2023年以太坊质押的前景

WebX实验室Publicado em 2023-02-28Última atualização em 2023-02-28

Resumo

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。

Leituras Relacionadas

E Fund "Quits Drinking"

"Yi Fang Da 'Gives Up Alcohol'" - Summary The article analyzes the recent portfolio adjustments of star fund manager Zhang Kun, focusing on his flagship funds, the Yi Fang Da Blue Chip Select and Yi Fang Da Quality Select. The key trend highlighted is a significant and ongoing reduction in exposure to the consumer sector, particularly liquor (baijiu) stocks like Kweichow Moutai and Wuliangye, which were once core holdings. This shift is driven by several factors: a downturn in the consumer sector's business cycle post-pandemic, with slowing earnings growth for major players; a change in consumer behavior towards value over premium brands; and high channel inventory pressures, especially in the liquor industry. These fundamentals have led to a prolonged phase of valuation contraction for consumer stocks. Concurrently, market capital has rotated aggressively towards the high-growth technology sector, especially AI-related chains, which have dominated fund inflows. This style shift has further diminished the attractiveness of traditional consumer "core assets" for many funds. As a result, Zhang Kun's funds have drastically cut their consumer stock allocations. For example, the Blue Chip Select's baijiu holding proportion has fallen from over 40% to around 20%, and its overall top 10 holdings concentration dropped sharply. This mirrors a broader trend in the active equity fund industry, where allocations to consumer staples have plummeted to multi-year lows while technology holdings have surged. The article concludes that while the consumer sector's valuations are now at historical lows, offering some margin of safety, the fundamental outlook remains challenging due to weak macro consumption recovery and intense internal competition. Therefore, the sector is likely to see only sporadic rebounds rather than a sustained recovery, continuing to weigh on the performance of funds still heavily invested in it. Zhang Kun's timely reduction of Korean semiconductor holdings in his Asia Select fund amid a market crash is also noted as a contrast to his domestic strategy.

marsbitHá 4m

E Fund "Quits Drinking"

marsbitHá 4m

Before the Second Attempt at Hong Kong IPO, Topstar 'Hands Out' 548 Million in Related-Party Orders

Tosda, an industrial robotics firm, is making its second attempt at a Hong Kong listing shortly after its first application lapsed. The company has undergone a significant strategic shift, pivoting away from its lower-margin intelligent energy and environmental management system (IEEMS) business to focus on core robotics and machinery. This "revenue-reduction, profit-growth" strategy saw revenue nearly halve from 2022 to 2025, but resulted in a sharp turnaround to profitability, with a 1147% year-on-year increase in Q1 2026 net profit. This restructuring involved spinning off the IEEMS business, leading to a substantial jump in related-party transactions. Following the departure of a former executive, two newly associated companies are expected to handle up to 548 million RMB worth of IEEMS orders in 2026, with Tosda acting as a platform charging a 3% management fee. While profitability has improved, several financial concerns remain. Accounts receivable collection cycles have lengthened, inventory—particularly for robots—has surged significantly despite falling revenue, and the company faces challenges in overseas market expansion. Notably, overseas business currently has a lower gross margin than domestic operations. The company was also recently reprimanded by regulators for accounting inaccuracies related to revenue recognition and bad debt provisions. The success of its strategic pivot and its second listing attempt will depend on managing these financial risks, the transparency of its new business model, and the long-term performance of its core robotics segment.

marsbitHá 14m

Before the Second Attempt at Hong Kong IPO, Topstar 'Hands Out' 548 Million in Related-Party Orders

marsbitHá 14m

Is the AI Bull Market in Jeopardy? Philadelphia Semiconductor Index Breaks Below Key Support at 11,200 Points

The Philadelphia Semiconductor Index (SOX) faces a critical technical and fundamental test. It recently breached a key short-term support level around 11,200 points—a level that held in mid-July—and closed below it. Technical indicators have deteriorated, with the 21-day moving average crossing below the 50-day, signaling bearish momentum. Should the 11,200 support fail, the next major support is the 200-day moving average. The sell-off, which saw memory chip stocks like Micron and Western Digital plunge over 10%, stems from growing concerns about the cyclicality and quality of AI demand. Market participants question the sustainability of the AI capital expenditure boom, highlighted by divergences between the capital expenditures of mega-cap tech firms and semiconductor index performance. However, some positive structural shifts are emerging. Institutional positioning has normalized, unwinding the previously crowded "long semiconductors, short Mag 7" trade, leaving cleaner positioning. Seasonal tailwinds are also approaching, as the NDX historically performs well after this period, potentially supporting a rebound if retail inflows resume. The core question is whether the SOX can hold the 11,200 support. A failure could trigger further declines toward the 200-day moving average, while a successful defense, combined with lighter positioning and seasonal support, could offer a recovery window for the sector.

marsbitHá 14m

Is the AI Bull Market in Jeopardy? Philadelphia Semiconductor Index Breaks Below Key Support at 11,200 Points

marsbitHá 14m

Silicon Valley Rises Against Anthropic

A backlash against Anthropic is growing in Silicon Valley, driven by concerns over competition with partners and its advocacy for a closed AI ecosystem. Critics point to the release of Claude Design, seen as competing directly with partner Figma, as a key moment that eroded trust. Figma's CEO reportedly stated Anthropic was not fully transparent. Anthropic faces further criticism for data retention policy changes, releasing a powerful model (Fable 5) that restricted answers on AI research, and its warnings about the risks of open-weight AI models. Skeptics, including some researchers and government officials, view these warnings as a tactic to stifle cheaper, customizable open-source competitors and shape favorable regulation, potentially creating an AI duopoly with OpenAI. While Anthropic defends its actions as necessary for safety and preventing misuse, the dissent has intensified. Over 70 companies, including OpenAI and Google, recently signed a letter supporting open models, which Anthropic did not join. The company's moves have prompted some startups and businesses to switch to lower-cost, open-weight alternatives, fearing Anthropic might use their data to build competing products.

marsbitHá 29m

Silicon Valley Rises Against Anthropic

marsbitHá 29m

Qualcomm and Arm Fall Together: The Bill for Memory Price Hikes Finally Arrives at Mobile Chip Companies

After posting Q2 FY2026 results, Qualcomm and Arm both saw their shares decline, reflecting the impact of memory price increases on the smartphone chip sector. Qualcomm's revenue of $9.95B slightly beat expectations, but EPS of $2.21 fell short. More concerning was its guidance for next quarter, with EPS projections below analyst estimates. The company directly attributed a >$1.50 per share annual EPS headwind to rising memory costs and supply constraints in Android phones, prompting planned price hikes. While automotive revenue grew 61% and is approaching one-third of phone revenue, the mobile segment declined 20%. Qualcomm also confirmed a significant reduction in its modem share for the upcoming iPhone and outlined a plan for data center revenue to replace all Apple-related income by FY2027. Arm's results surpassed expectations with revenue of $1.29B and EPS of $0.45, and its guidance was also strong. However, its stock fell. Key concerns included royalty revenue failing to set a new record and a downward revision to full-year royalty growth guidance from ~20% to the high-teens, citing weak smartphone demand and high memory prices. Despite robust growth in its data center business, Arm's premium valuation (over 100x forward P/E) means even beating expectations isn't enough to push the stock higher, as any sign of uncertainty is magnified. Ongoing global antitrust investigations add another risk factor. The situation highlights a broader shift. Memory price surges, which boosted Samsung's profits, are now pressuring chip designers. Meanwhile, the semiconductor sector saw significant corrections in July, with the hardest-hit stocks often being those with the biggest AI-driven gains year-to-date. Qualcomm, lacking such a premium, was an exception.

marsbitHá 29m

Qualcomm and Arm Fall Together: The Bill for Memory Price Hikes Finally Arrives at Mobile Chip Companies

marsbitHá 29m

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow