以太坊上流动性质押衍生品（LSD）的演变格局

随着以太坊质押的发展，流动性质押衍生品（LSD）的动态也在变化，这是去中心化金融（DeFi）的突破性工具。

As Ethereum 2.0 inches closer to completion, the dynamics surrounding liquid staking derivatives (LSDs) are rapidly evolving. These groundbreaking DeFi protocols have enabled Ethereum (ETH) holders to earn substantial staking rewards while maintaining access to their funds, a level of flexibility that traditional staking could not provide. However, recent reports show a notable shift in market share, raising questions about the future of liquid staking on Ethereum.

随着以太坊 2.0 接近完成，围绕流动质押衍生品 (LSD) 的动态正在迅速发展。这些突破性的 DeFi 协议使以太坊 (ETH) 持有者能够在保持资金使用权的同时获得丰厚的质押奖励，这是传统质押无法提供的灵活性。然而，最近的报告显示市场份额发生了显着变化，引发了人们对以太坊流动质押未来的疑问。

The Emergence of Liquid Staking Derivatives (LSDs)

流动质押衍生品（LSD）的出现

Historically, staking Ethereum required locking up assets, making them unavailable for trading or participating in other DeFi protocols. While staking rewards are a key benefit, this limitation made it less appealing for investors looking for liquidity. Liquid staking derivatives have addressed this issue by allowing users to stake their ETH while holding derivative tokens that represent the staked assets. This innovation has opened up new opportunities for Ethereum holders who wish to earn rewards but still have the freedom to use their assets elsewhere.

从历史上看，质押以太坊需要锁定资产，使其无法用于交易或参与其他 DeFi 协议。虽然质押奖励是一个关键的好处，但这种限制使其对于寻求流动性的投资者来说缺乏吸引力。流动质押衍生品通过允许用户在持有代表质押资产的衍生代币的同时质押其 ETH 来解决这个问题。这项创新为以太坊持有者提供了新的机会，他们希望获得奖励，但仍然可以自由地在其他地方使用其资产。

These derivatives have quickly gained traction in the DeFi ecosystem, enabling staking without sacrificing flexibility. The shift has made liquid staking a popular choice, with many platforms experiencing significant growth in recent months.

这些衍生品很快在 DeFi 生态系统中获得了关注，在不牺牲灵活性的情况下实现质押。这种转变使流动性质押成为一种流行的选择，许多平台近几个月来都经历了显着增长。

Lido: The Dominant Force in Liquid Staking

Lido：流动性质押的主导力量

Lido has been the leader in the liquid staking space, commanding a dominant share of the market. As of late 2024, the platform held nearly 70% of all ether locked in LSD protocols, equating to approximately 9.64 million ETH valued at around $34.9 billion. Despite this impressive dominance, Lido has seen a slight decline in its ETH holdings, with a decrease of 160,000 ETH since November 2024.

Lido 一直是流动质押领域的领导者，占据着市场的主导份额。截至 2024 年底，该平台持有 LSD 协议锁定的所有以太币的近 70%，相当于约 964 万枚 ETH，价值约 349 亿美元。尽管占据了令人印象深刻的主导地位，但 Lido 的 ETH 持有量略有下降，自 2024 年 11 月以来减少了 160,000 ETH。

Even with this drop, Lido remains the go-to platform for many Ethereum stakers, thanks to its early entry into the market, strategic partnerships, and a reputation for ease of use and scalability. Its platform has become a trusted and highly sought-after choice among Ethereum holders looking to maximize their staking rewards without giving up liquidity.

即使出现这种下降，Lido 仍然是许多以太坊质押者的首选平台，这要归功于其早期进入市场、战略合作伙伴关系以及易于使用和可扩展性的声誉。它的平台已成为以太坊持有者值得信赖且备受追捧的选择，这些持有者希望在不放弃流动性的情况下最大化他们的质押奖励。

Binance’s Liquid Staking Platform Gaining Momentum

币安的流动性质押平台势头强劲

While Lido continues to lead the market, other players are beginning to make their mark, with Binance emerging as a notable challenger. In just 36 days, Binance’s liquid staking platform saw a substantial increase in ETH deposits, gaining 150,000 ETH. This growth underscores Binance’s ability to leverage its massive user base and infrastructure, making it an appealing option for Ethereum holders looking to stake their assets.

虽然 Lido 继续引领市场，但其他参与者也开始崭露头角，币安成为值得注意的挑战者。短短 36 天，币安流动性质押平台的 ETH 充值量大幅增加，获得了 150,000 ETH。这种增长凸显了币安利用其庞大用户群和​​基础设施的能力，使其成为希望抵押其资产的以太坊持有者的一个有吸引力的选择。

Binance’s liquid staking offering benefits from the exchange’s global presence, providing users with a seamless staking experience backed by robust support and resources. As more users flock to Binance’s platform, the exchange could pose a serious challenge to Lido’s long-standing dominance in the liquid staking space.

币安的流动性质押产品得益于该交易所的全球影响力，在强大的支持和资源的支持下为用户提供无缝的质押体验。随着越来越多的用户涌入币安平台，该交易所可能会对 Lido 在流动性质押领域的长期主导地位构成严峻挑战。

Rocket Pool Struggles with Outflows

火箭池与资金外流作斗争

While larger platforms like Lido and Binance continue to thrive, Rocket Pool, a decentralized liquid staking platform, has struggled with consistent outflows. From October 29 to the end of November 2024, Rocket Pool saw a significant loss of 479,374 ETH, and in the past 36 days, it experienced an additional 7,743 ETH decline.

虽然像 Lido 和 Binance 这样的大型平台继续蓬勃发展，但去中心化流动性质押平台 Rocket Pool 却一直在面临持续资金外流的问题。从10月29日到2024年11月末，Rocket Pool大幅损失了479,374 ETH，在过去36天里，又经历了7,743 ETH的下跌。

Despite its decentralized nature, Rocket Pool faces challenges in maintaining a competitive edge in the liquid staking space. Several factors could be contributing to this decline, such as slower user adoption, less attractive incentives, or stiff competition from larger platforms with more resources. However, Rocket Pool still serves a niche community of Ethereum stakers who prioritize decentralization and trustless staking operations.

尽管具有去中心化的性质，Rocket Pool 在保持流动性质押领域的竞争优势方面面临着挑战。有多种因素可能导致这种下降，例如用户采用速度较慢、激励措施吸引力较小，或者来自拥有更多资源的大型平台的激烈竞争。然而，Rocket Pool 仍然服务于以太坊质押者的利基社区，他们优先考虑去中心化和去信任质押操作。

The Future of Liquid Staking: A Shifting Landscape

流动质押的未来：不断变化的格局

With Ethereum staking continuously growing, liquid staking derivatives are poised to play an increasingly central role in the DeFi ecosystem. As platforms like Lido, Binance, and Rocket Pool vie for dominance, it’s clear that market share in the liquid staking space will continue to shift. Lido’s established presence and success provide a strong foundation, but Binance’s rising influence and Rocket Pool’s struggles illustrate that the landscape is far from static.

随着以太坊质押的不断增长，流动性质押衍生品将在 DeFi 生态系统中发挥越来越核心的作用。随着 Lido、Binance 和 Rocket Pool 等平台争夺主导地位，流动质押领域的市场份额显然将继续发生变化。 Lido 的地位和成功提供了坚实的基础，但币安不断上升的影响力和 Rocket Pool 的困境表明，情况远非一成不变。

Ethereum 2.0’s ongoing transition and staking rewards are likely to keep liquid staking protocols in demand, as Ethereum holders seek the best way to participate in the network while retaining liquidity. As the market continues to evolve, investors and platforms will need to adapt to the changing dynamics to ensure they remain competitive in this fast-paced ecosystem.

以太坊 2.0 的持续转型和质押奖励可能会保持对流动性质押协议的需求，因为以太坊持有者寻求参与网络同时保持流动性的最佳方式。随着市场的不断发展，投资者和平台将需要适应不断变化的动态，以确保他们在这个快节奏的生态系统中保持竞争力。