- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
Earn- More
Five consecutive quarters without disclosing staking information, what does top ETH custodian Coinbase want to do?
原文作者：hildobby，Dragonfly 成员
原文编译：ChatGPT
编者按：Coinbase 作为最大质押 ETH 托管方，管理约 21% 的质押 ETH，但连续五个季度未公开质押 ETH 信息。数据显示其质押比例从 15% 下降，可能与地址轮换有关。尽管 Coinbase 强调透明度，却未公开质押 ETH 数量及 cbETH 支持情况。超过 75% 的 cbETH 流通供应量未被使用，提醒投资者应关注底层质押 ETH 而非 LST 流通量。Coinbase 选择通过未使用供应量膨胀 cbETH，而非透明化操作。
以下为原文内容（为便于阅读理解，原内容有所整编）：
这是第五个季度，最大的质押 ETH 托管方 Coinbase 拒绝分享任何关于他们质押 ETH 的信息。
下图估算显示他们管理着约 21% 的所有质押 ETH。
X 用户@adcv_估计过去几个季度质押 ETH 的恒定比例约为 15%，最近增加了 6%，并作出分析这可能与 Coinbase Custody 有关。
我的质押仪表板显示 Coinbase 占 8.4%，因为只有标记的地址被标注，其余的都是「未识别」。
由于过去几个月的定期调查，我目前有 227k 个地址被标记为 Coinbase 质押存款。
但 Coinbase 定期轮换地址并更改其托管结构，这使得跟踪他们的质押操作变得更加困难
在这里，你可以看到我的数据从 2024 年的 15% 稳步下降，我将其归因于一些地址轮换。
我将继续标记新地址，一旦找到并收集到足够的证据，这里是一个 2023 年调查工作的例子。
Coinbase 与 ETH 如此紧密地对齐，以至于他们控制了其安全层的 21%，但拒绝披露。
Coinbase 一直强调透明度，但从未分享过任何关于他们质押 ETH 数量、cbETH 支持或 cbBTC 支持的信息。
Brian Armstrong 还曾发文表示：「想象一下，如果每一项政府支出都是在链上透明进行的。审计将变得容易得多。」
据透露，超过 75% 的 cbETH 流通供应量实际上并未被使用。这一发现提醒我们，应当关注底层质押的 ETH，而非仅仅关注 LST（流动性质押代币）的流通供应量。如果我们能够追踪到支撑 cbETH 的质押 ETH，cbETH 可能会更加成功，但他们没有选择透明化，而是通过未使用的供应量来膨胀 cbETH 的数量。
「原文链接」
You may also like
Bhutan Quietly Sells Over $22M in Bitcoin, Drawing Speculation Over Possible Moves
Key Takeaways Bhutan has transferred over $22 million in Bitcoin from sovereign wallets in the past week. The…
BitMine Endures a $7B Unrealized Loss as Ethereum Dips Below $2,100
Key Takeaways BitMine is facing a significant financial challenge with an unrealized loss of over $7 billion in…
Trump-Linked World Liberty Financial Under Scrutiny Following $500 Million UAE Stake
Key Takeaways A U.S. House investigation is examining a $500 million UAE stake in Trump-related World Liberty Financial.…
Asia Market Open: Bitcoin Tumbles as Asian Equities Reflect Global Tech Retreat
Key Takeaways: Bitcoin’s price plunged by 6% to $72,000, reflecting the spillover effects from the global tech sector’s…
Crypto Firms Propose Concessions to Banks as Stablecoin Disputes Stall Key Crypto Bill
Key Takeaways: Crypto companies are attempting to navigate stablecoin disputes with banks but agreements remain elusive. Industry representatives…
CoolWallet Introduces TRON Energy Rental to Minimize TRX Transaction Costs
Key Takeaways CoolWallet has integrated TRON’s energy rental services, offering users lower transaction fees while maintaining asset security.…
CFTC Officially Withdraws Biden-Era Proposal to Ban Political and Sports Prediction Markets
Key Takeaways: The CFTC has rescinded a 2024 proposal and subsequent 2025 advisory that aimed to prohibit event…
Binance Says Assets Rose Amid Alleged Bank Run Attempt
Key Takeaways: Binance reported an unexpected increase in assets during a community-driven withdrawal campaign, challenging conventional expectations of…
Same Macro Tape, Different Bid – Gold Absorbs Flows as Bitcoin Swings
Key Takeaways: Gold is experiencing significant demand growth, especially via ETFs and central banks, projecting a robust performance…
Crypto Price Prediction Today, February 4 – Focus on XRP, Cardano, and Dogecoin
Key Takeaways Bitcoin is facing significant pressure, affecting the entire cryptocurrency market, including heavyweights like XRP, Cardano, and…
Vitalik Buterin Urges Ethereum Builders to Innovate Beyond Clone Chains
Key Takeaways Vitalik Buterin criticizes the trend of creating copy-paste EVM chains, encouraging developers to focus on truly…
Best Crypto to Buy Now February 4: XRP, Solana, Hyperliquid Picks
Key Takeaways XRP remains one of the top picks for cross-border transactions due to its high speed and…
XRP Price Prediction: Ripple Quietly Unlocks a Billion Tokens – Is a Price Shock Coming in the Next Few Hours?
Key Takeaways Ripple has released one billion XRP tokens into the market, potentially causing a shift in XRP…
Google’s Gemini AI Predicts the Price of XRP, Ethereum, and Solana By the End of 2026
Key Takeaways Google’s Gemini AI forecasts significant growth for XRP, anticipating a price of up to $8 by…
TRM Labs Achieves $1B Valuation Following $70M Series C Led by Blockchain Capital
Key Takeaways TRM Labs has reached a significant milestone with a $1 billion valuation following a successful Series…
Bitcoin Price Prediction: BTC’s $73K Pivot, Is the “Digital Gold” Purge Over or Just Getting Started?
Key Takeaways: Bitcoin is currently experiencing a market realignment, with cautious market sentiment due to AI’s influence. The…
Solana Price Prediction: Did SOL Just Bottom at $100? Charts Now Suggest a Remarkable 200% Rally
Solana’s price has been hovering around the $100 mark after a significant drop, sparking debate on whether it…
Untitled
I’m sorry, but it seems that there was an error in retrieving the original article content. Due to…
Bhutan Quietly Sells Over $22M in Bitcoin, Drawing Speculation Over Possible Moves
Key Takeaways Bhutan has transferred over $22 million in Bitcoin from sovereign wallets in the past week. The…
BitMine Endures a $7B Unrealized Loss as Ethereum Dips Below $2,100
Key Takeaways BitMine is facing a significant financial challenge with an unrealized loss of over $7 billion in…
Trump-Linked World Liberty Financial Under Scrutiny Following $500 Million UAE Stake
Key Takeaways A U.S. House investigation is examining a $500 million UAE stake in Trump-related World Liberty Financial.…
Asia Market Open: Bitcoin Tumbles as Asian Equities Reflect Global Tech Retreat
Key Takeaways: Bitcoin’s price plunged by 6% to $72,000, reflecting the spillover effects from the global tech sector’s…
Crypto Firms Propose Concessions to Banks as Stablecoin Disputes Stall Key Crypto Bill
Key Takeaways: Crypto companies are attempting to navigate stablecoin disputes with banks but agreements remain elusive. Industry representatives…
CoolWallet Introduces TRON Energy Rental to Minimize TRX Transaction Costs
Key Takeaways CoolWallet has integrated TRON’s energy rental services, offering users lower transaction fees while maintaining asset security.…
App