2023年以太坊质押的前景

WebX实验室Published on 2023-02-28Last updated on 2023-02-28

Abstract

在经过多年的测试和开发后，“大合并（Merge）”使以太坊成功地从工作量证明（PoW）转向了更高效的共识机制——权益证明（PoS）。即将到来的上海升级意味着，今年流动性抵押是以太坊和整个加密领域的一个重要叙事。

在经过多年的测试和开发后，“大合并（Merge）”使以太坊成功地从工作量证明（PoW）转向了更高效的共识机制——权益证明（PoS）。这为以太坊未来的扩容计划铺好了最重要的路，同时也让 DeFi 拥有自己加密原生的收益率工具——现在可以用 ETH来保护区块链以换取稳定收益。

""

在传统金融中，收益类资产都会衍生出巨大的市场，而拥有加密原生的收益率工具的Staking赛道，也同样会让以太坊拥有更庞大的生态。

""

即将到来的上海升级意味着，今年流动性抵押是以太坊和整个加密领域的一个重要叙事。以太坊流动性质押 (Liquid Staking) 是一种新的发展趋势，它允许用户将他们质押的ETH解锁，从而获得流动性并在 DeFi 生态中使用。

""

活跃的质押生态

""

以太坊质押是PoS以太坊中的一项关键功能，它允许用户在以太坊网络上质押（锁定）一定数量的以太币（Ether）以成为网络的验证者。这个过程不仅可以使用户获得约5-8%的稳定回报，还可以帮助加强以太坊网络的安全性和可扩展性。

""

目前，流动质押产品中占有最大市场份额的是 Lido Finance (stETH)，其不仅是领先的流动性质押协议，而且也是 TVL 最大的 DeFi 协议之一。在 Lido 平台上，用户以 1:1 的比例质押 ETH 以换取 stETH，这些 stETH 可以部署在 Yearn、Aave 等其他平台上，从而提高用户的资本效率。

总结而言，ETH质押目前有以下4种方式：

""

1.CEX类/全托管：使用交易所的Staking方案，无需创建验证key和提现key，资金管理和节点操作完全由交易所完成，属于全托管模式。

""

2.大池子类（Pooled Staking）：例如Lido和Rocket Pool的Staking方案。用户无需创建验证key和提现key，节点操作和资金管理由大池子中的运营商完成，属于近似全托管模式，但大池子方案提供了更多的操作空间。

""

3.SaaS类（Staking as a Service）：通过第三方服务商提供的Staking服务，需要自己创建验证key和提现key，但是节点的操作和资金管理由第三方服务商完成，属于非托管模式。

""

4.Solo类：需要自己购买硬件和设置节点，自己管理验证key和提现key，属于完全去中心化的模式。

""

看涨的质押格局

""

自以太坊大合并（Merge）以来，ETH 总量通过燃烧减少了38,000多枚，年通胀率为-0.07%。近30天的ETH销毁贡献应用除了常规的DEX、ETH转账、稳定币、钱包之外，NFT应用也开始活跃。

""

机构一直在买入BTC和ETH，近期行情起色的原因之一可能是多个基金和机构已向加密货币市场投入了近16亿美元的流动性。

""

从ETH质押者的角度来看，大部分参与质押的ETH价格集中在2500-3500美元区间，仅有大概21.1%的ETH价格低于1600美元。

""

以本息的角度来看，即质押的ETH本金+质押获得的奖励，仍有59%的质押者处于“水下”状态，即当前ETH价格低于其质押时的价格。质押者一般长期看好以太坊网络，在牛市周期参与质押，因此上海升级后选择撤出质押ETH的可能性不大。

由于大多数ETH质押者都处于亏损状态，几乎没有以当前价格出售ETH的经济动机。约200万枚的ETH质押时的价格在400-700美元区间，这代表了2020年12月最早的质押者，由于当时流动性质押鲜为人知，因此这部分ETH大多数是没有流动性的。

""

上海升级将消除锁定期的流动性风险和不确定性，它最直接影响的群体是那些冲动型的短期投资者。

""

上海升级将ETH从“长期锁定”转变为“活期收益”，这可能会吸引一大批新的参与者，给ETH带来一定数量的潜在购买压力，尤其是在ETH对机构投资者具备长期吸引力的情况下。

""

良好的质押前景

""

那么，以太坊质押的前景如何呢？以太坊质押的回报率通常在5-8%之间，这比大多数传统投资更具吸引力。这使得它成为一种可靠的收益来源，特别是在当前熊市的情况下。

""

此外，通过质押，以太坊网络未来更多的扩容规划，可以得以施行。这将加速去中心化应用程序的发展，从而提高以太坊网络的吸引力。

""

随着以太坊PoS 的推出，以太坊质押将成为必要的过程。因此，以太坊质押的重要性将更加突出。总的来说，以太坊质押的前景非常乐观，它可以提供稳定的回报，并提高以太坊网络的安全性和可扩展性。

""

以太坊质押协议是一个在加密货币世界中不断发展的领域。由于以太坊流动性质押协议是一个开放的市场，竞争也越来越激烈。这意味着用户可以从更多的选择中进行选择，并且可以获得更具竞争力的利率和更好的服务。

SaaS的竞争力

""

在众多的以太坊质押方案中，最值得关注的是SaaS (Staking as a Service) 解决方案，相较于其他解决方案，它有很多优点和前景。

""

首先，SaaS 方案为用户提供了一种便捷的方式来参与 ETH 的 Staking，用户只需要交付给矿池即可享受自动化的 Staking 服务，无需处理繁琐的技术细节和管理，这对于普通用户来说是非常友好的。

""

其次，SaaS方案通常由专业的Staking服务提供商提供，这些服务提供商有着丰富的经验和专业的技术团队，他们可以根据市场需求调整自己的服务器容量，同时也可以提供更好的服务，如提高节点的安全性和稳定性，减少 Staking 的罚款风险等等。

""

最后，SaaS 方案也可以促进去中心化的发展。矿池从技术角度来说，无法触碰用户资金，只提供运维服务，这有利以太坊节点的分散化。这意味着，用户不需要再选择网络占比很高的池，造成“超大节点”情况发生。这些措施都将有助于促进以太坊的去中心化发展。

""

总的来说，SaaS 模式作为一种便捷、安全、可靠和可扩展的 Staking 解决方案，具有非常广阔的发展前景，也将为更多的用户提供参与 Staking 的机会。

Related Reads

BTC Market Pulse: Week 21

Bitcoin's market structure shows signs of softening in Week 21, with weakening momentum and spot demand. Spot trading volume increased, but this was accompanied by a dramatic rise in selling pressure as indicated by a steep decline in Spot CVD. Futures market activity reflects caution, with decreased open interest yet a significant surge in demand for long positions. Concurrently, substantial sell-side pressure persists in perpetual contracts. Options traders are increasingly positioning for downside protection, evidenced by a sharp rise in the 25-Delta Skew, alongside growing open interest and volatility expectations. Traditional finance sentiment has softened, with weaker ETF netflows and falling MVRV, though ETF trade volume rose. On-chain metrics show mixed activity with declining active addresses but increased large-scale transfers. Overall, while long-term holder strength and stable liquidity provide resilience, the market exhibits fading euphoria, defensive positioning, and a prevailing shift toward bearish sentiment across spot, futures, and options segments.

insights.glassnode3m ago

BTC Market Pulse: Week 21

insights.glassnode3m ago

Bulls Approach the Ceiling

Bitcoin has surged to $81k, breaking above key on-chain resistance levels like the True Market Mean ($78.2k) and Short-Term Holder Cost Basis ($79.1k). The market is now targeting the next major hurdle at the Active Realized Price near $85.2k. On-chain metrics show profitability flipping positive, with the Net Realized Profit/Loss indicator turning constructive. However, the recovery faces headwinds from rising long-term holder profit-taking and still-elevated loss realization. Off-chain, ETF demand has rebounded, providing a tailwind, while perpetual futures funding rates remain negative, indicating persistent short pressure. Options markets show increased sensitivity with a large short gamma cluster around $82k, which could amplify price moves. The overall trend is constructive, but Bitcoin is approaching a significant supply zone where the market's ability to absorb selling pressure will be tested for a sustained breakout.

insights.glassnode3m ago

Bulls Approach the Ceiling

insights.glassnode3m ago

BTC Market Pulse: Week 23

Bitcoin's market shows widespread caution in Week 23. On-chain, transfer volume and fees are up, but fresh capital inflows have nearly halted, with the monthly realized cap change collapsing 57%. Active addresses remain flat, indicating network activity without new investment. Spot markets confirm the shift: the Cumulative Volume Delta (CVD) turned deeply negative as sellers took control, and momentum is declining. Derivatives reflect unease, with rising costs for long positions and negative perpetual CVD. Options open interest dropped, though the volatility spread remains elevated. ETF flows were notably bearish, with net outflows nearly doubling to $1.3B amidst a surge in trading volume, signaling urgent institutional selling. Profitability metrics worsened, with only 59.8% of supply in profit, realized losses dominating on-chain activity, and deepening net unrealized losses. In summary, Bitcoin is in a distribution/consolidation phase with deteriorating breadth. While on-chain activity is structurally healthy, capital inflows have stalled, spot selling pressure is building, and institutional money is exiting via ETFs. The path of least resistance remains sideways-to-lower until realized cap growth resumes and spot CVD turns positive.

insights.glassnode9m ago

BTC Market Pulse: Week 23

insights.glassnode9m ago

Global Crypto Regulation "Closing the Net": Hong Kong, EU, US Simultaneously Take Action, Is the Compliance Window Closing?

Global Crypto Regulation Tightens: Hong Kong, EU, and US Simultaneously Enforce Rules, Closing the Compliance Window? The global virtual asset regulatory landscape is shifting from rule-making to enforcement. Recent moves by Hong Kong, the EU, and the US signal a coordinated push towards market restructuring based on licensing, product classification, custody, and client segmentation. **Hong Kong**'s SFC issued a circular on "Relevant Stablecoins" on May 27, formally establishing a two-tier regulatory architecture where the HKMA oversees issuance and the SFC oversees trading and distribution. This creates differentiated, often lighter-touch, rules for compliant, licensed stablecoins compared to other virtual assets, fitting into a broader strategy to develop stablecoins as settlement infrastructure, tokenized securities as investment products, and licensed VATP platforms as distribution channels. The **European Union** is approaching a critical deadline, with the MiCA transition period ending on July 1. After this date, unlicensed Crypto-Asset Service Providers (CASPs) must cease serving EU clients. With only about 210 authorized CASPs across 23 member states so far, a significant market consolidation is expected, as the application process now takes 6-9 months. In the **United States**, the CLARITY Act passed a key Senate committee vote on May 14. This landmark bill aims to clarify jurisdiction between the SEC and CFTC, establish registration rules for trading platforms and custodians, and create a federal framework for stablecoin regulation. A key compromise prohibits "passive yield" on stablecoin balances but allows "activity rewards" tied to specific functions like payments. The convergence of these regulatory actions highlights a fundamental shift: stablecoins, with a payment volume rivaling major card networks, are being treated as critical financial infrastructure rather than unregulated digital assets. The core message is clear: compliance is transitioning from an operational cost to a mandatory license for market access, determining which players will participate in the next phase of the digital asset economy.

marsbit10m ago

Global Crypto Regulation "Closing the Net": Hong Kong, EU, US Simultaneously Take Action, Is the Compliance Window Closing?

marsbit10m ago

Aggregate Analysis Beyond Price: Glassnode Global Metrics

Glassnode Global Metrics introduce a suite of aggregated on-chain and market metrics designed to analyze the dynamic crypto market without the distortions caused by asset reclassifications. The framework offers two data types: Raw Aggregates (original units) and scaled, base-100 Indices for continuous trend analysis. The article demonstrates the power of these indices through three examples. First, they reveal a dramatic 2024 small-cap rally invisible in raw data, where "winner" assets leaving the basket bias the raw series. Second, they provide a clearer view of profit-taking sentiment across market-cap cohorts, showing that small-cap holder sentiment is more stable than raw SOPR data suggests. Third, they isolate leverage behavior in derivatives, highlighting the higher volatility of open interest in mid- and small-cap assets during speculative phases. Currently live metrics include Total Market Cap, Median SOPR, Total Open Interest, and others, calculated for All Coins, Large, Mid, and Small Cap baskets with weekly rebalancing. The data is accessible via dedicated API endpoints for both raw and indexed series, bringing the continuity of traditional finance indices to multi-asset crypto analytics.

insights.glassnode13m ago

Aggregate Analysis Beyond Price: Glassnode Global Metrics

insights.glassnode13m ago

Trading

Spot
Futures
活动图片

Hot Categoriesright-arrow

Hot Tagsright-arrow