質押提振以太坊 ETF 前景，但 SEC 批准尚不確定

以太坊 ETF 質押批准的不確定性提振了投資者的前景。 ETC Group 的 Chanchal Samadder 將質押視為一種類似於股息的機制，類似於股票市場股息。只有活躍的質押者才有資格獲得以太坊的網路獎勵。

Does Staking Enhance Ethereum ETF Prospects?

質押是否會增強以太坊 ETF 的前景？

The inclusion of staking in spot Ethereum exchange-traded funds (ETFs) has garnered attention as a pivotal development, according to Chanchal Samadder, head of product at ETC Group.

ETC 集團產品主管 Chanchal Samadder 表示，將質押納入以太坊現貨交易所交易基金 (ETF) 已作為關鍵發展而受到關注。

Ethereum Staking: A Dividend-Like Mechanism

以太幣質押：類似股利的機制

Samadder emphasizes that Ethereum's proof-of-stake (PoS) mechanism and the accompanying network rewards bear striking similarities to dividends in the equity market. However, only stakeholders who actively participate in the validation process are eligible for these rewards.

Samadder 強調，以太坊的權益證明（PoS）機制和附帶的網路獎勵與股市的股利有著驚人的相似之處。然而，只有積極參與驗證過程的利害關係人才有資格獲得這些獎勵。

"We consider this a positive step," Samadder asserts. "Staking grants investors the full economic benefits of Ethereum, leading to enhanced returns."

「我們認為這是積極的一步，」薩馬德斷言。 “質押賦予投資者以太坊的全部經濟利益，從而提高回報。”

SEC Approval: Uncertain Path Ahead

SEC 批准：前進的道路充滿不確定性

Despite ETC Group's enthusiasm, Samadder acknowledges the uncertainty surrounding the Securities and Exchange Commission's (SEC) approval of spot Ethereum ETFs. He cites the inherent complexity and risks associated with staking products, which necessitate a profound understanding of the Ethereum blockchain.

儘管 ETC Group 熱情高漲，但 Samadder 承認美國證券交易委員會 (SEC) 批准現貨以太坊 ETF 存在不確定性。他列舉了與質押產品相關的固有複雜性和風險，這需要對以太坊區塊鏈有深刻的了解。

"Issuers with insufficient familiarity with the technical intricacies of Ethereum and ETPs may inadvertently jeopardize investor outcomes," Samadder warns.

Samadder 警告說：“發行人對以太坊和 ETP 的技術複雜性不夠熟悉，可能會無意中危及投資者的利益。”

Rush to Amend ETF Applications

急於修改 ETF 申請

Spot Ethereum ETF applicants have recently expedited the amendment of their SEC filings to incorporate staking. Fidelity, a financial services behemoth, submitted a 19b-4 amendment on March 18, seeking authorization to stake a portion of its Ether (ETH) holdings.

現貨以太坊 ETF 申請人最近加快了向 SEC 提交的文件的修改，以納入質押。金融服務巨頭富達 (Fidelity) 於 3 月 18 日提交了 19b-4 修正案，尋求授權質押其持有的部分以太坊 (ETH)。

Grayscale Investments, the manager of the largest spot Bitcoin (BTC) ETF by assets, proposed adding staking to its spot Ethereum ETF application on March 20. The preliminary proxy statement filed with the SEC outlines the fund's intention to stake ETH through a trust participating in a PoS validation protocol.

資產規模最大的現貨比特幣(BTC) ETF 的管理公司Grayscale Investments 於3 月20 日提議在其現貨以太坊ETF 申請中增加質押。向SEC 提交的初步委託書概述了該基金打算通過參與的信託公司質押ETH. PoS 驗證協議。

Reasons for Delay in Staking Inclusion

質押納入延遲的原因

Samadder speculates that the absence of staking in previous ETF applications stemmed from its complexity, coupled with the SEC's stringent technical and analytical requirements.

Samadder 推測，先前的 ETF 申請中沒有進行質押是因為其複雜性，以及 SEC 嚴格的技術和分析要求。

"Designing such a product is highly intricate, requiring an exceptional understanding of Ethereum protocol, ETP mechanics, and the intersection between crypto and traditional capital markets," Samadder explains. "This takes time."

Samadder 解釋道：“設計這樣的產品非常複雜，需要對以太坊協議、ETP 機制以及加密貨幣與傳統資本市場之間的交叉點有深入的了解。” “這需要時間。”

He further suggests that the SEC may not have been adequately prepared to assess the risks associated with staking.

他進一步表示，美國證券交易委員會可能沒有做好充分準備來評估與質押相關的風險。

Conclusion

結論

The addition of staking to spot Ethereum ETF applications has sparked optimism within the industry. However, the SEC's stance remains uncertain, and issuers must demonstrate a deep understanding of the underlying technology and regulatory landscape to mitigate risks for investors. The evolution of this market segment remains a closely watched development in the cryptocurrency space.

以太坊 ETF 現貨應用的質押增加引發了業界的樂觀情緒。然而，美國證券交易委員會的立場仍然不確定，發行人必須表現出對基礎技術和監管環境的深刻理解，以減輕投資者的風險。這一細分市場的演變仍然是加密貨幣領域備受關注的發展趨勢。