随着 Lido 主导地位的减弱，以太坊的监管前景光明

在以太坊质押平台 Lido 的市场份额不断下降的情况下，摩根大通分析师认为，以太坊可能由于其网络去中心化程度不断提高而逃避“安全”分类。这一转变与 SEC 的“Hinman 文件”一致，该文件表明充分去中心化的代币可能会避免被指定为证券。

Ethereum's Regulatory Future Brightens as Lido's Dominance Wanes

随着 Lido 主导地位的减弱，以太坊的监管前景光明

New York, NY - In a groundbreaking analysis, JPMorgan analysts have suggested that Ethereum, the world's second-largest cryptocurrency, could evade the ominous "security" label due to a significant decline in the market share of Lido Finance, a leading staking platform.

纽约 - 摩根大通分析师在一项开创性的分析中表示，由于领先的质押平台 Lido Finance 的市场份额大幅下降，全球第二大加密货币以太坊可能会逃避不祥的“安全”标签。

Just four months ago, JPMorgan raised concerns about Lido's growing influence, warning that its dominance could potentially centralize Ethereum and expose it to regulatory scrutiny as a security. However, the analysts' latest findings paint a much more optimistic picture for Ethereum's future regulatory status.

就在四个月前，摩根大通对 Lido 日益增长的影响力表示担忧，警告称其主导地位可能会使以太坊中心化，并使其作为一种证券受到监管审查。然而，分析师的最新发现为以太坊未来的监管状况描绘了一幅更加乐观的景象。

According to JPMorgan, Lido's diminishing market share is a clear indication that Ethereum is becoming increasingly decentralized, a key factor in determining a digital asset's classification as a security or a commodity. This shift in market dynamics aligns with the recent guidance provided by the Securities and Exchange Commission (SEC) in the so-called "Hinman documents," which suggest that tokens operating on sufficiently decentralized networks may avoid being designated as securities.

摩根大通表示，Lido 市场份额的下降清楚地表明以太坊正变得越来越去中心化，这是决定数字资产分类为证券还是商品的关键因素。市场动态的这种转变与美国证券交易委员会（SEC）最近在所谓的“Hinman 文件”中提供的指导相一致，该指导表明在充分去中心化的网络上运行的代币可能会避免被指定为证券。

"The decline in Lido's share is a positive development for Ethereum," said Nick Carter, a partner at Castle Island Ventures. "It shows that the network is becoming more decentralized, which reduces the risk of it being classified as a security."

Castle Island Ventures 合伙人 Nick Carter 表示：“Lido 份额的下降对以太坊来说是一个积极的发展。” “这表明网络正在变得更加去中心化，这降低了它被归类为证券的风险。”

Ethereum's recent Dencun upgrade, which significantly reduced transaction costs for Ethereum Layer 2 networks, has further strengthened its position as the ultimate settlement layer for its ecosystem. Looking ahead, the Ethereum roadmap includes the Petra upgrade, which is expected to go live later this year and promises further enhancements through the introduction of Verkle trees.

以太坊最近的 Dencun 升级显着降低了以太坊 Layer 2 网络的交易成本，进一步巩固了其作为生态系统最终结算层的地位。展望未来，以太坊路线图包括 Petra 升级，预计将于今年晚些时候上线，并承诺通过引入 Verkle 树来进一步增强。

These developments demonstrate Ethereum's ongoing commitment to innovation and growth in the digital asset space. As the network becomes more decentralized and efficient, its potential to avoid the security label becomes increasingly likely.

这些发展表明了以太坊对数字资产领域创新和增长的持续承诺。随着网络变得更加去中心化和高效，其避免安全标签的可能性变得越来越大。

"Ethereum is well-positioned for regulatory success," said Gabriel Shapiro, general counsel at Delphi Labs. "The network is decentralized, it has a strong ecosystem, and it is constantly innovating."

德尔福实验室总法律顾问加布里埃尔·夏皮罗 (Gabriel Shapiro) 表示：“以太坊处于监管成功的有利位置。” “该网络是去中心化的，拥有强大的生态系统，并且不断创新。”

The regulatory landscape for cryptocurrencies is still evolving, but JPMorgan's analysis suggests that Ethereum is on track to achieve a favorable classification that will allow it to continue to thrive as a key player in the digital asset market.

加密货币的监管环境仍在不断发展，但摩根大通的分析表明，以太坊有望获得有利的分类，从而使其能够作为数字资产市场的关键参与者继续蓬勃发展。