Lido 霸权的削弱加强了以太坊的去中心化，缓解了安全担忧

摩根大通分析师观察到 Lido 质押的以太坊（ETH）份额稳步下降，这可能缓解人们对以太坊网络集中度的担忧。这种趋势可能会降低 ETH 未来被归类为证券的可能性，因为网络去中心化是 SEC 在此类评估中考虑的关键因素。

Diminishing Lido Dominance Enhances Ethereum's Decentralization, Mitigating Security Concerns

Lido 主导地位的削弱增强了以太坊的去中心化，减轻了安全担忧

JPMorgan analysts have observed a steady decline in the market share of Lido, a staking platform that has previously dominated the Ethereum (ETH) staking landscape. This reduction in Lido's stake has significant implications for Ethereum's decentralization and regulatory status.

摩根大通分析师观察到 Lido 的市场份额稳步下降，该平台此前曾主导以太坊（ETH）质押领域。 Lido 股份的减少对以太坊的去中心化和监管地位具有重大影响。

In their research report published on Wednesday, the analysts led by Nikolaos Panigirtzoglou emphasized the potential impact of this trend on the likelihood of ETH being classified as a security by the Securities and Exchange Commission (SEC). The analysts believe that the increasing decentralization of Ethereum's staked ETH reduces the risk of such a designation.

在周三发布的研究报告中，Nikolaos Panigirtzoglou 领导的分析师强调了这一趋势对 ETH 被美国证券交易委员会 (SEC) 归类为证券的可能性的潜在影响。分析师认为，以太坊质押 ETH 的日益去中心化降低了这种指定的风险。

Strengthening Decentralization, Minimizing Security Risk

加强权力下放，最大限度降低安全风险

The Hinman documents, released by the SEC in June 2022, underscored the importance of network decentralization in the agency's assessment of whether a digital token should be classified as a security. SEC officials have acknowledged that tokens on adequately decentralized networks may not be subject to security classification.

SEC 于 2022 年 6 月发布的 Hinman 文件强调了网络去中心化在该机构评估数字代币是否应归类为证券时的重要性。 SEC 官员承认，充分去中心化网络上的代币可能不受安全分类的约束。

The declining share of Lido in Ethereum staking contributes to the network's overall decentralization. By reducing concentration in the hands of a single entity, Ethereum becomes less vulnerable to potential manipulation or influence. This decentralization strengthens the case against ETH being designated as a security.

Lido 在以太坊质押中所占份额的下降有助于网络的整体去中心化。通过减少单一实体手中的集中度，以太坊变得更不容易受到潜在的操纵或影响。这种去中心化强化了反对 ETH 被指定为证券的理由。

Howey Test and Regulatory Implications

豪伊测试和监管影响

The Howey Test, derived from a landmark Supreme Court case, serves as a benchmark for determining whether a transaction constitutes an investment contract, thereby meeting the criteria for a security. Digital assets like cryptocurrencies, including ETH, are subject to regulatory scrutiny under this test.

豪伊测试源自最高法院具有里程碑意义的案例，作为确定交易是否构成投资合同的基准，从而满足证券的标准。包括 ETH 在内的加密货币等数字资产将在此测试下受到监管审查。

JPMorgan's analysis suggests that the decreasing concentration of staked ETH on Lido bolsters Ethereum's decentralization. By increasing its decentralization, the network becomes less susceptible to regulatory bodies deeming ETH to be a security.

摩根大通的分析表明，Lido 上质押 ETH 集中度的下降增强了以太坊的去中心化。通过增加去中心化程度，网络变得不太容易受到监管机构将 ETH 视为证券的影响。

Dencun Upgrade: Enhancing Competitiveness

登村升级：提升竞争力

Furthermore, the report highlights the potential impact of Ethereum's recent Dencun upgrade on its competitive advantage. The analysts believe that the upgrade will strengthen Ethereum's position against rival layer-1 blockchains and assist in reclaiming market share lost due to previous scalability limitations.

此外，该报告还强调了以太坊最近的 Dencun 升级对其竞争优势的潜在影响。分析师认为，此次升级将加强以太坊相对于第一层区块链竞争对手的地位，并有助于夺回因之前的可扩展性限制而失去的市场份额。

Conclusion

结论

JPMorgan's research indicates that the declining dominance of Lido in Ethereum staking is a positive development for the network's decentralization. By reducing concentration and enhancing decentralization, Ethereum minimizes the likelihood of being labeled a security by regulatory bodies. Additionally, the Dencun upgrade is expected to boost Ethereum's competitiveness in the blockchain landscape. These developments collectively contribute to strengthening Ethereum's foundation and ensuring its long-term viability.

摩根大通的研究表明，Lido 在以太坊质押中的主导地位下降是网络去中心化的积极发展。通过减少集中度和增强去中心化，以太坊最大限度地减少了被监管机构标记为证券的可能性。此外，Dencun 升级预计将提升以太坊在区块链领域的竞争力。这些发展共同有助于加强以太坊的基础并确保其长期生存能力。