以太坊上流動性質押衍生品（LSD）的演變格局

隨著以太坊質押的發展，流動性質押衍生品（LSD）的動態也在變化，這是去中心化金融（DeFi）的突破性工具。

As Ethereum 2.0 inches closer to completion, the dynamics surrounding liquid staking derivatives (LSDs) are rapidly evolving. These groundbreaking DeFi protocols have enabled Ethereum (ETH) holders to earn substantial staking rewards while maintaining access to their funds, a level of flexibility that traditional staking could not provide. However, recent reports show a notable shift in market share, raising questions about the future of liquid staking on Ethereum.

隨著以太坊 2.0 接近完成，圍繞流動質押衍生品 (LSD) 的動態正在迅速發展。這些突破性的 DeFi 協議使以太坊 (ETH) 持有者能夠在保持資金使用權的同時獲得豐厚的質押獎勵，這是傳統質押無法提供的靈活性。然而，最近的報告顯示市場份額發生了顯著變化，引發了人們對以太坊流動質押未來的疑問。

The Emergence of Liquid Staking Derivatives (LSDs)

流動質押衍生品（LSD）的出現

Historically, staking Ethereum required locking up assets, making them unavailable for trading or participating in other DeFi protocols. While staking rewards are a key benefit, this limitation made it less appealing for investors looking for liquidity. Liquid staking derivatives have addressed this issue by allowing users to stake their ETH while holding derivative tokens that represent the staked assets. This innovation has opened up new opportunities for Ethereum holders who wish to earn rewards but still have the freedom to use their assets elsewhere.

從歷史上看，質押以太坊需要鎖定資產，使其無法用於交易或參與其他 DeFi 協議。雖然質押獎勵是一個關鍵的好處，但這種限制使其對於尋求流動性的投資者缺乏吸引力。流動質押衍生品透過允許用戶在持有代表質押資產的衍生代幣的同時質押其 ETH 來解決這個問題。這項創新為以太坊持有者提供了新的機會，他們希望獲得獎勵，但仍然可以自由地在其他地方使用其資產。

These derivatives have quickly gained traction in the DeFi ecosystem, enabling staking without sacrificing flexibility. The shift has made liquid staking a popular choice, with many platforms experiencing significant growth in recent months.

這些衍生品很快就在 DeFi 生態系統中獲得了關注，在不犧牲靈活性的情況下實現質押。這種轉變使流動性質押成為一種流行的選擇，許多平台近幾個月來都經歷了顯著增長。

Lido: The Dominant Force in Liquid Staking

Lido：流動性質押的主導力量

Lido has been the leader in the liquid staking space, commanding a dominant share of the market. As of late 2024, the platform held nearly 70% of all ether locked in LSD protocols, equating to approximately 9.64 million ETH valued at around $34.9 billion. Despite this impressive dominance, Lido has seen a slight decline in its ETH holdings, with a decrease of 160,000 ETH since November 2024.

Lido 一直是流動質押領域的領導者，佔據著市場的主導份額。截至 2024 年底，該平台持有 LSD 協議鎖定的所有以太幣的近 70%，相當於約 964 萬枚 ETH，價值約 349 億美元。儘管佔據了令人印象深刻的主導地位，但 Lido 的 ETH 持有量略有下降，自 2024 年 11 月以來減少了 160,000 ETH。

Even with this drop, Lido remains the go-to platform for many Ethereum stakers, thanks to its early entry into the market, strategic partnerships, and a reputation for ease of use and scalability. Its platform has become a trusted and highly sought-after choice among Ethereum holders looking to maximize their staking rewards without giving up liquidity.

即使出現這種下降，Lido 仍然是許多以太坊質押者的首選平台，這要歸功於其早期進入市場、戰略合作夥伴關係以及易於使用和可擴展性的聲譽。它的平台已成為以太坊持有者值得信賴且備受追捧的選擇，這些持有者希望在不放棄流動性的情況下最大化他們的質押獎勵。

Binance’s Liquid Staking Platform Gaining Momentum

幣安的流動性質押平台勢頭強勁

While Lido continues to lead the market, other players are beginning to make their mark, with Binance emerging as a notable challenger. In just 36 days, Binance’s liquid staking platform saw a substantial increase in ETH deposits, gaining 150,000 ETH. This growth underscores Binance’s ability to leverage its massive user base and infrastructure, making it an appealing option for Ethereum holders looking to stake their assets.

雖然 Lido 繼續引領市場，但其他參與者也開始嶄露頭角，幣安成為值得注意的挑戰者。短短 36 天，幣安流動性質押平台的 ETH 充值量大幅增加，獲得了 150,000 ETH。這種成長凸顯了幣安利用其龐大用戶群和基礎設施的能力，使其成為希望抵押其資產的以太坊持有者的一個有吸引力的選擇。

Binance’s liquid staking offering benefits from the exchange’s global presence, providing users with a seamless staking experience backed by robust support and resources. As more users flock to Binance’s platform, the exchange could pose a serious challenge to Lido’s long-standing dominance in the liquid staking space.

幣安的流動性質押產品得益於該交易所的全球影響力，在強大的支持和資源的支持下為用戶提供無縫的質押體驗。隨著越來越多的用戶湧入幣安平台，該交易所可能會對 Lido 在流動性質押領域的長期主導地位構成嚴峻挑戰。

Rocket Pool Struggles with Outflows

火箭池與資金外流抗爭

While larger platforms like Lido and Binance continue to thrive, Rocket Pool, a decentralized liquid staking platform, has struggled with consistent outflows. From October 29 to the end of November 2024, Rocket Pool saw a significant loss of 479,374 ETH, and in the past 36 days, it experienced an additional 7,743 ETH decline.

雖然像 Lido 和 Binance 這樣的大型平台繼續蓬勃發展，但去中心化流動性質押平台 Rocket Pool 卻一直在面臨持續資金外流的問題。從10月29日到2024年11月末，Rocket Pool大幅損失了479,374 ETH，在過去36天裡，又經歷了7,743 ETH的下跌。

Despite its decentralized nature, Rocket Pool faces challenges in maintaining a competitive edge in the liquid staking space. Several factors could be contributing to this decline, such as slower user adoption, less attractive incentives, or stiff competition from larger platforms with more resources. However, Rocket Pool still serves a niche community of Ethereum stakers who prioritize decentralization and trustless staking operations.

儘管具有去中心化的性質，Rocket Pool 在維持流動性質押領域的競爭優勢方面仍面臨挑戰。有許多因素可能導致這種下降，例如用戶採用速度較慢、激勵措施吸引力較小，或來自擁有更多資源的大型平台的激烈競爭。然而，Rocket Pool 仍然服務於以太坊質押者的利基社區，他們優先考慮去中心化和去信任質押操作。

The Future of Liquid Staking: A Shifting Landscape

流動質押的未來：不斷變化的格局

With Ethereum staking continuously growing, liquid staking derivatives are poised to play an increasingly central role in the DeFi ecosystem. As platforms like Lido, Binance, and Rocket Pool vie for dominance, it’s clear that market share in the liquid staking space will continue to shift. Lido’s established presence and success provide a strong foundation, but Binance’s rising influence and Rocket Pool’s struggles illustrate that the landscape is far from static.

隨著以太坊質押的不斷增長，流動性質押衍生品將在 DeFi 生態系統中發揮越來越重要的作用。隨著 Lido、Binance 和 Rocket Pool 等平台爭奪主導地位，流動質押領域的市場份額顯然將繼續發生變化。 Lido 的地位和成功提供了堅實的基礎，但幣安不斷上升的影響力和 Rocket Pool 的困境表明，情況遠非一成不變。

Ethereum 2.0’s ongoing transition and staking rewards are likely to keep liquid staking protocols in demand, as Ethereum holders seek the best way to participate in the network while retaining liquidity. As the market continues to evolve, investors and platforms will need to adapt to the changing dynamics to ensure they remain competitive in this fast-paced ecosystem.

以太坊 2.0 的持續轉型和質押獎勵可能會保持對流動性質押協議的需求，因為以太坊持有者尋求參與網路同時保持流動性的最佳方式。隨著市場的不斷發展，投資者和平台將需要適應不斷變化的動態，以確保他們在這個快節奏的生態系統中保持競爭力。