温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh/55011.html
点击访问原文链接

Lido’s 15% layoffs: The dangers and opportunities of the Ethereum staking ecosystemRecommended Articles | Bee Network

进入原网站 导航首页
Lido’s 15% layoffs: The dangers and opportunities of the Ethereum staking ecosystemRecommended Articles | Bee Network Login 熱門新聞 Meme Launchpad AI 代理商 DeSci 熱門鏈瀏覽器 新人必讀 衝百倍幣 蜜蜂遊戲 必備網站 必備APP 必關大神 DePIN 新人必備 教我避坑 基本工具 深度網站 交易所 NFT 工具 你好， 登出 Web3宇宙 遊戲 DApp 蜂巢 增長平台 生態 搜尋 英語 Coins儲值 登入 下載 Web3大學 遊戲 DApp 蜂巢 生態 家•分析•Lido’s 15% layoffs: The dangers and opportunities of the Ethereum staking ecosystemRecommended Articles Lido’s 15% layoffs: The dangers and opportunities of the Ethereum staking ecosystemRecommended Articles分析7 年前更新懷亞特 25,584 31

On August 4, Vasiliy Shapovalov, co-founder of the decentralized staking platform Lido, announced that he would lay off 15% of his employees.

At a time when almost everyone believes that an institutionally driven ETH bull market is imminent, and the SEC has shown signs of approving the ETH spot ETF pledge application, this news clearly goes against everyone’s expectations.

As one of the leading projects in the ETH staking sector, Lido may be considered by most people to be the biggest beneficiary of the news of the SEC approving the ETH staking ETF, but is this really the case?

Lido’s layoffs are not just a simple organizational adjustment, but more like a microcosm of the turning point facing the entire decentralized staking track.

The official explanation is “for long-term sustainability and cost control,” but what’s behind this is a deeper industry change:

As ETH continues to flow from retail investors to institutions, the living space of decentralized staking platforms is being continuously compressed.

Let’s rewind to 2020, when Lido launched and ETH 2.0 staking had just begun. The 32 ETH threshold for staking was prohibitive for most retail investors. However, Lido’s innovative liquid staking token (stETH) allowed anyone to participate in staking and maintain liquidity. This simple yet elegant solution has enabled Lido to grow into a staking giant with over $32 billion in TVL in just a few years.

However, changes in the 加密貨幣 market over the past two years have shattered Lido’s growth story. With traditional financial giants like BlackRock beginning to invest in ETH staking, institutional investors are reshaping the market with familiar methods. Several key players in this institutional-driven ETH bull run have offered their own solutions: BMNR chose Anchorage, SBET chose Coinbase Custody, and ETFs like BlackRock all adopted offline staking.

Without exception, they prefer centralized staking solutions over decentralized staking platforms. This choice is driven by compliance considerations and risk appetite, but ultimately points to one thing: the growth engine of decentralized staking platforms is stalling.

Institutions go left, decentralized staking goes right

To understand the selection logic of institutions, we need to first look at a set of data: starting from July 21, 2025, the number of ETH waiting to be unstaked began to be significantly higher than the number entering staking, with the maximum difference reaching 500,000 ETH.

At the same time, ETH strategic reserve companies led by BitMine and SharpLink are continuing to purchase ETH in large quantities. Currently, the total number of ETH held by these two companies alone exceeds 1.35 million ETH.

Wall Street institutions such as BlackRock have also continued to purchase ETH after the SEC approved the ETH spot ETF.

Based on the above data, it’s clear that ETH is steadily flowing from retail investors to institutional investors. This dramatic shift in holdings is re德菲ning the rules of the game for the entire staking market.

For institutions managing billions of dollars in assets, compliance is always a top priority. When reviewing BlackRock’s application for an ETH-collateralized ETF, the SEC explicitly required applicants to demonstrate the compliance, transparency, and auditability of their collateralization service providers.

This hits a crucial weakness in decentralized staking platforms. Node operators for decentralized staking platforms like Lido are distributed globally. While this decentralized structure enhances the network’s censorship resistance, it also complicates compliance reviews. Imagine how decentralized protocols would respond if regulators demanded KYC information for every validating node.

In contrast, centralized solutions like Coinbase Custody are much simpler. They have a clear legal entity, robust compliance processes, traceable fund flows, and even insurance coverage. For institutional investors who need to answer to limited partners, the choice is obvious.

When evaluating a pledge plan, the institution’s risk control department will focus on a core issue: Who is responsible if something goes wrong?

In Lido’s model, losses caused by node operator errors are shared by all stETH holders, and the specific person responsible may be difficult to track. However, in centralized staking, service providers will assume clear compensation responsibilities and even provide additional insurance protection.

More importantly, institutions require not only technical security but also operational stability. When Lido replaced its node operator through a DAO vote, this “people’s vote” became a source of uncertainty for institutions. They prefer a predictable and controllable partner.

Regulatory relaxation, but not entirely beneficial

On July 30, the SEC announced it had received an application from BlackRock for an ETH-collateralized ETF. On August 5, the SEC issued updated guidance: Certain types of liquidity pledges are not subject to securities law.

It seems that everything is moving in a positive direction. On the surface, this is the good news that decentralized staking platforms have been waiting for a long time. However, after in-depth analysis, it can be found that this may also be the sword of Damocles hanging over the heads of all decentralized staking platforms.

The short-term benefits of regulatory relaxation are clear. 代幣s on major decentralized staking platforms, such as Lido and ETHFI, saw prices surge by over 3% immediately following the announcement. As of August 7th, the liquidity staking token PRL saw a 19.2% increase, while SWELL saw an 18.5% increase. This price increase, to some extent, reflects the market’s optimistic outlook for the LSD sector. More importantly, the SEC’s announcement clears compliance hurdles for institutional investors.

Traditional financial institutions have long worried about potential securities law violations when participating in staking. Now, that concern has largely dispelled, and it seems only a matter of time before the SEC approves an ETH-collateralized ETF.

However, behind this thriving scene lies a deeper track crisis.

The SEC’s regulatory relaxation not only opens the door for decentralized platforms but also paves the way for traditional financial giants. When asset management giants like BlackRock begin to launch their own collateralized ETF products, decentralized platforms will face unprecedented competitive pressure.

The asymmetry of this competition lies in the gap in resources and channels. Traditional financial institutions have mature sales networks, brand trust, and compliance experience, which are difficult for decentralized platforms to match in the short term.

More importantly, the standardization and convenience of ETF products are naturally attractive to ordinary investors. When investors can purchase staked ETFs with one click through their familiar brokerage accounts, why bother learning how to use decentralized protocols?

The core value propositions of decentralized staking platforms—decentralization and censorship resistance—pale in the face of institutionalization. For institutional investors seeking maximum returns, decentralization is more of a cost than a benefit. They prioritize yield, liquidity, and operational convenience, precisely the strengths of centralized solutions.

In the long term, loosening regulations could accelerate the “Matthew Effect” in the staking market. Funds will increasingly concentrate on a few large platforms, while smaller decentralized projects will face a survival crisis.

A deeper threat lies in the disruption of business models. Traditional financial institutions can lower fees through cross-selling and economies of scale, or even offer zero-fee staking services. Decentralized platforms, however, rely on protocol fees to maintain operations, putting them at a natural disadvantage in price wars. How will decentralized platforms with a single business model respond when competitors can subsidize staking services through other business lines?

Therefore, although the SEC’s regulatory relaxation has brought market expansion opportunities for decentralized staking platforms in the short term, in the long run, it is more like opening Pandora’s box.

The entry of traditional financial forces will completely change the rules of the game, and decentralized platforms must find new ways to survive before being marginalized. This may mean more radical innovation, deeper DeFi integration, or – ironically – some degree of centralized compromise.

At this moment of regulatory spring, decentralized staking platforms may not be facing a moment of celebration, but a turning point of life and death.

The dangers and opportunities of Ethereum’s staking ecosystem

Standing at the critical juncture of 2025, the Ethereum staking ecosystem is undergoing unprecedented transformation. Vitalik’s concerns, regulatory shifts, and the entry of institutions—these seemingly contradictory forces are reshaping the entire industry landscape.

Admittedly, challenges are real. The shadow of centralization, intensified competition, and the impact of business models could each be the final straw that breaks the camel’s back for the ideal of decentralization. But history tells us that true innovation is often born in times of crisis.

For decentralized staking platforms, the wave of institutionalization presents both a threat and a driving force for innovation. When traditional financial giants introduce standardized products, decentralized platforms can focus on deep integration into the DeFi ecosystem. When price wars become inevitable, differentiated services and community governance will become new moats. When regulation opens the door to everyone, the importance of technological innovation and user experience will become even more prominent.

More importantly, the expansion of the market means the pie is getting bigger. When staking becomes a mainstream investment option, even niche markets will be large enough to support the prosperity of multiple platforms. Decentralization and centralization don’t have to be a zero-sum game; they can serve different user groups and meet different needs.

The future of Ethereum will not be determined by a single force, but will be shaped by all participants together.

The tide rises and falls, and only the fittest survive. In the crypto industry, the definition of “fittest” is far more diverse than in traditional markets, which may be a reason for optimism.

本文源自網路： Lido’s 15% layoffs: The dangers and opportunities of the Ethereum staking ecosystemRecommended Articles

Related: Eyen surged 77% in a single day, and HYPE became a new player in the cryptocurrency stock market On June 17, eye medicine digital technology company Eyenovia (stock code: EYEN) announced that it had signed a securities purchase agreement to conduct a PIPE (Private Equity) with institutional qualified investors for US$50 million. The funds will be used to establish its first cryptocurrency reserve program, targeting Hyperliquids native token HYPE. The investment amount of US$50 million even far exceeds the companys market value of US$20 million. On June 23, Eyenovia announced that its previously disclosed $50 million PIPE transaction had been successfully completed, and announced that it had successfully purchased 1,040,584.5 $HYPE at an average price of approximately $34 per coin. As part of this strategy, the company also plans to launch and operate its own network verification nodes with ecological partners to support the activity of the Hyperliquid…

#分析# 加密# 脫機#以太坊#市場#代幣© 版權聲明文章版权归作者所有，未经允许请勿转载。 上一篇 "RWA Industry Development Research Report" Released in Hong Kong: The Rise of RWA Is No Accident, Reject Blind OptimismR 下一篇 After two years of waiting, is this the end of the RGB protocol’s launch on the mainnet?Recommended Articles 相關文章 Moat or Harvester, Are DAT Stocks Worth Investing in? 6086cf14eb90bc67ca4fc62b 18,453 LUCE一夜漲千倍，真正的宗教迷因來了嗎？ 6086cf14eb90bc67ca4fc62b 43,443 10 Popular Interactive Compilation | Tempo Testnet Task Summary; Earn Points with Polarise (December 30th) 6086cf14eb90bc67ca4fc62b 13,353 The First Wave of the 2026 Market is Actually Meme Coins: Prelude to Recovery or Bull Trap? 6086cf14eb90bc67ca4fc62b 11,340 2 Is the protocol fee cut-off imminent? Uniswap introduces DUNA architecture to strengthen DAO complianceRecommended Artic 6086cf14eb90bc67ca4fc62b 23,210 3 The Oracle Wars: The Underlying Code for the Explosion of On-Chain Prediction Markets 6086cf14eb90bc67ca4fc62b 19,523 暫無評論 您必須先登入才能發表評論！ 立即登入 暫無評論... 最新的文章 UniSat Releases Phase Updates and Upgrades, Continuously Building the Bitcoin Ecosystem 8小時前 476 Jack Dorsey’s Company: 4,000 White-Collar Workers Are Being Replaced by AI 8小時前 474 Latest Stablecoin Report: Real Distribution and Flow Are Far More Important Than Supply 8小時前 386 Sui DeFi’s “Three-Engine” Revolution: How New Capabilities, New Assets, and New Programs Are Building the Future of On-Chain Finance? 8小時前 341 On-chain Investigator ZachXBT Confirms: Axiom Employees Exploited Internal Privileges for Insider Trading 8小時前 381 熱門網站TempoGAIBLighter滑翔機普朗克雷爾斯BCPokerVooi Bee.com 全球最大的 Web3 入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko 幣活 盔甲 下載Bee Network APP開啟您的Web3之旅 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 下載蜜蜂網路APP 並開始 web3 之旅 全球最大的Web3入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 搜尋 搜尋站內鏈上社群媒體新聞 熱門推薦： 擼毛打金 數據分析 必關大神 教我避坑 繁體中文 English 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 繁體中文

智能索引记录