Lido 的統治被揭開：以太坊 Stake 市場競爭激增

隨著新協議和流動性重新質押服務的出現，以太坊質押市場動態正在改變。 Lido 的市佔率已下降至 28%，創下兩年來的新低，而 EigenLayer 和 Liquid 重新抵押協議等競爭對手則獲得了關注。過去一個月，超過 25 億美元的以太幣從 Lido 被撤回，其主導地位面臨去中心化倡導者的威脅，他們長期以來一直對其對以太坊的潛在控製表示擔憂。

Lido's Dominance in Ethereum Staking Market Wanes Amidst Rise of Rivals

隨著競爭對手的崛起，Lido 在以太坊質押市場的主導地位逐漸減弱

New York, April 25, 2023 - Lido Finance, the largest decentralized finance (DeFi) protocol for Ethereum staking, has seen its market share decline to 28%, a significant drop from its peak of over 32% in November 2022. This decline comes amidst the emergence of new liquid staking protocols and the increasing popularity of EigenLayer, a protocol that offers a more efficient method of staking.

紐約，2023 年 4 月 25 日 - 最大的以太坊質押去中心化金融 (DeFi) 協議 Lido Finance 的市場份額已下降至 28%，較 2022 年 11 月超過 32% 的峰值大幅下降。流動質押協議的出現以及EigenLayer（一種提供更有效的質押方法的協議）的日益普及。

According to data from DefiLlama, since March 1st, investors have withdrawn approximately 800,000 Ether (ETH), worth around $2.5 billion, from Lido. This represents the largest outflow of ETH from any staking service in the past 30 days. As a result, Lido's market share has fallen from approximately 32% in November to just under 29%.

DefiLlama的數據顯示，自3月1日以來，投資者已從Lido提取了約80萬枚以太幣（ETH），價值約25億美元。這是過去 30 天內所有質押服務中 ETH 最大的流出量。因此，Lido 的市佔率從 11 月的約 32% 下降至略低於 29%。

The decline in Lido's market share has raised concerns among proponents of decentralization, who have long warned that Lido's dominance could lead to eventual control of Ethereum itself if left unchecked. Since September 2022, Ethereum has utilized proof-of-stake (PoS) consensus, where users stake their ETH to validate transactions and earn rewards.

Lido 市場份額的下降引起了去中心化支持者的擔憂，他們長期以來一直警告說，如果不加以控制，Lido 的主導地位可能會導致以太坊本身最終被控制。自 2022 年 9 月以來，以太坊採用了股權證明 (PoS) 共識，用戶透過抵押 ETH 來驗證交易並賺取獎勵。

In the PoS model, Lido plays a major role as a liquid staking protocol, allowing users to stake their ETH without having to run their own node. However, critics have argued that Lido's size and influence could potentially compromise the decentralization of the Ethereum network.

在 PoS 模型中，Lido 作為流動質押協議發揮重要作用，允許用戶無需運行自己的節點即可質押其 ETH。然而，批評者認為 Lido 的規模和影響力可能會損害以太坊網路的去中心化。

The decline in Lido's market dominance appears to be part of a broader shift in the Ethereum staking market. Liquid staking protocols, which offer flexibility and convenience to users, now account for less than a third of all staked ETH, according to data compiled by pseudonymous data analyst Hildobby.

Lido 市場主導地位的下降似乎是以太坊質押市場更廣泛轉變的一部分。根據匿名數據分析師 Hildobby 編制的數據，流動質押協議為用戶提供了靈活性和便利性，目前僅佔所有質押 ETH 的不到三分之一。

Meanwhile, centralized exchanges, which also offer staking services, have also seen their market share decline from 30% to 25% since November. In contrast, liquid restaking protocols, such as EigenLayer, are gaining popularity, now accounting for over 6% of all staked ETH.

同時，自 11 月以來，也提供 Stake 服務的中心化交易所的市佔率也從 30% 下降至 25%。相較之下，流動性重新抵押協議（例如 EigenLayer）越來越受歡迎，目前佔所有抵押 ETH 的 6% 以上。

EigenLayer, launched in 2022, provides users with a more efficient method of staking, enabling them to earn rewards on their previously staked ETH. The surge in deposits into EigenLayer has contributed to the decline in ETH deposits to Lido.

EigenLayer 於 2022 年推出，為用戶提供了一種更有效的質押方法，使他們能夠從先前質押的 ETH 中獲得獎勵。 EigenLayer 的存款激增導致 Lido 的 ETH 存款下降。

The decline in Lido's market share is also accompanied by a rise in the number of "unidentified" stakers, who are not affiliated with liquid staking protocols, centralized exchanges, or institutional stake pools. This group of stakers now accounts for over 18% of all staked ETH, up from around 15% six months ago.

Lido 市佔率的下降也伴隨著「未知」的質押者數量的增加，這些質押者不隸屬於流動性質押協議、中心化交易所或機構質押池。這群質押者現在佔所有質押 ETH 的 18% 以上，高於六個月前的 15% 左右。

In response to the changing market dynamics, Lido has implemented several changes. The protocol recently welcomed solo stakers in an effort to enhance its decentralization. Additionally, Lido DAO, the cooperative that governs the protocol, is currently voting on a proposal that would give stETH holders a greater say in the protocol's governance and allow stakers to "rage-quit" the protocol if they are unhappy with its operation.

為了因應不斷變化的市場動態，麗都實施了多項變革。該協議最近歡迎單獨的質押者，以加強其去中心化。此外，管理該協議的合作社Lido DAO 目前正在對一項提案進行投票，該提案將賦予stETH 持有者在協議治理中更大的發言權，並允許利益相關者在對其運營不滿意時「憤怒退出”該協議。

"Even if the protocol is failing, users can still permissionlessly exit with their funds intact, and there's nothing token holders can do about it," Lido said in a blog post announcing the vote. "This is something that is truly new to financial markets and infrastructure. Something that is only made possible by the non-custodial nature of on-chain DeFi."

Lido 在宣布投票的部落格文章中表示：“即使協議失敗，用戶仍然可以在未經許可的情況下退出，且資金完好無損，代幣持有者對此無能為力。” “這對金融市場和基礎設施來說是真正的新鮮事。只有鏈上 DeFi 的非託管性質才能實現這一點。”

Conclusion

結論

The decline in Lido's market share highlights the evolving nature of the Ethereum staking market. The emergence of new liquid staking protocols, the popularity of EigenLayer, and the increase in unidentified stakers indicate a shift towards a more diversified staking landscape. While Lido remains a major player in the market, it faces increasing competition from rivals offering alternative staking solutions. The long-term impact of these changes on Lido and the Ethereum network as a whole remains to be seen.

Lido 市場份額的下降凸顯了以太坊質押市場不斷發展的本質。新的流動質押協議的出現、EigenLayer 的流行以及身份不明的質押者的增加表明質押格局正在向更加多元化的方向轉變。儘管 Lido 仍然是市場上的主要參與者，但它面臨著提供替代質押解決方案的競爭對手的日益激烈的競爭。這些變化對 Lido 和整個以太坊網路的長期影響還有待觀察。