Lido 在 Liquid Stake 競技場中面臨激烈的戰鬥

在競爭激烈的流動性質押市場中，DeFi第二大協議Lido面臨來自Coinbase等中心化交易所的挑戰。儘管 Lido 佔據主導地位，但 Coinbase 的進入導致 Lido 市場份額下降，引發了行業中心化風險的擔憂。 Lido 的共同創辦人強調了 CeFi 和 DeFi 之間正在進行的戰鬥，資本效率是 CeFi 的關鍵優勢。此外，Lido 已花費 3 億美元用於激勵措施以提高流動性，但認為由於人們對折扣質押 ETH 的興趣增加，這可能不再是必要的。

Lido Faces Fierce Competition in the Liquid Staking Arena

Lido 在流動性質押領域面臨激烈競爭

Amidst the burgeoning decentralized finance (DeFi) landscape, Lido, a prominent staking protocol, finds itself embroiled in an intense battle for market dominance within the liquid staking industry. Lido's co-founder, Vasiliy Shapovalov, acknowledged the stiff competition posed by Coinbase and other centralized exchanges at the recent Devcon, Ethereum's premier conference.

在蓬勃發展的去中心化金融（DeFi）領域，著名的質押協議 Lido 發現自己捲入了流動性質押行業市場主導地位的激烈爭奪之中。 Lido 的聯合創始人 Vasiliy Shapovalov 在最近的以太坊頂級會議 Devcon 上承認 Coinbase 和其他中心化交易所帶來的激烈競爭。

With approximately $6 billion in user assets under management, Lido stands as the second largest protocol in the DeFi ecosystem and the undisputed leader in the liquid staking realm. This entails providing users with tradable tokens in exchange for staking their Ether or other cryptocurrencies, including SOL, via their platforms. These derivative tokens, in turn, can be deployed within the DeFi space to generate yield.

Lido 管理約 60 億美元的用戶資產，是 DeFi 生態系統中的第二大協議，也是流動質押領域無可爭議的領導者。這需要向用戶提供可交易代幣，以換取他們透過平台質押以太幣或其他加密貨幣（包括 SOL）。反過來，這些衍生代幣可以部署在 DeFi 領域以產生收益。

However, Lido's market share has dwindled since Coinbase's entry into the liquid staking segment earlier this year. In May, Lido controlled nearly one-third of staked Ether. According to data from crypto firm Rated, that figure has since declined to 29%.

然而，自 Coinbase 今年稍早進入流動性質押領域以來，Lido 的市佔率有所下降。 5 月份，Lido 控制了近三分之一的質押以太幣。根據加密貨幣公司 Rated 的數據，該數字此後已下降至 29%。

Conversely, Coinbase has witnessed a surge in its liquid staking operations, with nearly 800,000 ETH, worth approximately $1 billion, staked through its platform since June. This growth has accelerated following the launch of Coinbase's cbETH token.

相反，Coinbase 的流動質押業務激增，自 6 月以來透過其平台質押了近 80 萬 ETH，價值約 10 億美元。隨著 Coinbase 的 cbETH 代幣的推出，這種成長加速了。

Centralization Concerns Haunt Liquid Staking

中心化問題困擾著流動性質押

A significant portion of the crypto community harbors reservations towards centralized exchanges like Coinbase. Despite their crucial role as gateways to digital assets, these entities operate as custodians, susceptible to state regulation – a stark contrast to the decentralized ethos of blockchain technology, which seeks to facilitate peer-to-peer transactions beyond government reach.

加密貨幣社群的很大一部分對像 Coinbase 這樣的中心化交易所持保留態度。儘管它們作為數位資產的門戶發揮著至關重要的作用，但這些實體作為託管人運作，容易受到國家監管——這與區塊鏈技術的去中心化精神形成鮮明對比，區塊鏈技術旨在促進政府範圍之外的點對點交易。

During his Devcon presentation, Shapovalov projected that the liquid staking industry would ultimately consolidate, with dominance likely falling either to a Lido-esque protocol or a centralized exchange. The latter scenario, he cautioned, would represent an unfavorable outcome for Ethereum.

在 Devcon 演講中，Shapovalov 預測流動性質押產業最終將整合，主導地位可能落入 Lido 式協議或中心化交易所。他警告說，後一種情況將對以太坊產生不利的結果。

Acknowledging the economic advantages enjoyed by centralized entities, Shapovalov asserted in an interview with The Defiant that the battle for the future of liquid staking remains "winnable," contingent upon the broader conflict between traditional finance (CeFi) and DeFi.

沙波瓦洛夫承認中心化實體享有經濟優勢，他在接受The Defiant 採訪時斷言，流動性質押的未來之戰仍然“可以獲勝”，具體取決於傳統金融（CeFi）和DeFi 之間更廣泛的衝突。

"We heavily rely on the entire DeFi ecosystem to triumph over CeFi options," he stated. "Currently, the only area where CeFi surpasses DeFi is arguably capital efficiency. Centralized exchanges facilitate derivatives with greater ease."

「我們嚴重依賴整個 DeFi 生態系統來戰勝 CeFi 選項，」他表示。 “目前，CeFi 唯一超越 DeFi 的領域可以說是資本效率。中心化交易所可以更輕鬆地促進衍生性商品的發展。”

Shapovalov expressed confidence that DeFi would gradually improve its capital efficiency. However, he also raised concerns about regulations that could potentially favor CeFi as the primary on-ramp for users, preventing them from venturing deeper into the DeFi space.

沙波瓦洛夫表示對 DeFi 逐步提高資本效率充滿信心。然而，他也對監管可能有利於 CeFi 作為用戶的主要入口表示擔憂，從而阻止他們更深入地進入 DeFi 領域。

Liquidity Incentives: A Double-Edged Sword

流動性激勵：一把雙面刃

Shapovalov also addressed the substantial incentives that Lido has deployed to bolster the liquidity of its derivative token, staked ETH (stETH). According to data compiled by Lido, the protocol has disbursed nearly $300 million in incentives to date. Rocket Pool, Lido's primary decentralized competitor, has recently implemented its own liquidity incentives in an attempt to gain market share.

Shapovalov 也談到了 Lido 為增強其衍生代幣質押 ETH (stETH) 的流動性而採取的實質激勵措施。根據 Lido 彙編的數據，該協議迄今為止已支付了近 3 億美元的獎勵。 Lido 的主要去中心化競爭對手 Rocket Pool 最近實施了自己的流動性激勵措施，試圖獲得市場份額。

While acknowledging the necessity of liquidity incentives, Shapovalov believes that their use will eventually become obsolete, potentially sooner than anticipated by the Lido team.

沙波瓦洛夫承認流動性激勵的必要性，但他認為這種激勵措施最終將被淘汰，而且可能比 Lido 團隊預期的還要早。

Following the dramatic collapse of crypto hedge fund Three Arrows Capital in June, Lido was compelled to reassess its assumptions regarding the demand for stETH at discounted prices. Typically, stETH trades at or close to the price of ETH. However, in the wake of Three Arrows' implosion, the hedge fund attempted to liquidate its assets, including a substantial quantity of stETH, in a desperate bid to remain solvent. This sell-off caused stETH to "de-peg," plummeting to as low as 93 cents per dollar of ETH. Since then, it has recovered to its customary range of approximately 99 cents per dollar of ETH.

在 6 月加密對沖基金三箭資本 (Three Arrows Capital) 急劇崩潰後，Lido 被迫重新評估對折價 stETH 需求的假設。通常，stETH 的交易價格等於或接近 ETH 的價格。然而，在「三箭」破產後，該對沖基金試圖清算其資產，包括大量的 stETH，以求保持償付能力。這次拋售導致 stETH“脫鉤”，跌至每美元 ETH 93 美分。此後，它已恢復到每 1 美元 ETH 約 99 美分的慣常範圍。

"Individuals were eager to purchase staked ETH at a discount," Shapovalov noted. "Subsequently, we do not need to heavily incentivize it. However, we must ensure sufficient price discovery and momentary liquidity pools to accommodate these bids, enabling users to make substantial purchases on automated market makers."

沙波瓦洛夫指出：“人們渴望以折扣價購買質押的 ETH。” “隨後，我們不需要大力激勵它。但是，我們必須確保足夠的價格發現和臨時流動性池來適應這些出價，使用戶能夠在自動化做市商上進行大量購買。”

The Future of Liquid Staking

流動性質押的未來

The competitive landscape of the liquid staking industry remains fluid, with both Lido and Coinbase vying for supremacy. The outcome of this battle will likely hinge upon the broader regulatory environment and the evolving relationship between CeFi and DeFi. As the DeFi ecosystem matures and capital efficiency improves, Lido may be well-positioned to maintain its dominance. However, the persistent threat of regulation and the allure of CeFi's convenience could pose significant challenges for the protocol's long-term prospects.

流動性質押產業的競爭格局仍然不穩定，Lido 和 Coinbase 都在爭奪霸主地位。這場戰鬥的結果可能取決於更廣泛的監管環境以及 CeFi 和 DeFi 之間不斷發展的關係。隨著 DeFi 生態系統的成熟和資本效率的提高，Lido 可能處於有利地位以保持其主導地位。然而，持續的監管威脅和 CeFi 便利性的誘惑可能會為該協議的長期前景帶來重大挑戰。