Blockworks 研报：stETH，以太坊卓越的机构级产品

• Lido 协议由 Lido DAO 管理，是一种开源中间件，可在一组验证器和 ETH 质押者之间路由 ETH、stETH 和以太坊的奖励。
• stETH 是流动性最强的 LST，也是使用最广泛的链上抵押品形式。
• stETH 流动性和 stETH 作为抵押品在 CEX 上也在增长，这表明机构有兴趣交易和持有 stETH 作为 ETH 的替代品。
• stETH 在强大的验证器集合中质押，风险较低，并提供更高的概率调整奖励。
• 由于 TradFi 寻求质押 ETH 奖励，这可能意味着开发「tradfiETH」产品，stETH 可作为对抗中心化的协调工具。

2024 年 5 月 20 日，Eric Balchunas 和 James Seyffart 将现货 ETH ETF 获批的几率从 25% 修改为 75%。ETH 在数小时内上涨了约 20%。然而，根据美国证券交易委员会的要求，发行人修改了 S-1 注册声明，取消了 ETF 的质押奖励。因此，持有现货 ETH ETF 的投资者将不会获得以太坊的质押奖励，这可能是由于提供质押 ETH 产品所需的监管明确性。无论如何，按照目前的利率，选择获得现货 ETH ETF 的投资者将失去共识和执行层奖励的约 3-4% 的 APR。因此，为了减轻稀释，有动机在 ETF 产品中添加质押。

However, at the request of the United States Securities and Exchange Commission, the issuer modified the S-1 registration statement and cancelled the ETF pledge incentive. Thus, investors holding the spot ETH ETF would not receive a pledge reward in the near future, probably because of the regulatory clarity required to provide the ETH product. In any event, investors choosing to obtain the ETH ETF at current interest rates would lose their consensus and implement around 3 to 4% of the incentive. Thus, in order to reduce dilution, there is a motive to add pledge in the ETF product.

Lido 协议是一个开源中间件，它根据委托标准在验证器集之间自动路由池中的 ETH。 Lido DAO 由 LDO 持有者管理，负责管理上述委托标准的一些参数，例如协议费用以及节点运营商和安全要求。但是，该协议是非托管的，DAO 无法直接控制底层验证者。stETH 占网络总权益的约 29%（930 万 ETH，即 358 亿美元），是质押行业的关键基础设施，在性能、委托和其他质押实践方面都保持着高标准。

The Lido protocol is an open source intermediate, which is run by LDO holders and is managed by LDO holders on an automatic route between the certification set according to commission criteria. However, the protocol is non-trusted, and DAO does not have direct control over bottom-certifiers. StETH accounts for about 29% of the total network interest (9.3 million ETHs, or $35.8 billion) and is a key infrastructure in the pledge industry, maintaining high standards in performance, commission and other pledge practices.

ETH ETF 可能是 TradFi 投资者目前获取 ETH 敞口最方便的选择，但这些产品无法捕捉以太坊的发行或加密经济活动。随着越来越多的 TradFi 场所本身加入代币，持有 Lido 的流动性质押代币 stETH 可以说是获得 ETH 和以太坊质押奖励敞口的最佳产品，因为它在现有市场结构中具有关键效用：

ETH ETF may be the most convenient option for TRADFI investors to access ETH exposures at the moment, but these products cannot capture the distribution or encryption of economic activity in the Taiyu. As more TRADFI sites themselves add tokens, holding Lido's mobile insignia stETH can be said to be the best product to get ETH and ETHI to reward the openings because it has a key effect in the existing market structure:

• stETH 是去中心化交易所 (DEXes) 中流动性最强、交易量最高的 ETH 质押资产。
• stETH 是 DeFi 中采用最广泛的抵押品形式，其规模超过了最大的稳定币 USDC 和 ETH 本身。
• stETH 是中心化交易所 (CEXes) 中流动性最强的奖励型原生 L1 资产——既是现货 ETH 交易的替代品，也是抵押品的一种形式。

随着 ETH ETF 的出现，投资者更多地了解以太坊并寻求从共识和执行层奖励中获得额外回报，stETH 的主导地位可能会持续下去——这对巩固更强大的 stETH 市场结构是有益的顺风。展望未来，随着 TradFi 机构最终将质押添加到其产品中（称之为 tradfiETH），Lido DAO 治理和 stETH 的增长对于在以太坊上维持足够去中心化的验证器集至关重要。

As ETH ETF emerges, investors become more aware of Etheria and seek additional returns from consensus and enforcement-level incentives, the dominance of stETH is likely to continue – a positive light for the consolidation of stronger stETH market structures. Looking ahead, as TradFi institutions eventually add pledges to their products (known as tadfiETH), Lido DAO governance and stETH growth are essential for maintaining a sufficiently decentralized portfolio of certifiers in the ether.

因此，「stETH > tradfiETH」，因为它提供更好的回报，比相邻产品释放更多的效用，并充当对抗中心化的协调工具。

Therefore, "stETH & gt; tradfiETH" provides better returns, releases more effectiveness than neighbouring products and acts as a centralised coordination tool.

来源：FINMA, Taurus

Source: FINMA, Taurus

Lido 协议

Lido Protocol

Lido 协议的中间件是一组智能合约，它以编程方式将用户的 ETH 分配给一组经过审查的以太坊验证者。这种流动性质押协议 (LSP) 旨在增强以太坊的原生质押能力。它主要服务于两方：节点运营商和 ETH 质押者，并解决了两个问题：验证者的进入门槛，以及因锁定 ETH 进行质押而导致的流动性损失。

The intermediate element of the Lido protocol is a group of smart contracts that programme users'ETHs to a group of reviewed Ether certifying officers. The mobile pledge agreement (LSP) is designed to enhance the original pledge capacity of Ether. It serves mainly two parties: node operators and ETH pledgeers, and addresses two issues: the threshold of entry for the certifier and the loss of mobility caused by locking Eth pledge.

尽管在以太坊上运行验证者的硬件要求并不像其他链那么高，但为了达成共识，节点运营商需要在验证者中质押恰好 32 ETH 的增量才能获得以太坊的奖励。筹集这么多资金不仅对潜在验证者来说并非易事，而且在 32 ETH 间隔的限制内分配 ETH 可能非常低效。

Although the hardware requirements for running certifications in Etheria are not as high as those for other chains, in order to reach consensus, node operators need to pledge up to 32 ETHs among their certifying officers in order to be rewarded by Ether. Not only is it not easy for potential certifications to raise so much money, but the allocation of ETHs within the 32 ETH spacing limit may be very inefficient.

为了简化操作，Lido 从投资者那里路由 ETH，并将这些 ETH 委托给验证者集，从而有效降低了高经济门槛。此外，Lido DAO 通过严格的评估、监控和跨节点运营商的委托策略来降低验证器集的风险。包含来自验证器集的数据的运营商统计数据和指标可在此处找到。

In order to simplify operations, Lido leads from investors to ETH and entrusts these ETHs to a pool of certificationists, thereby effectively reducing the high economic threshold. In addition, Lido DAO reduces the risk of a portfolio of certifiers through rigorous assessment, monitoring and cross-node operator commission strategies. Operator statistics and indicators containing data from the certifier collection can be found here.

作为对其 ETH 存款的回报，投资者将获得 stETH，其价值主张很简单。运行验证器或质押 ETH 需要在账户中锁定 ETH——相反，stETH 是一种流动性实用代币，用户可以在 CeFi 和 DeFi 中使用。

In return for their ETH deposits, investors will get stETH, the value of which is simple. Runs the authenticator or pledges ETH need to lock ETH in the account -- on the contrary, stETH is a mobile practical token that users can use in CeFi and DeFi.

stETH

stETH 是一种流动质押代币 (LST)，是一种实用代币，它代表存入 Lido 的 ETH 总量加上质押奖励（减去费用）和验证者惩罚。费用包括从验证者、DAO 和协议中收取的质押佣金。

STETH is a mobile pledge money (LST) and is a practical token that represents the sum of ETHs deposited in Lido, plus the pledge incentive (minus the cost) and the certificationer’s punishment. The cost includes the commission of the pledge charged from the certifying, DAO, and the agreement.

当用户将一个 ETH 存入 Lido 时，会铸造一个 stETH 并发给用户，协议会记录用户在协议中的 ETH 份额。此份额每日计算。stETH 是一张收据，用户可以将其兑换为池中 ETH 份额。通过持有 stETH，用户可以通过重新定基机制自动获得以太坊奖励——本质上，当 ETH 奖励累积到验证者集时，协议会根据账户在协议中的 ETH 份额铸造和分配 stETH。

When the user deposits an ETH into Lido, a stETH is forged and distributed to the user. The protocol records the user's share of the ETH in the protocol. This share is calculated daily. The stETH is a receipt from which the user converts it into an ETH share in the pool. By holding the stETH, the user can automatically receive an ETAP reward through a re-base mechanism - in essence, when the ETH reward accumulates into the list of certifying officers, the protocol creates and distributes the stETH share of the account in the agreement.

stETH 的奖励取决于 ETH 发行量、优先费和 MEV 奖励。ETH 发行量是验证者参与共识并正确提出区块所获得的奖励。目前，发行率为每年 91.7 万 ETH（并且正在讨论改变这一货币政策）。用户支付优先费以优先考虑交易纳入。MEV 奖励是运行 MEV-Boost 的额外收入来源，MEV-Boost 促进了验证者赚取以太坊部分区块奖励的市场。这部分奖励取决于对以太坊区块空间的需求。根据 mevboost.pics 的数据，2023 年，验证者通过 MEV-Boost 实现了约 308,649 ETH（按 2024 年 1 月 1 日的 ETH 价格计算，为 7.043 亿美元）。考虑到这些因素，投资者只需持有 stETH，就可以在 2024 年全年获得 3-4% 的可变年利率。

Incentives for stETH depend on the amount of ETH distribution, priority fees and MEV incentives. The ETH distribution is the amount of incentives obtained by the certifier to participate in the consensus and correctly propose blocks. Currently, the distribution rate is 9.17 million ETHs per year (and discussions are under way to change this monetary policy). Priority fees are paid by users to give priority to the inclusion of transactions. The MEV reward is an additional source of income for running MEV-Boost, which facilitates the certifier to earn a market in a section of the Taiwan. This part of the incentive depends on the need for steth space. In 2023, the certifier has achieved about 308,649 ETH (based on the ETH price of 1 January 2024), which is $704.3 million).

总而言之，与现货 ETH ETF 不同，stETH 是一种流动性产品，投资者可以通过它拥有 ETH 资产并赚取以太坊的现金流。此外，stETH 也是 DeFi 中各种环境中使用最多的资产之一。

In short, unlike the spot ETH ETF, stETH is a liquid product through which investors can own ETH assets and earn cash flows from Ether. Moreover, stETH is one of the most used assets in the DeFi environment.

stETH 实用程序

STETH Practical Program

stETH 的主要实用性使其成为理想资产，这些实用性包括流动性和将其用作抵押品的能力。通常，质押的 ETH 提现需要数天时间，因为质押者必须等待的时间取决于退出队列的大小。这增加了期限错配的可能性，在这种情况下，ETH 的价值在提现请求和赎回之间会发生巨大变化。

The main utility of steth makes it an ideal asset, which includes mobility and the ability to use it as collateral. Normally, the pledge's ETH withdrawal takes several days, because the time the pledgeer has to wait depends on the size of the exit queue. This increases the likelihood of a typographical mismatch, in which case the value of the ETH will change dramatically between a request for cash and a redemption.

stETH 的核心价值主张是其流动性。质押者不必等待退出队列，只需通过在 DEX 或 CEX 的市场上出售 stETH 即可退出其质押头寸。精明的读者会意识到，消除期限错配风险会将风险转移到二级市场接受 stETH 库存的意愿和能力上。话虽如此，考虑到现货 ETH ETF 的批准以及 stETH 的属性和基础市场结构趋势，有更大的先例可以预测 stETH 的进一步采用和更深的流动性。

The core value of stETH is its liquidity. The pledgeer does not have to wait to withdraw from the queue, but may simply withdraw from the pledge position by selling stETH on the DEX or CEX market. Smart readers will realize that removing the risk of term mismatch will shift the risk to the secondary market to accept the stETH stock and its willingness and ability to accept it. In spite of this, given the approval of the spot ETH ETF and trends in its properties and underlying market structure, there are larger precedents that can predict further adoption and deeper mobility of stETH.

stETH 流动性

StETH Liquidity

值得注意的是，以太坊和 rollup 各池中的 stETH 储备在 2023 年全年都在下降。这是由于 DAO 缓和了对链上 stETH LP 的激励支出，这意味着 LP 已从池中撤回了他们的储备。2024 年，储备达到稳定水平。从补贴 LP（他们通常更倾向于在最需要时撤回储备）转向真正的、非补贴的 stETH LP，对于 stETH 的链上流动性状况来说要健康得多。尽管存在这些市场调整力量，stETH 仍然是 DeFi 中流动性最强的资产之一，并且在 Uniswap 的 TVL 中位居前十。

It is worth noting that the stETH reserves in the pools of Taiwan and Rollup fell throughout the year in 2023. This is because DAO eased incentive spending on the stETH LP on the chain, which means that LP has withdrawn their reserves from the pool. In 2024, reserves reached stable levels. The shift from subsidized LPs (who tend to withdraw reserves when they are most needed) to real, non-subsidized stETH LPs is much healthier for the stETH chain. Despite these market adjustment forces, stETH remains one of the most mobile assets in DeFi and is among the top ten in Uniswap's TVL.

在同一时期，stETH 的交易量和 stETH 在这些池中的使用率都有所增加。下图中的趋势表明：（1）LP 的粘性和一致性更高，（2）市场已接近 stETH 流动性的更稳定平衡，（3）越来越多的参与者更愿意交易 stETH。与在季节性 LP 上过度投入 LDO 激励相比，这些市场结构是更强大、更有机的扩张基础。如下图所示，与其他 LST 相比，stETH 的交易量和流动性遥遥领先。

During the same period, the volume of stETH transactions and the use of stETH in these pools increased. The trends in the figure below show: (1) that the LP is more sticky and consistent, (2) that the market is closer to a more stable balance of stETH liquidity, and (3) that an increasing number of participants are more willing to trade stETH. These market structures are a stronger and more organic basis for expansion than excessive input of LDO incentives on seasonal LPs. As shown in the figure below, stETH transactions and liquidity are far ahead of other LSTs.

流动性确实很重要（ICYMI）

Liquidity is really important.

流动性可以说是金融市场风险管理的最大决定因素。资产的流动性状况极大地影响了其风险调整后的回报，进而影响了其对投资者的吸引力。这使得 stETH 成为希望获得以太坊奖励的投资者和交易者的最佳选择，这一点在 Blockworks 与包括 Hashnote、Copper、Deribit 和 Cumberland 在内的大型加密原生机构的座谈会上得到了证实。下图显示了 CEX 上加密原生机构采用的趋势：更多加密原生机构和做市商更愿意持有和交易 stETH。注意：在 2 月和 3 月的部分时间里，全球出价数据不完整，因为交易所更改了订单数据的汇率限制。

Liquidity can be said to be the biggest determinant of financial market risk management. The liquidity situation of assets greatly affects their risk-adjusted returns, and thus their attractiveness to investors.

stETH 作为抵押品

StETH as collateral.

stETH 也是 DeFi 中抵押品的首选形式——它甚至超过了 ETH 和流行的稳定币，例如 USDC、USDT 和 DAI。下图显示，自成立以来，它已逐渐攀升至这一位置，约占总市场份额的 1/3。

StETH is also the preferred form of collateral in DeFi - it even exceeds ETH and popular stabilizers such as USDC, USDT and DAI. The figure below shows that, since its inception, it has gradually risen to this position, accounting for about a third of the total market share.

将 stETH 用作优质抵押品选项可提高其资本效率，并可能帮助交易所和借贷平台产生更多交易量。今年 2 月，ByBit 宣布将 stETH 的抵押品价值从 75% 提高到 90%。从那时起，ByBit 上的 stETH 交易量增长了近 10 倍。

Using stETH as a high-quality collateral option would increase its capital efficiency and could help exchange and lending platforms generate more transactions. ByBit announced in February this year that it would increase the value of stETH collateral from 75% to 90%. Since then, the number of stETH transactions on ByBit has increased almost tenfold.

看来 stETH 的链上市场结构已经达到了更稳定的平衡，这可能为长期逐步增长趋势奠定坚实基础。在链下，我们可以观察到更多机构采用的火花，因为投资者会更喜欢质押 ETH 而不是普通 ETH。虽然我们也预计其他 LST（可能包括 LRT）将获得市场份额，但 stETH 现有的市场结构和主导地位以及先发优势应该会保持其在市场上的强势地位。此外，与其他质押选项相比，Lido 和 stETH 具有许多有利的特性。与其他质押机制相比，Lido 的机制有三个关键特性：非托管、去中心化和透明。

It appears that the market structure of the stETH chain has reached a more stable balance, which may provide a solid basis for a long-term gradual growth trend. Under the chain, we can see sparks in more institutions, as investors prefer to pledge ETH rather than ordinary ETH. While we also expect other LSTs (which may include LRTs) to gain market share, the current market structure and dominance of stETH and its pre-emptive advantage should remain strong in the market.

stETH 与其他质押比较

StETH compared to other pledges

与其他质押机制相比，Lido 的机制有三个关键特性：非托管、去中心化和透明。

Compared to other pledge mechanisms, the Lido mechanism has three key features: non-trust, decentralization and transparency.

• 非托管：Lido 和节点运营商均不托管用户的存款。此功能可减轻交易对手风险——节点运营商永远不会托管用户质押的 ETH。
• 去中心化：没有一个组织验证协议——技术风险均匀分布在一组节点运营商中，从而提高了弹性、正常运行时间和回报。
• 开源：任何人都可以审查、审计和 / 或建议改进运行协议的代码。

当将 stETH 与其他 LST 和质押提供商进行比较时，根据 Rated 的数据，按总质押量计算，顶级节点运营商之间的奖励差异很小，在 3.3-3.5% 之间。但是，考虑到运营节点的因素（包括 devops、云基础设施、硬件、维护代码、客户端类型、地理分布等），奖励的微小差异包含很大的风险。

When comparing stETH with other LST and pledge providers, the difference in incentives between top node operators is small in terms of total pledge volume, between 3.3 and 3.5%. However, given the operational node factors (including devops, cloud infrastructure, hardware, maintenance codes, client type, geographical distribution, etc.), there are significant risks associated with the minor differences in incentives.

stETH 风险较小，因为它确保接触到一组不同的运营商，这些运营商在许多团队的不同位置运行不同的机器、代码和客户端。因此，停机的可能性较低，风险默认分散；而其他质押提供商的运营更集中，潜在的中心故障点也更多。有关该领域的更多信息，Blockworks Research 分析师 0xpibblez 撰写了一份深入的研究报告。

The risk is smaller because it ensures access to a group of different operators that operate different machines, codes and clients in different locations in many teams. Thus, the likelihood of downtimes is low, the risk is spread by default, while other pledge providers operate more centrally and have more potential central failure points. For more information in this area, Blockworks Research Analyst 0xpibblez has prepared an in-depth study.

stETH 获得超额奖励的概率

StETH Probability of over-incentives

参考下面的第一张图，我们可以观察到执行层奖励（优先费 + 基线 MEV）比共识层奖励（发行）更具可变性。下面的第二张图显示了过去一个月的这种变化的放大视图。这是由于链上活动的周期性，即在某些时期，活动水平的提高与更有价值的区块相吻合，因此执行层奖励更高；而共识层奖励是恒定的。这意味着已实现的质押 ETH 奖励是验证者提出下一个区块的概率的函数，捕捉了执行层奖励的变化。

Referring to the first graph below, we can see that the enforcement level incentive (priority fee + baseline MEV) is more variable than the consensus level incentive (issuance). The second graph below shows the magnifying view of this change over the past month. This is due to the cyclical nature of the activity on the chain, that is, that in some periods the level of activity corresponds to more valuable blocks, so the enforcement level rewards are higher; and the consensus level rewards are constant. This means that the realized pledge ETH incentive is the function of the probability that the certifying officer sets out the next block and captures the change in the enforcement level incentive.

由于 stETH 质押在众多不同的运营商手中，占质押 ETH 总量的 29%，因此 stETH 捕捉到区块奖励变化的概率远高于单个验证者、较小的运营商或质押较少的验证者集。这意味着它平均而言持续产生更高的回报率。

As the pledge of stETH is in the hands of many different operators, accounting for 29 per cent of the total number of ETH pledges, the probability that stETH captures block incentive changes is much higher than that of individual certifying agents, smaller operators, or a smaller collection of pledgeors. This means that on average it continues to yield higher returns.

换句话说，在一个极端，当一个单独的验证者提出一个非常有价值的区块时，即使总回报率要高得多（例如，质押 32 ETH 在一个区块中赚取 10 ETH），这种情况发生的几率也很低，约为百万分之一（32/32,400,000）。他们基本上会中彩票。在另一个极端，Lido 的验证者集更有可能捕获有价值的区块，大约有 29% 的时间。因此，通过持有 stETH，用户可以选择并增加分享更多奖励的机会。

In other words, at one extreme, when a single certifier proposes a very valuable block, even if the total return is much higher (e.g. the pledge 32 ETH earns 10 ETHs in one block), the probability is low, about one millionth (32/32,400,000). They basically win the lottery. At another extreme, Lido's pool of certifiers is more likely to capture valuable blocks, about 29 per cent of the time. So, by holding the stETH, users can choose and increase opportunities to share more incentives.

总之，stETH 是获得质押 ETH 奖励的更好选择的另一个原因是它在概率和风险调整的基础上产生了极具竞争力的奖励。

In short, stETH is a better choice to get a pledge ETH reward because it generates a highly competitive reward based on probabilities and risk adjustment.

Lido 治理：stETH 对去中心化的重要性日益增加

Lido Governance: the growing importance of steth for decentralisation

现货 ETH ETF 获批带来了对更多产品的预期——最明显的是质押 ETH 产品。在牛市周期休市期间，加密原生传奇人物 DegenSpartan 写了一篇名为《我们可以推出多少特洛伊木马？》的文章。在这篇简短的博客文章中，DegenSpartan 写道：「在现货 ETF 之后，[TradFi] 方面仍可期待获得更多的访问权限。期权、纳入基金中的基金、共同基金、退休账户、DCA 计划、结构化产品、双重货币、伦巴第贷款等。」

In this short blog post, DegenSpartan writes: "After the spot ETF, [TradFi] can still expect more access. The options, funds, mutual funds, retirement accounts, DCA programs, structured products, double currency, Lumbadi loans, etc., are included in the fund."

虽然美国资本市场将有更多机会接触 ETH，带来更多永久（结构性）顺风，但尚不清楚 TradFi 将如何整合其他数字资产或衍生品，以及它们可能对去中心化产生什么副作用。

While the United States capital market will have more access to ETH, leading to more permanent (structural) smoothness, it is not clear how TradFi will integrate other digital assets or derivatives, and what side effects they may have on decentralisation.

tradfiETH 与 stETH

TradfiETH and stETH

从哲学上讲，我们认为 LST 是维持足够去中心化、安全且性能良好的验证器集的最佳方式。Grandjean 等人计算了以太坊的 HHI（一种用于评估市场集中度和竞争程度的指标），发现 Lido 已经改善了去中心化程度（如下图所示的较低 HHI 读数）。

Philosophically, we believe that LST is the best way to maintain enough decentralised, safe, and well-functioning sets of testers. Grandjean et al. calculates the HHI (an indicator used to assess market concentration and competition) in Taiku, and finds that Lido has improved decentralisation (lower HHI readings as shown in the figure below).

虽然将 Lido 视为一个实体会导致更高的 HHI（即网络去中心化程度较低），但我们不认为这种对 Lido 的描述准确反映了 Lido 在市场中的存在，因为该协议不是由一个组织或实体管理或控制的，验证器集由各种不同的独立实体组成。虽然大型 LSP 存在风险，但实施适当的治理机制和协议监督（例如双重治理）应该可以降低风险的严重性。此外，DVT 的加入有望进一步使运营商集去中心化。

While treating Lido as an entity would result in a higher HHI (i.e., a lower degree of network decentralisation), we do not believe that this description of Lido accurately reflects the existence of Lido in the market, because the agreement is not managed or controlled by an organization or entity, and the certifier collection consists of a variety of independent entities. While large LSPs are at risk, the implementation of appropriate governance mechanisms and supervision of agreements (e.g. dual governance) should reduce the severity of the risk. Moreover, DVT accession is expected to further centralize the group of operators.

话虽如此，考虑到质押 ETH 的经济激励（或者持有原生 ETH 会稀释其权益），TradFi 最终推出质押 ETH 产品是合理的。以下是一些可能的（纯）假设结果：（1）TradFi 明确采用 stETH 及其所有优势；（2）TradFi 与 Coinbase 或其他大型机构质押提供商密切合作，以构建此框架，在这种情况下，cbETH 或 tradfiETH 将成为 TradFi 的规范质押 ETH 产品；或者（3）TradFi 开发自己的实践，投资专有节点运营，托管自己的质押 ETH，并发行 tradfiETH 产品。

Nevertheless, given the economic incentives to pledge ETH (or the fact that the possession of the original ETH dilutes its interests), it is reasonable for TRADFI to eventually launch the ETH product. The following are some of the possible (pure) hypothetical results: (1) TradFi explicitly uses stETH and all its advantages; (2) TradFi works closely with Coinbase or other large institutional pledge providers to construct this framework, in which case cbETH or tadfiETH will be the standard pledge of ETH products by ThadFi; or (3) TradFi develops its own practice, invests a dedicated node to operate, holds its own pledge ETH and distributes its tadfiETH products.

「虽然这对 BTC [和 ETH] 来说都很好，但接下来的发展方向却是一个未知领域。」—— DegenSpartan

"Although this is good for BTC [and ETH], the next direction is an unknown area." — DegenSpartan

我们相信，并且有证据表明，假设 (1) 对网络来说是更好的解决方案，因为无论哪种情况，如果质押的 ETH 趋向于 tradfiETH，则该链存在质押中心化的风险。因此，在资本雄厚的现有企业开发中心化质押产品的状态下，只要 Lido 保持足够去中心化，stETH 和 DAO 就是维持以太坊一致性的重要组成部分，更广泛地说，因为 DAO 管理 stETH 的委托，并进而对网络的性能、安全性和去中心化产生重大影响。

We believe, and there is evidence to suggest, that (1) the hypothesis is a better solution for the network, because in either case there is a risk of centralization of the chain if the pledged ETH is tending to tradfiETH. Thus, in the state of the existing capital-rich enterprise to develop the centralized pledge product, as long as Lido remains sufficiently decentralized, stETH and DAO are important components of maintaining e-Thai coherence, more broadly, because DAO manages the task of stETH and, in turn, has a significant impact on the performance, security and decentralization of the network.

风险

Risk

波动性和流动性：当 ETH 波动性飙升时，投资者将更愿意在公开市场上出售 stETH，而不是在提款队列中等待。在流动性不足的情况下，高波动时期与高卖出量同时出现，可能会导致 stETH 的价格偏离其 1:1 ETH 价格挂钩，这会带来后续风险，直到市场状况恢复。

Volatileness and liquidity: When ETH volatility soars, investors will prefer to sell stETH on the open market rather than wait in withdrawal queues. In cases of insufficient liquidity, periods of high volatility coincide with high sales volumes, which may result in stETH price deviations from its 1:1 ETH price linkage, with subsequent risks until market conditions recover.

循环风险：一种流行的赚取奖励的方法（例如为空投或流动性挖矿激励而耕种），用户采取杠杆头寸，借出 stETH，借入 ETH，购买 stETH，借出额外的 stETH，并重复循环，直到他们充分利用杠杆率达到最大容量。在波动时期，循环者面临被清算的风险，这可能会引发与波动性和流动性相关的放大风险。

Cycle risk: A popular method of earning incentives (e.g. farming for airdrops or mobile mining incentives), whereby users take a leverage position, borrow stETH, borrow ETH, buy stETH, borrow additional stETH, and repeat the cycle until they take full advantage of the leverage rate to maximize capacity. During a period of volatility, circulators face a risk of being liquidated, which may lead to a magnification risk associated with volatility and liquidity.

协议和治理：LSP 占据大量市场份额存在相关风险。stETH 委托的协议由 DAO 管理。虽然 DAO 正在采取措施实现双重治理，这将降低这些风险，但如果 stETH 占质押 ETH 的大部分，那么就有理由担心 ETH 质押会集中到 LDO 治理中。

Agreement and governance: The LSP has associated risks of taking a large share of the market. The agreement commissioned by the stETH is managed by DAO. While DAO is taking steps to achieve dual governance, which will reduce these risks, there is reason to fear that the ETH pledge will be concentrated in LDO governance if the stETH accounts for most of the pledged ETH.

智能合约：Lido 协议由一组智能合约执行。这包括存款、取款、委托质押、削减和密钥管理。这些系统中存在与智能合约相关的不可预见的错误或恶意升级。

Smart contracts: The Lido protocol is executed by a group of smart contracts. This includes deposits, withdrawals, entrusting pledges, cuts, and key management. There are unforeseen errors or malicious upgrades associated with smart contracts in these systems.

竞争对手：LST 市场规模庞大，其他再质押协议正在进入该领域。TradFi 还能够开发自己的质押产品，鉴于目前的市场结构，这些产品可能对一些投资者来说更容易获得。

Competing: The LST market is large, and other re-prising agreements are entering the field. TradFi is also able to develop its own pledge products, which may be more accessible to some investors given the current market structure.

监管：虽然现货 ETH ETF 批准可能会使质押提供商的平均安全性更高，但质押 ETH 仍将受到监管审查。公开的法律讨论包括（但不限于）质押提供商的角色、「管理」与「行政」之间的区别（根据豪威测试）以及 LSP 是否是「发行人」（Reve 测试）。

Regulation: While a spot ETH ETF approval may make the pledge provider more secure on average, the pledge ETH will still be subject to regulatory scrutiny. Open legal discussion includes (but is not limited to) the role of the pledge provider, the distinction between "management" and "administration" (based on Howie) and whether the LSP is a "issuer" (Reve test).

总结

Summary

按照今天的标准，stETH 可以说是获得质押 ETH 敞口的最佳产品。它是链上流动性最强的 LST；它是 DeFi 中最广泛使用的抵押品形式；这些市场结构正在链下迅速扩张，CEX 上交易量的不断增长就是明证（最值得注意的是 ByBit 和 OKX）。虽然持有 stETH 存在风险，但考虑到 stETH 的属性、Lido 的协议、与以太坊保持一致的日益增长的必要性以及即将到来的催化剂，这些强大的市场结构可能会继续存在，甚至可能激增。路线图上的这些催化剂包括分布式验证器技术 (DVT)、双重治理、支持预确认和为重新质押 stETH 分配额外资源，以及有助于以太坊研究的改进后的治理结构。更重要的是，如果 TradFi 开发质押 ETH 产品，stETH 和 Lido DAO 将在以太坊中发挥越来越重要的作用。返回搜狐，查看更多

By today's standards, stETH can be said to be the best product to secure the ETH exposure. It is the most mobile form of the chain; it is the most widely used form of collateral in the DeFi; these market structures are expanding rapidly below the chain, as evidenced by the increasing volume of transactions on the CEX (most notably by Bybit and OKX). While holding stETH is at risk, but given the properties of stETH, the Lido agreement, the growing need to be aligned with Tai, and the emerging catalysts, these powerful market structures may continue to exist and may even increase dramatically.

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