以太坊的流动性质押现在发展的怎么样了?

币圈资讯 阅读:51 2024-04-22 12:42:46 评论:0
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作者:Pedro M. Negron,Medium;编译:白话区块链

流动质押代币市场呈现多样发展,尽管Lido的主导地位或许在变迁中,但代币持有率和大持有者集中度为行业趋势提供关键信息。

流动质押Token(LST)让用户能够在无需锁定资金的情况下,从权益证明区块链获得奖励。这个想法已经成为加密货币领域内最重要的子领域之一,截至2023年11月,大约有200亿美元通过以太坊的流动质押Token进行质押。

由于质押市场规模庞大,许多参与者加入了以太坊流动质押部门。Lido的stETH仍然是主导的流动质押Token,但其他协议在Shapella升级后取得了显著的扩展和进展,特别是在2023年4月Shapella升级引入质押提取功能后。

随着流动质押协议进入市场,许多协议引入了独特的机制,以获得竞争优势,并使自己与现有选项区分开来。Lido在以太坊生态系统的流动质押格局中发挥了核心作用,依靠机构节点运营实现了显著的规模化。在Shapella升级之前,它拥有主导的市场份额,占据了超过90%的流动质押Token市场份额。随着Shapella分叉的推出和投资者对持有流动质押Token的信心增强,新型替代品的市场份额有所增加,目前已经达到了15%的水平。

替代的流动质押Token产品以不同方式彰显自己的独特性,比如 Rocket Pool 的 rETH Token,占据着第二大市场份额。Rocket Pool 特别以其对去中心化的坚定承诺而闻名。该协议的主要目标是培育一个去中心化的验证者社区,确保验证者权力不会集中在少数个人或实体手中。

流动质押Token模型采用了不同的方式,比如 Frax 协议采用了 frxETH 和 sfrxETH Token的双Token系统。在这个双Token模型中,一个Token在 DeFi 生态系统中获得了很强的激励,而持有另一个Token的个人则可以获得两个Token的合并质押奖励。

此外,尽管 Lido 及其 stETH Token主导了当前市场,但在其他各种Token中有迹象表明它们的稳健性以及在市场上长期存在的潜力。

目前,通过 Lido 的 stETH 进行了令人震惊的183亿美元的质押,此外,该协议在市场上拥有最多的持有者,有令人印象深刻的23.86万个独特地址持有该Token。在 stETH 之后,ankrETH 以14.9万个持有者排名第二,这表明了市场前两名之间持有Token数量的显著差异。

除了 stETH 之外,另一个值得关注的趋势是 cbETH 持有者数量的增加,这是 Coinbase 的以太坊质押Token,刚刚超过一年前推出。该Token的持有者数量随时间持续增长,表明了对该Token以及通过 Coinbase 进行质押的需求不断增加。虽然它可能没有最多的持有者数量,但 cbETH 在该行业成功超越了其他竞争对手,目前拥有10.8万个独特持有者。
此外,随着 cbETH 的扩张,其Token健康状况的另一个令人鼓舞的迹象是它在所有流动质押Token中拥有最高比例的持币用户。

54.26%的所有持有 cbETH 的地址都已经保持持有超过一年,显示出持有者的强烈承诺和长远眼光。大量持币地址代表了一个积极的指标,因为这意味着用户信任这个Token以及其基础协议。在这种情况下,这显示了对其发布者 Coinbase 的相当程度信任。

这一观察结果可能归因于 Coinbase 组织Token的冷存储方式。具体来说,如果Token以中心化交易平台内客户账户的形式持有,这可能解释了Token缺乏流动性的情况。即使这种情况属实,总体上也是一个积极的迹象。因为如果Token需求下降,交易平台将会不断进行重新安排,因为Token可能被出售或销毁。
最后,主要持有者的集中程度是指示去中心化程度的一个功能。这有助于发现持有者过度集中可能为生态系统创造不利条件的Token。大持有者可能给其他Token持有者带来额外的风险,使得这些信息对评估它们对市场潜在影响具有价值。

尽管这个指标突显了流动质押Token生态系统中大多数Token都集中在大持有者手中,但值得注意的是 Lido 发展中持续进行的去中心化过程。在过去一年中,Lido 的治理Token LDO 的鲸鱼持有集中度有所下降。这种集中度降低了超过10%,从67.8%下降到56.4%。

这一趋势也是该Token成熟度的一个指标,更低的集中度意味着更广泛的Token持有者分布,表示更大程度的去中心化和降低个别持有者的影响力,这通常被认为是一个积极的发展。新推出的Token通常会表现出大持有者的高度集中。因此,鉴于 Lido 的 stETH Token已经被广泛采用并且规模化,该治理Token的主要持有者集中度随着时间的推移正在降低,这是合乎逻辑的。

总的来说,在以太坊生态系统内的流动质押市场呈现出一个充满活力的格局,每个Token都有其独特的特点和用户群。虽然 Lido 的 stETH Token在历史上占据主导地位,但最近的趋势表明了不断增长的选择多样性和竞争格局的演变。值得注意的是,像 cbETH 这样的Token已经吸引了大量持有者,突显了它们的吸引力和长期潜力。持币用户的比例和大持有者的集中度是Token健康和生态系统去中心化的关键指标。此外,在治理Token(比如 Lido 的 LDO)中鲸鱼持有的减少反映了这些Token的成熟程度和它们向更大程度去中心化的发展。


The author compiles the vernacular blockchain mobile pledge token market showing diversified development. Although its dominant position may be changing, the token holding rate and the concentration of large holders provide key information for the industry trend. The idea of mobile pledge allows users to get rewards from the equity proof blockchain without locking funds has become one of the most important sub-fields in the field of cryptocurrency. As of March, about 100 million US dollars were pledged through the mobile pledge of Ethereum. Due to the huge scale of the pledge market, Many participants have joined the mobile pledge department of Ethereum, which is still the dominant mobile pledge, but other agreements have made significant expansion and progress after upgrading, especially after the introduction of pledge extraction function in October, with the mobile pledge agreement entering the market, many agreements have introduced unique mechanisms to gain competitive advantage and distinguish themselves from existing options, and have played a core role in the mobile pledge pattern of Ethereum ecosystem, and achieved a significant scale increase by relying on the operation of institutional nodes. Before 1998, it had a dominant market share, accounting for more than the market share of liquid pledge. With the launch of bifurcation and investors' confidence in holding liquid pledge, the market share of new substitutes has increased. At present, the substitute liquid pledge products show their uniqueness in different ways, such as occupying the second largest market share, especially known for their firm commitment to decentralization. The main goal of this agreement is to cultivate a decentralized verifier community to ensure. The verifier's power will not be concentrated in the hands of a few individuals or entities. The mobile pledge model adopts different ways, such as the agreement adopts the dual system of sum. In this dual model, one person gets a strong incentive in the ecosystem, while the individual who holds the other one can get the combined pledge reward of the two. In addition, although it dominates the current market, there are signs in other kinds that their robustness and long-term potential in the market are shocking at present. In addition, the agreement has the largest number of holders in the market with an impressive number of unique addresses, ranking second with 10,000 holders, which shows the significant difference in the number of holders between the top two in the market. In addition, another trend worthy of attention is the increase in the number of holders, which is the Ethereum pledge, which was launched just over a year ago. The continuous growth of the number of holders over time shows the increasing demand for this and through pledge, although it may not be. The largest number of holders, but it has successfully surpassed other competitors in this industry. At present, it has 10,000 unique holders. In addition, with the expansion, another encouraging sign of its health status is that it has the highest proportion of all mobile pledges, and all the addresses held by users have been held for more than one year, showing the strong commitment and long-term vision of holders. A large number of holding addresses represent a positive indicator, because it means that users trust this and its basic agreement here. In this case, this shows a considerable degree of trust in its publishers. This observation may be attributed to the cold storage mode of the organization. Specifically, if it is held in the form of customer accounts in a centralized trading platform, it may explain the lack of liquidity. Even if this is true, it is a positive sign on the whole, because if the demand drops, the trading platform will continue to be rearranged, because the concentration of the main holders who may be sold or destroyed indicates the degree of decentralization. One function, which helps to find that excessive concentration of holders may create unfavorable conditions for the ecosystem, may bring additional risks to other holders, making this information valuable for evaluating their potential impact on the market. Although this indicator highlights that most of the mobile pledge ecosystems are concentrated in the hands of large holders, it is worth noting that the ongoing decentralization process in development has decreased the concentration of whale holdings in the past year. Lower than the trend from decline to this is also an indicator of the maturity. Lower concentration means wider distribution of holders, indicating greater decentralization and reducing the influence of individual holders. This is usually considered as a positive development, and the newly launched ones usually show a high concentration of large holders. Therefore, in view of the fact that it has been widely adopted and scaled, the concentration of major holders of this governance is decreasing with time, which is logical in general. The mobile pledge market in Fang ecosystem presents a dynamic pattern, each of which has its own unique characteristics and user groups. Although it occupies a dominant position in history, the recent trend shows the growing diversity of choices and the evolution of the competitive pattern. It is worth noting that such a market has attracted a large number of holders, highlighting their attraction and long-term potential. The proportion of holders and the concentration of large holders are key indicators for the decentralization of health and ecosystems. In addition, the reduction of whale holdings in governance, for example, reflects the maturity of these markets and their development towards greater decentralization. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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