以太坊质押担忧升温：高比例、代币发行模式争论

在 Merge 和 Shapella 升级之后，以太坊的质押动态发生了重大变化。人们对高质押率及其潜在影响产生了担忧，引发了社区内部的争论。虽然一些人建议调整代币发行模式来解决这些问题，但另一些人则认为这将违反 ETH 的核心原则并损害网络的长期稳定性。以太坊开发人员强调了质押的重要性及其对网络安全的影响，并强调尽管代表质押 ETH 的流动性索赔，验证者仍然面临风险，从而确保他们对网络完整性的承诺。

Ethereum Staking Dynamics Shift: Concerns Raised Over High Staking Ratio and Token Issuance Model

以太坊质押动态转变：对高质押率和代币发行模式的担忧

The Ethereum network has undergone significant changes following the Merge and Shapella upgrades, altering the dynamics of staking. Staking involves locking up a specific amount of ETH in a smart contract to support network operations. While the amount of staked ETH has surged, concerns have emerged within the community about the high staking ratio and its potential negative implications for the network and its users.

在 Merge 和 Shapella 升级之后，以太坊网络发生了重大变化，改变了质押的动态。质押涉及在智能合约中锁定特定数量的 ETH 以支持网络运营。虽然质押 ETH 的数量激增，但社区内部开始担心高质押率及其对网络及其用户的潜在负面影响。

Proposed Changes to Token Issuance Model Ignites Debate

代币发行模式的拟议变更引发争论

Researchers at the ETH Foundation have proposed a revision to the token issuance model, sparking a heated debate among community members. Proponents argue that the model is crucial for ensuring the blockchain's future stability and security. They contend that excessive staked ETH could lead to reduced rewards for stakers and increased transaction fees, making the network less accessible for everyday use.

ETH基金会的研究人员提出了对代币发行模型的修订，引发了社区成员的激烈争论。支持者认为，该模型对于确保区块链未来的稳定性和安全性至关重要。他们认为，过多质押 ETH 可能会导致质押者的奖励减少和交易费用增加，从而使网络难以日常使用。

However, critics assert that altering the way stakers are rewarded would violate core Ethereum principles and jeopardize the network's long-term success. They caution that such changes could attract unwanted regulatory scrutiny.

然而，批评者声称，改变利益相关者的奖励方式将违反以太坊的核心原则，并危及网络的长期成功。他们警告说，此类变化可能会引起不必要的监管审查。

Ethereum Developer Raises Concerns About Network Integrity

以太坊开发者对网络完整性表示担忧

Amid the ongoing debate, an Ethereum developer has raised concerns about the security implications of the network's Proof-of-Stake (PoS) system and the concept of staking. The developer highlights that users who stake their ETH while maintaining a liquid claim (such as stETH or similar tokens) may not truly sacrifice their assets. This is because they can still access their locked ETH through the liquid claim, which can be traded or used in other transactions.

在持续的争论中，以太坊开发人员对该网络的权益证明（PoS）系统和权益概念的安全影响提出了担忧。开发者强调，在保持流动性索赔（例如 stETH 或类似代币）的同时质押 ETH 的用户可能不会真正牺牲他们的资产。这是因为他们仍然可以通过流动债权访问锁定的 ETH，这些 ETH 可以进行交易或用于其他交易。

The developer questions the security of the network if a significant portion of ETH holders stake their assets while retaining liquid claims. Without genuine skin in the game, it is unclear how the lockup mechanism effectively incentivizes honest behavior and maintains the integrity of the network.

如果很大一部分 ETH 持有者在保留流动性债权的同时抵押其资产，那么开发商就会质疑网络的安全性。如果没有真正的参与，锁仓机制如何有效激励诚实行为并维护网络的完整性尚不清楚。

Core ETH Developer Responds: Risk Socialization Ensures Security

ETH核心开发者回应：风险社会化确保安全

In response to the concerns, core ETH developer Tim Beiko acknowledged that individual stakers may not face direct risks to their staked ETH. However, he emphasized that they remain indirectly exposed to risks through the potential socialization of losses and risk pooling across the network. This mechanism ensures that validators have a vested interest in upholding their responsibilities to maintain the security and stability of the Ethereum network.

针对这些担忧，核心 ETH 开发者 Tim Beiko 承认，个人质押者可能不会面临质押 ETH 的直接风险。然而，他强调，通过网络上潜在的损失社会化和风险共担，他们仍然间接面临风险。这种机制确保验证者在履行其维护以太坊网络安全性和稳定性的责任方面拥有既得利益。

Beiko's response highlights the collective nature of security in a PoS system. While individual stakers may not directly sacrifice their own ETH, they contribute to the overall security of the network by participating in the staking process. The network's security is ultimately dependent on the collective commitment of all stakers, ensuring that validators are incentivized to act honestly and uphold the integrity of the Ethereum ecosystem.

Beiko 的回应凸显了 PoS 系统安全性的集体本质。虽然个人质押者可能不会直接牺牲自己的 ETH，但他们通过参与质押过程为网络的整体安全做出贡献。网络的安全最终取决于所有利益相关者的集体承诺，确保激励验证者诚实行事并维护以太坊生态系统的完整性。