以太坊质押格局发生转变：Lido 在竞争和去中心化中失去控制力

Lido 在以太坊质押领域的主导地位已经下降，市场份额跌破 30%。这种减少归因于市场竞争加剧和碎片化，因为主要的加密货币交易所和较小的利益相关者加入了竞争。多元化质押提供商的兴起增强了去中心化，促进了以太坊的精神。尽管 Lido DAO 拒绝设置质押上限，但动态的变化预计将加强网络的完整性并与以太坊的去中心化目标保持一致。

Shifting Landscape in Ethereum Staking: Lido's Market Share Diminishes Amidst Heightened Competition and Decentralization

以太坊质押格局的转变：Lido 的市场份额因竞争加剧和去中心化而减少

Introduction

介绍

The Ethereum staking landscape has witnessed a significant shift in market dynamics, with the once-dominant Lido Finance relinquishing a portion of its market share as a multitude of new entrants emerge. This development aligns with the fundamental principles of Ethereum's decentralized ethos, promoting a more balanced distribution of influence and decision-making power within the network.

以太坊质押格局见证了市场动态的重大转变，随着大量新进入者的出现，曾经占据主导地位的 Lido Finance 放弃了部分市场份额。这一发展符合以太坊去中心化精神的基本原则，促进网络内影响力和决策权的更加平衡的分配。

Lido's Diminishing Market Share

丽都的市场份额不断缩小

Until recently, Lido Finance, a leading provider of liquid staking services, held a commanding position within the Ethereum staking market. However, as of December 2023, Lido's market share has declined from 32% to below 30%, according to data compiled by Dune Analytics. This shift signals a notable erosion of Lido's dominance, signaling the diversification of the market and heightened competition.

直到最近，流动性质押服务的领先提供商 Lido Finance 在以太坊质押市场中仍占据主导地位。然而，根据 Dune Analytics 汇编的数据，截至 2023 年 12 月，Lido 的市场份额已从 32% 下降至 30% 以下。这一转变标志着丽都的主导地位明显受到削弱，标志着市场的多元化和竞争的加剧。

Influx of New Stakers

新质押者的涌入

The decline in Lido's market share is primarily attributed to the influx of new entrants into the Ethereum staking ecosystem. Major crypto exchanges, such as Coinbase and Binance, have established significant presences in the market, capturing 14.04% and 3.75% of the market share, respectively. Additionally, Ethereum staking platform Kiln holds a 3.5% market share.

Lido 市场份额的下降主要归因于新进入者涌入以太坊质押生态系统。 Coinbase 和 Binance 等主要加密货币交易所已在市场上占据重要地位，分别占据 14.04% 和 3.75% 的市场份额。此外，以太坊质押平台 Kiln 占有 3.5% 的市场份额。

Smaller Stakers and Market Fragmentation

较小的质押者和市场碎片化

Beyond the presence of established players, the market has witnessed an increase in smaller, unidentified stakers, comprising approximately 16.9% of the market. This fragmentation promotes further decentralization, as the influence of any single entity is diminished. The presence of a diverse range of staking providers is seen as a positive development, as it aligns with Ethereum's goal of decentralization and reduces the risk of excessive concentration of power.

除了老牌参与者之外，市场上规模较小、身份不明的参与者也有所增加，约占市场的 16.9%。这种碎片化促进了进一步的权力下放，因为任何单一实体的影响力都被削弱了。各种质押提供商的存在被视为一个积极的发展，因为它符合以太坊的去中心化目标，并降低了权力过度集中的风险。

Lido's Position and the Staking Cap Proposal

Lido 的立场和质押上限提案

Lido has been the subject of scrutiny due to its initial dominance in the Ethereum staking market. Ethereum co-founder Vitalik Buterin has previously advocated for a cap on any single entity's staking influence, suggesting a maximum threshold of 15%. In response to these concerns, the Lido DAO community considered implementing a staking cap. However, in June 2022, the community overwhelmingly rejected the proposal, with 99.81% voting against it.

由于 Lido 最初在以太坊质押市场上占据主导地位，因此一直受到密切关注。以太坊联合创始人 Vitalik Buterin 此前曾主张对任何单一实体的质押影响力设定上限，建议最高门槛为 15%。为了回应这些担忧，Lido DAO 社区考虑实施质押上限。然而，2022 年 6 月，社区以压倒性多数否决了该提案，99.81% 的人投了反对票。

Decentralization and Network Integrity

去中心化和网络完整性

The rise in competition among Ethereum staking service providers is expected to further decentralize the staking ecosystem, which is crucial for maintaining the integrity and security of the network. Coinbase analysts have highlighted potential risks associated with the restaking of Ether and the issuance of liquid restaking tokens (LRTs), emphasizing the need for a balanced approach that mitigates risks while fostering decentralization.

以太坊质押服务提供商之间竞争的加剧预计将进一步分散质押生态系统，这对于维护网络的完整性和安全性至关重要。 Coinbase 分析师强调了与以太坊重新抵押和流动性重新抵押代币（LRT）发行相关的潜在风险，强调需要采取平衡的方法来减轻风险，同时促进去中心化。

Conclusion

结论

The Ethereum ecosystem remains in a state of flux, as the community navigates the delicate balance between centralization and decentralization. Recent developments in the staking market demonstrate a commitment to preserving the core principles of blockchain technology, fostering a strong and equitable network for all participants. The diminishing dominance of Lido and the emergence of new staking providers suggest that the Ethereum staking ecosystem is evolving towards a more decentralized and competitive landscape, ensuring the resilience and longevity of the network.

以太坊生态系统仍然处于不断变化的状态，因为社区在中心化和去中心化之间保持着微妙的平衡。质押市场的最新发展表明了我们致力于维护区块链技术的核心原则，为所有参与者建立一个强大且公平的网络。 Lido 的主导地位逐渐减弱以及新的质押提供商的出现表明以太坊质押生态系统正在朝着更加去中心化和竞争性的方向发展，从而确保网络的弹性和寿命。