以太坊网络支持去中心化，为现货 ETF 批准铺平道路

摩根大通分析师认为，以太坊日益去中心化可能有助于其避免被美国证券交易委员会归类为证券。在此之前，Lido 质押 ETH 的份额有所下降，减少了人们对中心化的担忧。以太坊网络摆脱中心化质押模式的举动被视为一个积极的发展，可能会增加以太坊避免“安全”称号的机会。

Ethereum Network Unveils Enhanced Decentralization Amid Declining Lido Shares, Allaying Securities Concerns

以太坊网络在 Lido 股价下跌之际增强去中心化，缓解证券担忧

New York City, April 3, 2023

纽约市，2023 年 4 月 3 日

In a significant development for the Ethereum network, analysts from the multinational investment bank JPMorgan have reported a notable decline in the share of staked ETH held by Lido Finance. This positive shift has sparked optimism that Ethereum may avoid being classified as a security, paving the way for the potential approval of spot Ethereum exchange-traded funds (ETFs).

跨国投资银行摩根大通的分析师报告称，Lido Finance 持有的 ETH 质押份额显着下降，这是以太坊网络的一项重大发展。这一积极转变引发了人们的乐观情绪，认为以太坊可能会避免被归类为证券，从而为现货以太坊交易所交易基金（ETF）的潜在批准铺平道路。

Decentralization and Security Concerns

权力下放和安全问题

The decentralization of a blockchain network is a key factor in determining whether it falls under the purview of securities laws. The Securities and Exchange Commission (SEC) has historically excluded decentralized networks from security classification, citing the absence of a controlling group.

区块链网络的去中心化程度是决定其是否属于证券法管辖范围的关键因素。美国证券交易委员会（SEC）历来将去中心化网络排除在证券分类之外，理由是不存在控制集团。

Lido Finance, a liquid staking platform, has been a major player in the Ethereum staking ecosystem. However, the concentration of staked ETH in Lido's hands has raised concerns about centralization. JPMorgan's analysts believe that the declining Lido share eases these concerns and increases the likelihood of Ethereum being deemed sufficiently decentralized to avoid security designation.

Lido Finance 是一个流动性质押平台，一直是以太坊质押生态系统的主要参与者。然而，质押的 ETH 集中在 Lido 手中引发了人们对中心化的担忧。摩根大通的分析师认为，Lido 份额的下降缓解了这些担忧，并增加了以太坊被认为足够去中心化以避免被指定为证券的可能性。

Staking and Proof-of-Stake

质押和权益证明

Staking involves users pledging their cryptocurrency holdings to the network to validate transactions and secure the blockchain. In the case of Ethereum, which operates on a proof-of-stake (PoS) blockchain, validators are responsible for ensuring the network's integrity.

质押涉及用户将其持有的加密货币抵押给网络，以验证交易并保护区块链。对于在权益证明（PoS）区块链上运行的以太坊来说，验证者负责确保网络的完整性。

Unlike the proof-of-work (PoW) blockchain used by Bitcoin, where miners are responsible for transaction validation, PoS delegates this role to validators based on the amount of cryptocurrency they hold. The transition to PoS has raised concerns about centralization, as large entities with substantial cryptocurrency holdings could potentially dominate the validation process.

与比特币使用的工作量证明 (PoW) 区块链不同，矿工负责交易验证，而 PoS 根据验证者持有的加密货币数量将这一角色委托给验证者。向 PoS 的过渡引发了人们对中心化的担忧，因为持有大量加密货币的大型实体可能会主导验证过程。

JPMorgan's Analysis and Outlook

摩根大通的分析与展望

JPMorgan's analysts have observed a positive trend in Ethereum's decentralization, with Lido's share of staked ETH declining from one-third a year ago to its current level. This decline has allayed concerns about excessive centralization and has increased the likelihood of Ethereum being categorized as a commodity rather than a security.

摩根大通的分析师观察到以太坊去中心化的积极趋势，Lido 质押 ETH 的份额从一年前的三分之一下降到目前的水平。这种下降缓解了人们对过度中心化的担忧，并增加了以太坊被归类为商品而不是证券的可能性。

Implications for Ethereum Classification and ETFs

对以太坊分类和 ETF 的影响

The classification of Ethereum as a commodity or security is crucial for the approval of spot Ethereum ETFs. Several hopeful issuers have submitted applications to the SEC for spot Ethereum ETFs, and the Commission is currently seeking public comment on these proposals.

以太坊作为商品或证券的分类对于现货以太坊 ETF 的批准至关重要。一些有希望的发行人已向 SEC 提交了以太坊 ETF 现货申请，委员会目前正在就这些提案征求公众意见。

The SEC's recent enforcement actions against crypto companies for allegedly selling unregistered securities highlight the importance of regulatory compliance. However, JPMorgan's optimistic assessment of Ethereum's decentralization suggests that the SEC may be more receptive to approving spot Ethereum ETFs.

美国证券交易委员会最近对涉嫌出售未注册证券的加密货币公司采取的执法行动凸显了监管合规的重要性。然而，摩根大通对以太坊去中心化的乐观评估表明，美国证券交易委员会可能更愿意批准现货以太坊 ETF。

Market Activity and Price Performance

市场活动和价格表现

Meanwhile, Ethereum's daily trading volume has surged by 4.10% in the past 24 hours, reaching $15.894 billion. Despite this increased activity, Ethereum's price has fluctuated between $3,238.96 and $3,436.89 during the same period.

与此同时，以太坊日交易量在过去24小时内飙升4.10%，达到158.94亿美元。尽管活动有所增加，但同期以太坊的价格仍在 3,238.96 美元至 3,436.89 美元之间波动。

Ethereum's overall market performance has been relatively muted compared to Bitcoin, which set an all-time high price in March. Ethereum is currently trading at 32.6% below its November 2021 high of $4,878.26.

与 3 月份创下历史新高的比特币相比，以太坊的整体市场表现相对平淡。以太坊目前的交易价格比 2021 年 11 月高点 4,878.26 美元低了 32.6%。

Conclusion

结论

The decline in Lido's share of staked ETH, as reported by JPMorgan analysts, provides positive indicators for Ethereum's decentralization. This development has the potential to shape the SEC's classification of Ethereum and influence the approval process for spot Ethereum ETFs.

据摩根大通分析师报告，Lido 质押 ETH 份额的下降为以太坊的去中心化提供了积极的指标。这一进展有可能影响 SEC 对以太坊的分类，并影响现货以太坊 ETF 的审批流程。