随着新玩家的加入，流动性质押市场份额发生变化

今年迄今为止，Lido 质押的 ETH 从绝对值来看一直在增长，但随着更多玩家进入，其在流动性质押市场中的份额逐渐下降

Unstaked ETH Hit Record Highs, Lido’s Market Share Drops to 28.55%

未质押ETH创历史新高，Lido市场份额跌至28.55%

Unchained Podcast Host Laura Shin covers the latest in crypto. This episode features an analysis of the latest data on unstaked ETH and a deep dive into Lido’s market share. Shin also speaks with prominent white-hat hacker and founder of blockchain network Glue Ogle and data scientist at blockchain analytics firm Flipside Crypto Carlos Mercado.

Unchained 播客主持人 Laura Shin 报道加密货币的最新动态。本集对未质押 ETH 的最新数据进行了分析，并深入探讨了 Lido 的市场份额。 Shin 还与著名白帽黑客、区块链网络 Glue Ogle 的创始人以及区块链分析公司 Flipside Crypto Carlos Mercado 的数据科学家进行了交谈。

Listen to this episode of the Unchained Podcast on Spotify or Apple Podcasts.

在 Spotify 或 Apple 播客上收听这一集 Unchained Podcast。

Key Takeaways

要点

Lido’s total staked ETH has increased by about 500,000 since the beginning of 2024, but its market share has decreased from 31.7% on Jan. 1 to about 28.55% at the time of writing.

自 2024 年初以来，Lido 的质押 ETH 总量增加了约 500,000 个，但其市场份额已从 1 月 1 日的 31.7% 下降至撰写本文时的约 28.55%。

Other players in the liquid staking ecosystem, such as EtherFi and Renzo, have gained market share, while restaking protocols have also attracted a significant portion of ETH stakers.

流动质押生态系统中的其他参与者，例如 EtherFi 和 Renzo，已经获得了市场份额，而重新质押协议也吸引了很大一部分 ETH 质押者。

Despite the decrease in market share, Lido’s wrapped stETH still dominates trading volume on decentralized exchanges, outpacing other liquid staking alternatives.

尽管市场份额有所下降，Lido 的打包 stETH 仍然在去中心化交易所的交易量中占据主导地位，超过了其他流动质押替代方案。

Breaking Down the Numbers

细分数字

Total ETH staked in Lido’s smart contracts has grown by about 500,000, now worth nearly $1.4 billion at current prices, since the beginning of 2024. But Lido’s share of the staked ETH has decreased from 31.7% on Jan. 1 to about 28.55%, a nearly 10% reduction in market share, according to a Dune Analytics dashboard created by pseudonymous data researcher Hildobby.

自 2024 年初以来，Lido 智能合约中质押的 ETH 总量已增加约 50 万个，按当前价格计算，目前价值近 14 亿美元。但 Lido 质押 ETH 的份额已从 1 月 1 日的 31.7% 下降至约 28.55%，根据匿名数据研究员 Hildobby 创建的 Dune Analytics 仪表板显示，市场份额下降了近 10%。

Lido’s market share dropped below 28.6% twice before: in May 2024 and in April 2022. The decline comes as the total staking market has reached a record high of about 34.2 million staked ETH, a 17% increase since Jan. 1.

Lido 的市场份额此前曾两次跌破 28.6%：分别是在 2024 年 5 月和 2022 年 4 月。此次下跌之际，质押市场总量已达到约 3420 万枚 ETH 的历史新高，自 1 月 1 日以来增加了 17%。

“We’ve seen higher interest in stake/restaked ETH products this year, with trading volumes through 0x APIs including at least one of the top staked or restaked ETH products increasing in Q1 by 25% and Q2 by 47%,” said Scott Guenther, head of finance for exchange infrastructure provider 0x.

Scott Guenther 表示：“我们今年看到人们对质押/重新质押 ETH 产品的兴趣更高，通过 0x API 的交易量（包括至少一种最高质押或重新质押的 ETH 产品）在第一季度增长了 25%，在第二季度增长了 47%。” ，交易所基础设施提供商 0x 的财务主管。

However, new players in the liquid staking ecosystem have eaten into Lido’s market share. That includes EtherFi and Renzo, both of which had barely any market share at the beginning of 2024. EtherFi’s market share is now 4.8%, with over 1.6 million ETH staked. Renzo has 681,440 ETH staked, representing 2% of the total market.

然而，流动质押生态系统中的新参与者已经蚕食了 Lido 的市场份额。其中包括 EtherFi 和 Renzo，这两家公司在 2024 年初几乎没有任何市场份额。EtherFi 目前的市场份额为 4.8%，质押了超过 160 万个 ETH。 Renzo 质押了 681,440 ETH，占市场总量的 2%。

Restaking protocols EtherFi and Renzo allow ETH stakers to secure additional networks beyond Ethereum’s base layer. Restaking as a category, popularized by EigenLayer, has gained substantial traction in 2024 as the clear winner year-to-date in attracting staked ETH. While restaking accounted for just 0.7% of the staked ETH market at the beginning of January, it now holds an 8% share, per Hildobby’s Dune dashboard.

重新抵押协议 EtherFi 和 Renzo 允许 ETH 质押者保护以太坊基础层之外的其他网络。由 EigenLayer 推广的重新抵押作为一个类别，在 2024 年获得了巨大的关注，成为今年迄今为止吸引质押 ETH 的明显赢家。根据 Hildobby 的 Dune 仪表板，虽然 1 月初重新质押仅占质押 ETH 市场的 0.7%，但现在已占据 8% 的份额。

0x’s Gauenther argues that Lido’s decreased market share in part comes from restaking airdrop opportunities and ETH staking yields. Not only have ETH’s native staking yields decreased, but “the emergence of re-staking opportunities and promise of future airdrops has [also] wooed users chasing higher yields in the choppy market we’ve seen over the last few months.”

0x 的 Gauenther 认为，Lido 市场份额下降的部分原因是重新抵押空投机会和 ETH 抵押收益率。不仅 ETH 的原生质押收益率下降，而且“重新质押机会的出现和未来空投的承诺也吸引了用户在过去几个月我们看到的动荡市场中追逐更高的收益率。”

Good or Bad?

好还是坏？

Prominent white-hat hacker and founder of blockchain network Glue Ogle told Unchained that “I can think of exactly zero reasons for [Lido’s reduction in market share] to be bad, and lots for it to be good.”

著名的白帽黑客和区块链网络 Glue Ogle 的创始人告诉 Unchained，“我认为 [Lido 市场份额的减少] 不好的原因为零，但好的原因却有很多。”

One benefit is that the existence of more competing players in decentralized staking is good for the ecosystem because it “limits that issue of one group being able to control Ethereum overall potentially.”

一个好处是，去中心化质押中存在更多竞争者对生态系统有利，因为它“限制了一个群体能够整体控制以太坊的问题。”

In Nov. 2023, Lido’s market share was above 32%. “So the big worry people had with Lido having a high market share of Ethereum staking is that they worried that at a certain point it could ‘control’ Ethereum itself,” Ogle added

2023年11月，丽都市场份额超过32%。 “因此，人们对 Lido 拥有较高以太坊质押市场份额的最大担忧是，他们担心在某个时刻它可能会‘控制’以太坊本身，”Ogle 补充道

Per the Ethereum Foundation’s developer documents, “33% of the staked ether is a benchmark for an attacker, because with anything greater than this amount they have the ability to prevent the chain from finalizing without having to finely control the actions of other validators.”

根据以太坊基金会的开发者文件，“33% 的质押以太币是攻击者的基准，因为只要超过这个数量，他们就有能力阻止链最终确定，而无需精细控制其他验证者的行为。”

Ogle also said Lido’s market share decreasing “should be a lesson for those who get into power positions in crypto then don’t choose to self-govern,” pointing to a Lido 2022 governance proposal under which Lido DAO members voted against self-limiting its inbound stake flow. “

Ogle 还表示，Lido 的市场份额下降“对于那些在加密货币领域占据权力地位却没有选择自治的人来说应该是一个教训”，并指出 Lido 2022 治理提案，根据该提案，Lido DAO 成员投票反对自我限制入站权益流量。 “