Coinbase作为以太坊网络最大的节点操作员的出现引起了人们对网络集中化的担忧

这种类型的网络合并带来了审查制度的风险和降低网络弹性的风险

Coinbase's emergence as the Ethereum network's largest node operator has raised concerns about network centralization that could worsen as institutional adoption accelerates, industry executives told Cointelegraph.

行业主管告诉Cointelegraph，Coinbase作为以太坊网络最大的节点运营商的出现引起了人们对网络集中化的担忧，随着机构采用的加速，这种集中化可能会恶化。

On March 19, Coinbase published a report disclosing that the US cryptocurrency exchange controlled more than 11% of staked Ether (ETH), more than any other Ethereum node operator.

3月19日，Coinbase发表了一份报告，揭示了美国加密货币交易所控制了超过11％的固定以太（ETH），这比任何其他以太坊节点运算符都要多。

According to Karan Sirdesai, CEO of Web3 startup Mira Network, Coinbase's growing dominance highlights "a systemic issue in Ethereum's staking architecture."

Web3初创公司Mira Network的首席执行官Karan Sirdesai表示，Coinbase的统治地位越来越多地突出了“以太坊堆积建筑中的系统性问题”。

“We're creating a system where a handful of major players control an outsized portion of network security, undermining the core promise of decentralization,” Sirdesai told Cointelegraph.

Sirdesai告诉Cointelegraph：“我们正在创建一个系统，其中少数主要参与者控制着网络安全的一部分，破坏了权力下放的核心希望。”

According to the report, Coinbase controlled 3.84 million ETH staked to 120,000 validators, representing 11.42% of staked Ether as of March 4.

根据该报告，Coinbase控制了384万ETH，将其存放到120,000个验证器，占3月4日固定以太的11.42％。

Liquid staking protocol Lido controls a larger share of staked Ether overall — approximately 9.4 million ETH, according to Lido's website.

Lido的网站称，Liquid Statik制定协议Lido总体上控制了更大的固定以太股，约940万ETH。

However, Lido's staked Ether is distributed across dozens of independent node operators, Anthony Sassano, host of The Daily Gwei, said in a March 19 post on the X platform.

但是，Lido的固定以太分布在数十名独立节点运营商中。

To limit risks, Coinbase spreads staking operations across five countries and employs multiple cloud providers, Ethereum clients, and relays, according to its report. "Diversification at the network level and the overall health of the network is always a priority for us. That’s why we periodically check network distribution," the exchange said.

为了限制风险，Coinbase在五个国家 /地区分配了业务，并雇用了多个云提供者，以太坊客户和接力赛。交易所说：“网络级别的多元化和网络的整体健康始终是我们的首要任务。这就是为什么我们定期检查网络分布。”

Coinbase is the largest Ethereum node operator. Source: Coinbase

Coinbase是最大的以太坊节点操作员。资料来源：Coinbase

Related: Ether ETFs poised to surge in 2025, analysts say

相关：分析师说，Ether ETF有望在2025年激增。

Impending centralization risks

即将发生的集中化风险

Ethereum's network concentration could worsen if US exchange-traded funds (ETFs) are permitted to begin staking — a priority for asset managers such as BlackRock.

如果允许美国交易所交易资金（ETF）开始积分，那么以太坊的网络集中率可能会恶化 - 对于贝莱德（BlackRock）等资产经理来说，这是优先考虑的。

Coinbase is the largest custodian for US crypto ETFs and holds ETH on behalf of eight of the nine US spot Ether funds, the exchange said in January.

该交易所在一月份表示，Coinbase是美国加密ETF的最大托管人，代表美国九个现货资金中的八个持有ETH。

"This type of network consolidation brings with it increased risk of censorship and reduced network resilience," Temujin Louie, CEO of Wanchain, a blockchain interoperability protocol, told Cointelegraph.

区块链互操作协议Wanchain首席执行官Temujin Louie告诉Cointelegraph：“这种网络合并带来了增加审查制度和降低网络弹性的风险。”

For instance, high staking concentrations "represent potential points of regulatory pressure... [and] these large staking entities will likely prioritize regulatory adherence over network censorship resistance when faced with difficult choices," Sirdesai said.

例如，高积分浓度“代表监管压力的潜在点……[和]这些大型积分实体可能会优先考虑在面临艰难选择的情况下，而不是网络审查的抵抗力，” Sirdesai说。

Meanwhile, new US regulatory guidance allowing banks to act as validators for blockchain networks adds to centralization risks, several crypto executives said.

同时，几位加密管理人员说，与银行充当区块链网络的验证者的新美国监管指南增加了集中化风险。

"If too much stake consolidates under regulated entities like Coinbase and US banks, Ethereum will become more like traditional financial systems," Louie said.

Louie说：“如果Coinbase和US Banks等受监管实体下的股份过多的股份将变得更像传统的金融体系。”

Conversely, more institutional validators could actually improve staking concentrations. Cryptocurrency exchange Robinhood is especially well positioned to check Coinbase's staking dominance, according to Sirdesai.

相反，更多的机构验证器实际上可以提高堆积浓度。据Sirdesai称，加密货币交换的Robrinhood尤为有利地检查Coinbase的占主导地位。

Robinhood already has "the crypto infrastructure, user base, and technical capabilities to move into staking rapidly. They could realistically challenge Coinbase's position faster than any traditional bank," Sirdesai said.

Sirdesai说，Robinhood已经具有“加密基础架构，用户群和技术能力来迅速赚钱。它们实际上可以比任何传统银行更快地挑战Coinbase的位置。” Sirdesai说。