ethereum co-founder Vitalik Buterin has previously advocated for a cap on any single entity's staking influence, suggesting a maximum threshold of 15%. In response to these concerns, the Lido DAO community considered implementing a staking cap. However, in June 2022, the community overwhelmingly rejected the proposal, with 99.81% voting against it.

由於 Lido 最初在以太坊質押市場上佔據主導地位，因此一直受到密切關注。以太坊聯合創始人 Vitalik Buterin 先前曾主張對任何單一實體的質押影響力設定上限，建議最高門檻為 15%。為了回應這些擔憂，Lido DAO 社區考慮實施質押上限。然而，2022 年 6 月，社區以壓倒性多數否決了該提案，99.81% 的人投了反對票。

Decentralization and Network Integrity

去中心化和網路完整性

The rise in competition among Ethereum staking service providers is expected to further decentralize the staking ecosystem, which is crucial for maintaining the integrity and security of the network. Coinbase analysts have highlighted potential risks associated with the restaking of Ether and the issuance of liquid restaking tokens (LRTs), emphasizing the need for a balanced approach that mitigates risks while fostering decentralization.

以太坊質押服務提供者之間競爭的加劇預計將進一步分散質押生態系統，這對於維護網路的完整性和安全性至關重要。 Coinbase 分析師強調了與以太坊重新抵押和流動性重新抵押代幣（LRT）發行相關的潛在風險，並強調需要採取平衡的方法來減輕風險，同時促進去中心化。

Conclusion

結論

The Ethereum ecosystem remains in a state of flux, as the community navigates the delicate balance between centralization and decentralization. Recent developments in the staking market demonstrate a commitment to preserving the core principles of blockchain technology, fostering a strong and equitable network for all participants. The diminishing dominance of Lido and the emergence of new staking providers suggest that the Ethereum staking ecosystem is evolving towards a more decentralized and competitive landscape, ensuring the resilience and longevity of the network.

以太坊生態系統仍然處於不斷變化的狀態，因為社群在中心化和去中心化之間保持著微妙的平衡。質押市場的最新發展表明了我們致力於維護區塊鏈技術的核心原則，為所有參與者建立強大且公平的網路。 Lido 的主導地位逐漸減弱以及新的質押提供者的出現表明以太坊質押生態系統正在朝著更加去中心化和競爭性的方向發展，從而確保網路的彈性和壽命。