2023年以太坊质押的前景

WebX实验室Опубліковано о 2023-02-28Востаннє оновлено о 2023-02-28

Анотація

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。

Пов'язані матеріали

SemiAnalysis on the Epic Plunge: It's Not Over Yet

SemiAnalysis Weekly discusses the recent sharp correction in the semiconductor market after a historic first half. Analysts Doug O'Loughlin and Dylan note that despite healthy fundamentals, markets like South Korea's KOSPI have plunged 40%, wiping out leveraged retail investors. A core debate focuses on AI demand versus supply constraints. Dylan cites SemiAnalysis's internal use of AI coding agents, leading to a 100x increase in AI spending, as evidence of powerful demand. Doug agrees demand is strong but questions its exact magnitude, calling it a "trillion-dollar question." His primary concern is physical and financial bottlenecks: a shortage of 100,000 electricians in the US, massive $450B in corporate debt issuance by hyperscalers (funded by a shrinking pension pool), and labor/scale limits in regions like Taiwan, where TSMC constitutes 20% of GDP. The conversation covers market dynamics, including the typical semiconductor cycle where over-ordering leads to crashes, China's growing memory capacity, and the potential for older chips like the H100 to lose value as models scale. Politically, AI is seen as a likely scapegoat in upcoming elections, though not a top-tier voter priority. The analysts conclude that while the long-term potential is significant, the scaling path is narrowing. The challenge is matching exponential compute demands with real-world constraints on capital, labor, and permits, risking scenarios where massive investment outpaces near-term revenue generation.

marsbit24 хв тому

SemiAnalysis on the Epic Plunge: It's Not Over Yet

marsbit24 хв тому

After Robinhood's Aggressive Entry, Why is PUMP Defying the Trend and Rising?

Amid a prolonged crypto bear market that has strained many projects, Pump.fun stands out by maintaining strong profitability. Despite a major token unlock in mid-July that was expected to cause selling pressure, its native token PUMP has risen nearly 48% over the past month. Analysis shows only a small portion of unlocked tokens were sold, with 92% of investor allocations still held. A buyback-and-burn mechanism has also supported the price, though daily回购 funds have declined by 77.5% from their peak, partly due to a change in tokenomics and lower platform revenue. Pump.fun remains a top revenue generator in crypto, with annualized revenue of around $450 million, ranking just behind giants like Tether and Circle. However, its daily revenue is down about 69% from its all-time high, reflecting dependence on meme coin market cycles. The platform also faces a class-action lawsuit alleging market manipulation and securities violations. New competition has emerged with Robinhood Chain's launchpad, which recently saw higher weekly volume and active addresses than Pump.fun. While Pump.fun's metrics haven't declined yet, it has responded with a new token launch mechanism called BOOST to improve liquidity. This has increased platform activity but raised community concerns about potential exploitation for short-term pumps. Ultimately, Pump.fun's success remains tightly linked to meme coin speculation and broader market sentiment.

marsbit24 хв тому

After Robinhood's Aggressive Entry, Why is PUMP Defying the Trend and Rising?

marsbit24 хв тому

Aave Gradually Phasing Out 75 Low-Utilization Reserve Assets! Here Are the Details

The leading decentralized finance (DeFi) lending protocol, Aave, has announced a major restructuring to improve platform efficiency. Founder Stani Kulechov stated the protocol will gradually phase out underutilized assets and scale back operations on certain blockchains. Specifically, Aave plans to cease support for 50 underused reserve assets on its native network and an additional 25 reserve assets across the Sonic, Scroll, zkSync, Metis, Soneium, and Aptos networks, totaling 75 assets. Management explained this move aims to allocate resources more efficiently and focus on assets with higher user demand. The restructuring will affect approximately $98.1 million in reserve assets and $15.6 million in loan positions. Aave stated the phase-out will be gradual, with transition plans to minimize user disruption. Experts note that periodically removing low-liquidity or underused assets is common in DeFi to reduce maintenance costs and enhance security and operational efficiency. As one of the world's largest DeFi protocols by Total Value Locked (TVL), Aave's decision may cause short-term liquidity shifts in affected assets but is viewed as a step toward building a more efficient and sustainable ecosystem in the long term.

cryptonews.ru49 хв тому

Aave Gradually Phasing Out 75 Low-Utilization Reserve Assets! Here Are the Details

cryptonews.ru49 хв тому

Robinhood posts record quarter as crypto revenue slides 38%

Robinhood reported record second-quarter revenue of $1.31 billion, a 32% year-over-year increase, and net income of $573 million. However, cryptocurrency transaction revenue fell 38% to $100 million. Despite this decline, growth in other areas like event contracts, options, and equities more than offset the crypto slowdown. The company also expanded its crypto ecosystem, completing the WonderFi acquisition and launching its Robinhood Chain layer-2 network. Robinhood saw record net deposits of $21.7 billion and raised its full-year outlook for adjusted EBITDA.

cointelegraph59 хв тому

Robinhood posts record quarter as crypto revenue slides 38%

cointelegraph59 хв тому

China Business Journal Unveils Cryptocurrency Extortion Scheme

China Business Journal, a state-run Chinese newspaper, has issued a warning about scammers using its name to extort cryptocurrency from companies. According to the publication, fraudsters are sending emails impersonating its journalists. These emails threaten to publish damaging information about a company unless a Bitcoin payment is made. The scammers, using Proton Mail addresses, claim to possess compromising material from a secretive investigation. The newspaper's representatives have clarified that it has no involvement with these messages. They emphasized that the publication does not engage in such practices, never demands payment to suppress stories, and does not negotiate in this manner. The editorial team believes the criminals are exploiting the newspaper's authoritative reputation to pressure companies into making hasty decisions under threat of reputational harm. China Business Journal stated it is collecting evidence of this brand misuse, analyzing the fraudulent emails, and preparing materials for law enforcement. It reserves the right to pursue both civil and criminal liability against the scheme's organizers. Companies are urged to carefully verify any communication purportedly from the newspaper, avoid transferring cryptocurrency to unknown recipients, and report such incidents to the authorities. The newspaper confirmed it will continue its own investigation into the matter.

cryptonews.ru1 год тому

China Business Journal Unveils Cryptocurrency Extortion Scheme

cryptonews.ru1 год тому

Торгівля

Спот