Lido 的统治被揭开：以太坊 Stake 市场竞争激增

随着新协议和流动性重新质押服务的出现，以太坊质押市场动态正在发生变化。 Lido 的市场份额已下降至 28%，创下两年来的新低，而 EigenLayer 和 Liquid 重新抵押协议等竞争对手则获得了关注。过去一个月，超过 25 亿美元的以太币从 Lido 被撤回，其主导地位面临着去中心化倡导者的威胁，他们长期以来一直对其对以太坊的潜在控制表示担忧。

Lido's Dominance in Ethereum Staking Market Wanes Amidst Rise of Rivals

随着竞争对手的崛起，Lido 在以太坊质押市场的主导地位逐渐减弱

New York, April 25, 2023 - Lido Finance, the largest decentralized finance (DeFi) protocol for Ethereum staking, has seen its market share decline to 28%, a significant drop from its peak of over 32% in November 2022. This decline comes amidst the emergence of new liquid staking protocols and the increasing popularity of EigenLayer, a protocol that offers a more efficient method of staking.

纽约，2023 年 4 月 25 日 - 最大的以太坊质押去中心化金融 (DeFi) 协议 Lido Finance 的市场份额已下降至 28%，较 2022 年 11 月超过 32% 的峰值大幅下降。随着新的流动质押协议的出现以及 EigenLayer（一种提供更有效的质押方法的协议）的日益普及。

According to data from DefiLlama, since March 1st, investors have withdrawn approximately 800,000 Ether (ETH), worth around $2.5 billion, from Lido. This represents the largest outflow of ETH from any staking service in the past 30 days. As a result, Lido's market share has fallen from approximately 32% in November to just under 29%.

DefiLlama的数据显示，自3月1日以来，投资者已从Lido提取了约80万枚以太币（ETH），价值约25亿美元。这是过去 30 天内所有质押服务中 ETH 最大的流出量。因此，Lido 的市场份额从 11 月份的约 32% 下降至略低于 29%。

The decline in Lido's market share has raised concerns among proponents of decentralization, who have long warned that Lido's dominance could lead to eventual control of Ethereum itself if left unchecked. Since September 2022, Ethereum has utilized proof-of-stake (PoS) consensus, where users stake their ETH to validate transactions and earn rewards.

Lido 市场份额的下降引起了去中心化支持者的担忧，他们长期以来一直警告说，如果不加以控制，Lido 的主导地位可能会导致以太坊本身最终被控制。自 2022 年 9 月以来，以太坊采用了股权证明 (PoS) 共识，用户通过抵押 ETH 来验证交易并赚取奖励。

In the PoS model, Lido plays a major role as a liquid staking protocol, allowing users to stake their ETH without having to run their own node. However, critics have argued that Lido's size and influence could potentially compromise the decentralization of the Ethereum network.

在 PoS 模型中，Lido 作为流动质押协议发挥着重要作用，允许用户无需运行自己的节点即可质押其 ETH。然而，批评者认为 Lido 的规模和影响力可能会损害以太坊网络的去中心化。

The decline in Lido's market dominance appears to be part of a broader shift in the Ethereum staking market. Liquid staking protocols, which offer flexibility and convenience to users, now account for less than a third of all staked ETH, according to data compiled by pseudonymous data analyst Hildobby.

Lido 市场主导地位的下降似乎是以太坊质押市场更广泛转变的一部分。根据匿名数据分析师 Hildobby 编制的数据，流动质押协议为用户提供了灵活性和便利性，目前仅占所有质押 ETH 的不到三分之一。

Meanwhile, centralized exchanges, which also offer staking services, have also seen their market share decline from 30% to 25% since November. In contrast, liquid restaking protocols, such as EigenLayer, are gaining popularity, now accounting for over 6% of all staked ETH.

与此同时，自 11 月以来，也提供 Stake 服务的中心化交易所的市场份额也从 30% 下降至 25%。相比之下，流动性重新抵押协议（例如 EigenLayer）越来越受欢迎，目前占所有抵押 ETH 的 6% 以上。

EigenLayer, launched in 2022, provides users with a more efficient method of staking, enabling them to earn rewards on their previously staked ETH. The surge in deposits into EigenLayer has contributed to the decline in ETH deposits to Lido.

EigenLayer 于 2022 年推出，为用户提供了一种更有效的质押方法，使他们能够从之前质押的 ETH 中获得奖励。 EigenLayer 的存款激增导致 Lido 的 ETH 存款下降。

The decline in Lido's market share is also accompanied by a rise in the number of "unidentified" stakers, who are not affiliated with liquid staking protocols, centralized exchanges, or institutional stake pools. This group of stakers now accounts for over 18% of all staked ETH, up from around 15% six months ago.

Lido 市场份额的下降还伴随着“身份不明”的质押者数量的增加，这些质押者不隶属于流动性质押协议、中心化交易所或机构质押池。这群质押者现在占所有质押 ETH 的 18% 以上，高于六个月前的 15% 左右。

In response to the changing market dynamics, Lido has implemented several changes. The protocol recently welcomed solo stakers in an effort to enhance its decentralization. Additionally, Lido DAO, the cooperative that governs the protocol, is currently voting on a proposal that would give stETH holders a greater say in the protocol's governance and allow stakers to "rage-quit" the protocol if they are unhappy with its operation.

为了应对不断变化的市场动态，丽都实施了多项变革。该协议最近欢迎单独的质押者，以加强其去中心化。此外，管理该协议的合作社 Lido DAO 目前正在对一项提案进行投票，该提案将赋予 stETH 持有者在协议治理中更大的发言权，并允许利益相关者在对其运营不满意时“愤怒退出”该协议。

"Even if the protocol is failing, users can still permissionlessly exit with their funds intact, and there's nothing token holders can do about it," Lido said in a blog post announcing the vote. "This is something that is truly new to financial markets and infrastructure. Something that is only made possible by the non-custodial nature of on-chain DeFi."

Lido 在宣布投票的博客文章中表示：“即使协议失败，用户仍然可以在未经许可的情况下退出，且资金完好无损，代币持有者对此无能为力。” “这对于金融市场和基础设施来说是真正的新鲜事。只有链上 DeFi 的非托管性质才能实现这一点。”

Conclusion

结论

The decline in Lido's market share highlights the evolving nature of the Ethereum staking market. The emergence of new liquid staking protocols, the popularity of EigenLayer, and the increase in unidentified stakers indicate a shift towards a more diversified staking landscape. While Lido remains a major player in the market, it faces increasing competition from rivals offering alternative staking solutions. The long-term impact of these changes on Lido and the Ethereum network as a whole remains to be seen.

Lido 市场份额的下降凸显了以太坊质押市场不断发展的本质。新的流动质押协议的出现、EigenLayer 的流行以及身份不明的质押者的增加表明质押格局正在向更加多元化的方向转变。尽管 Lido 仍然是市场上的主要参与者，但它面临着来自提供替代质押解决方案的竞争对手的日益激烈的竞争。这些变化对 Lido 和整个以太坊网络的长期影响还有待观察。