Lido 在 Liquid Stake 竞技场中面临激烈的战斗

在竞争激烈的流动性质押市场中，DeFi第二大协议Lido面临来自Coinbase等中心化交易所的挑战。尽管 Lido 占据主导地位，但 Coinbase 的进入导致 Lido 市场份额下降，引发了行业中心化风险的担忧。 Lido 的联合创始人强调了 CeFi 和 DeFi 之间正在进行的战斗，资本效率是 CeFi 的关键优势。此外，Lido 已花费 3 亿美元用于激励措施以提高流动性，但认为由于人们对折扣质押 ETH 的兴趣增加，这可能不再是必要的。

Lido Faces Fierce Competition in the Liquid Staking Arena

Lido 在流动性质押领域面临激烈竞争

Amidst the burgeoning decentralized finance (DeFi) landscape, Lido, a prominent staking protocol, finds itself embroiled in an intense battle for market dominance within the liquid staking industry. Lido's co-founder, Vasiliy Shapovalov, acknowledged the stiff competition posed by Coinbase and other centralized exchanges at the recent Devcon, Ethereum's premier conference.

在蓬勃发展的去中心化金融（DeFi）领域，著名的质押协议 Lido 发现自己卷入了流动性质押行业市场主导地位的激烈争夺之中。 Lido 的联合创始人 Vasiliy Shapovalov 在最近的以太坊顶级会议 Devcon 上承认 Coinbase 和其他中心化交易所带来的激烈竞争。

With approximately $6 billion in user assets under management, Lido stands as the second largest protocol in the DeFi ecosystem and the undisputed leader in the liquid staking realm. This entails providing users with tradable tokens in exchange for staking their Ether or other cryptocurrencies, including SOL, via their platforms. These derivative tokens, in turn, can be deployed within the DeFi space to generate yield.

Lido 管理着约 60 亿美元的用户资产，是 DeFi 生态系统中的第二大协议，也是流动质押领域无可争议的领导者。这需要向用户提供可交易代币，以换取他们通过平台质押以太币或其他加密货币（包括 SOL）。反过来，这些衍生代币可以部署在 DeFi 领域以产生收益。

However, Lido's market share has dwindled since Coinbase's entry into the liquid staking segment earlier this year. In May, Lido controlled nearly one-third of staked Ether. According to data from crypto firm Rated, that figure has since declined to 29%.

然而，自 Coinbase 今年早些时候进入流动性质押领域以来，Lido 的市场份额有所下降。 5 月份，Lido 控制了近三分之一的质押以太币。根据加密货币公司 Rated 的数据，该数字此后已下降至 29%。

Conversely, Coinbase has witnessed a surge in its liquid staking operations, with nearly 800,000 ETH, worth approximately $1 billion, staked through its platform since June. This growth has accelerated following the launch of Coinbase's cbETH token.

相反，Coinbase 的流动质押业务激增，自 6 月份以来通过其平台质押了近 800,000 ETH，价值约 10 亿美元。随着 Coinbase 的 cbETH 代币的推出，这种增长加速了。

Centralization Concerns Haunt Liquid Staking

中心化问题困扰着流动性质押

A significant portion of the crypto community harbors reservations towards centralized exchanges like Coinbase. Despite their crucial role as gateways to digital assets, these entities operate as custodians, susceptible to state regulation – a stark contrast to the decentralized ethos of blockchain technology, which seeks to facilitate peer-to-peer transactions beyond government reach.

加密货币社区的很大一部分对像 Coinbase 这样的中心化交易所持保留态度。尽管它们作为数字资产的门户发挥着至关重要的作用，但这些实体作为托管人运作，容易受到国家监管——这与区块链技术的去中心化精神形成鲜明对比，区块链技术旨在促进政府范围之外的点对点交易。

During his Devcon presentation, Shapovalov projected that the liquid staking industry would ultimately consolidate, with dominance likely falling either to a Lido-esque protocol or a centralized exchange. The latter scenario, he cautioned, would represent an unfavorable outcome for Ethereum.

在 Devcon 演讲中，Shapovalov 预测流动性质押行业最终将整合，主导地位可能落入 Lido 式协议或中心化交易所手中。他警告说，后一种情况将对以太坊产生不利的结果。

Acknowledging the economic advantages enjoyed by centralized entities, Shapovalov asserted in an interview with The Defiant that the battle for the future of liquid staking remains "winnable," contingent upon the broader conflict between traditional finance (CeFi) and DeFi.

沙波瓦洛夫承认中心化实体享有经济优势，他在接受 The Defiant 采访时断言，流动性质押的未来之战仍然“可以获胜”，具体取决于传统金融（CeFi）和 DeFi 之间更广泛的冲突。

"We heavily rely on the entire DeFi ecosystem to triumph over CeFi options," he stated. "Currently, the only area where CeFi surpasses DeFi is arguably capital efficiency. Centralized exchanges facilitate derivatives with greater ease."

“我们严重依赖整个 DeFi 生态系统来战胜 CeFi 选项，”他表示。 “目前，CeFi 唯一超越 DeFi 的领域可以说是资本效率。中心化交易所可以更轻松地促进衍生品的发展。”

Shapovalov expressed confidence that DeFi would gradually improve its capital efficiency. However, he also raised concerns about regulations that could potentially favor CeFi as the primary on-ramp for users, preventing them from venturing deeper into the DeFi space.

沙波瓦洛夫表示对 DeFi 逐步提高资本效率充满信心。然而，他也对监管可能有利于 CeFi 作为用户的主要入口表示担忧，从而阻止他们更深入地进入 DeFi 领域。

Liquidity Incentives: A Double-Edged Sword

流动性激励：一把双刃剑

Shapovalov also addressed the substantial incentives that Lido has deployed to bolster the liquidity of its derivative token, staked ETH (stETH). According to data compiled by Lido, the protocol has disbursed nearly $300 million in incentives to date. Rocket Pool, Lido's primary decentralized competitor, has recently implemented its own liquidity incentives in an attempt to gain market share.

Shapovalov 还谈到了 Lido 为增强其衍生代币质押 ETH (stETH) 的流动性而采取的实质性激励措施。根据 Lido 汇编的数据，该协议迄今为止已支付了近 3 亿美元的奖励。 Lido 的主要去中心化竞争对手 Rocket Pool 最近实施了自己的流动性激励措施，试图获得市场份额。

While acknowledging the necessity of liquidity incentives, Shapovalov believes that their use will eventually become obsolete, potentially sooner than anticipated by the Lido team.

沙波瓦洛夫承认流动性激励的必要性，但他认为这种激励措施最终将被淘汰，而且可能比 Lido 团队预期的还要早。

Following the dramatic collapse of crypto hedge fund Three Arrows Capital in June, Lido was compelled to reassess its assumptions regarding the demand for stETH at discounted prices. Typically, stETH trades at or close to the price of ETH. However, in the wake of Three Arrows' implosion, the hedge fund attempted to liquidate its assets, including a substantial quantity of stETH, in a desperate bid to remain solvent. This sell-off caused stETH to "de-peg," plummeting to as low as 93 cents per dollar of ETH. Since then, it has recovered to its customary range of approximately 99 cents per dollar of ETH.

在 6 月份加密对冲基金三箭资本 (Three Arrows Capital) 急剧崩溃后，Lido 被迫重新评估其对折价 stETH 需求的假设。通常，stETH 的交易价格等于或接近 ETH 的价格。然而，在“三箭”破产后，该对冲基金试图清算其资产，包括大量的 stETH，以求保持偿付能力。这次抛售导致 stETH“脱钩”，跌至每美元 ETH 93 美分。此后，它已恢复到每 1 美元 ETH 约 99 美分的惯常范围。

"Individuals were eager to purchase staked ETH at a discount," Shapovalov noted. "Subsequently, we do not need to heavily incentivize it. However, we must ensure sufficient price discovery and momentary liquidity pools to accommodate these bids, enabling users to make substantial purchases on automated market makers."

沙波瓦洛夫指出：“人们渴望以折扣价购买质押的 ETH。” “随后，我们不需要大力激励它。但是，我们必须确保足够的价格发现和临时流动性池来适应这些出价，使用户能够在自动化做市商上进行大量购买。”

The Future of Liquid Staking

流动性质押的未来

The competitive landscape of the liquid staking industry remains fluid, with both Lido and Coinbase vying for supremacy. The outcome of this battle will likely hinge upon the broader regulatory environment and the evolving relationship between CeFi and DeFi. As the DeFi ecosystem matures and capital efficiency improves, Lido may be well-positioned to maintain its dominance. However, the persistent threat of regulation and the allure of CeFi's convenience could pose significant challenges for the protocol's long-term prospects.

流动性质押行业的竞争格局仍然不稳定，Lido 和 Coinbase 都在争夺霸主地位。这场战斗的结果可能取决于更广泛的监管环境以及 CeFi 和 DeFi 之间不断发展的关系。随着 DeFi 生态系统的成熟和资本效率的提高，Lido 可能处于有利地位以保持其主导地位。然而，持续的监管威胁和 CeFi 便利性的诱惑可能会给该协议的长期前景带来重大挑战。