Coinbase现在运营以太坊网络最大的企业服务，有些人担心

3月19日，该公司透露，它控制了超过11％的固定ETH，比其他任何以太坊节点操作员都多。

Coinbase is now the largest operator of the Ethereum network, and that has some people worried. On March 19, the company revealed it controls over 11% of staked ETH, more than any other Ethereum node operator.

Coinbase现在是以太坊网络的最大运营商，并且有些人担心。 3月19日，该公司透露，它控制了超过11％的固定ETH，比其他任何以太坊节点操作员都多。

According to Coinbase’s report, the company has 3.84 million ETH staked across 120,000 validators, which equals 11.42% of all staked ETH as of March 4.

根据Coinbase的报告，该公司在120,000个验证器中拥有384万ETH的ETH，截至3月4日，该公司的ETH占所有固定ETH的11.42％。

“We’re creating a system where a few big players control most of the network. But that’s not what decentralization is about,” Sirdesai said.

Sirdesai说：“我们正在创建一个系统，其中一些大型参与者控制着大部分网络。但这不是权力下放。”

For comparison, liquid staking protocol Lido holds around 9.4 million ETH, which is spread across many independent node operators, making it less of a centralization risk, as Sassano pointed out in a March 19 post on X.

为了进行比较，Liquid Staging协议Lido拥有约940万个ETH，该ETH分布在许多独立的节点运营商中，这使其较小的集中化风险，正如Sassano在3月19日在X上的一篇文章中指出的那样。

Coinbase says it’s trying to keep things balanced. The company spreads its staking operations across five countries, uses multiple cloud providers and Ethereum clients, and monitors its network distribution regularly. “The health of the network is always a priority for us,” Coinbase stated.

Coinbase表示，它试图保持一切平衡。该公司在五个国家 /地区使用其存放业务，使用多个云提供商和以太坊客户，并定期监视其网络分布。 Coinbase说：“网络的健康始终是我们的优先事项。”

But the issue could get even bigger if U.S. exchange-traded funds (ETFs) start staking ETH, something big asset managers like BlackRock are interested in.

但是，如果美国交易所交易资金（ETF）开始存放ETH，那么这个问题可能会变得更大，而像BlackRock这样的大资产经理对此感兴趣。

Coinbase already holds ETH for eight of the nine U.S. spot Ether funds, which could push its influence even further. Some experts think this could lead to censorship risks.

Coinbase已经持有ETH的九个美国货币基金中的8个，这可能会进一步推动其影响力。一些专家认为这可能导致审查风险。

“If too much ETH is controlled by regulated companies like Coinbase, they might have to follow government rules instead of protecting Ethereum’s freedom,” Temujin Louie, CEO of Wanchain, told Blockfolio Pulse.

Wanchain首席执行官Temujin Louie告诉Blockfolio Pulse：“如果Coinbase等受监管的公司控制过多的ETH，他们可能必须遵守政府规则，而不是保护以太坊的自由。”

Sirdesai agreed, adding that big staking providers will likely prioritize legal compliance over network decentralization.

Sirdesai表示同意，并补充说，大型积分提供商可能会优先考虑法律依从性而不是网络分散化。

“But these institutions don’t care about that. They’ll put all their efforts into maximizing their profits and following regulations.”

“但是这些机构并不关心这一点。他们将全力以赴地最大限度地利用利润和遵循法规。”

Meanwhile, U.S. regulators now allow banks to act as blockchain validators, meaning more big institutions could enter the staking game.

同时，美国监管机构现在允许银行充当区块链验证者，这意味着更多的大型机构可以进入Staking Game。

But Sirdesail thinks another company could be a bigger challenger to Coinbase in the staking market: Robinhood.

但是Sirdesail认为另一家公司可能是在Staking Market：Robinhood中更大的挑战者。

“They already have the tech, the users and the ability to move into staking quickly. They could actually compete with Coinbase better than any bank.”

“他们已经拥有技术，用户以及能够快速赚钱的能力。他们实际上可以比任何银行更好地与Coinbase竞争。”