CESR：以太坊質押率的基準

Pier Two 財務長 Tom Whitton 表示，透過將回報與值得信賴的行業基準進行比較，以太坊營運商可以確定需要改進的領域並優化其運營，並使其質押產品在競爭激烈的市場中脫穎而出。

As institutional adoption of crypto grows and more service providers enter the market, the need for trusted performance metrics becomes increasingly important for gaining a competitive edge.

隨著加密貨幣的機構採用不斷增長以及更多服務提供者進入市場，對可信任效能指標的需求對於獲得競爭優勢變得越來越重要。

In traditional finance, financial markets rely on a “risk free rate” to price financial products and measure the performance of fund managers. For digital currencies, the Ethereum staking rate is the closest equivalent.

在傳統金融中，金融市場依靠「無風險利率」來為金融產品定價並衡量基金經理人的績效。對於數位貨幣，以太幣質押率是最接近的等價物。

Institutional staking service operators, like Pier Two (where I work as CFO) and Figment, are dedicated to providing security and stability to the Ethereum ecosystem while delivering premier staking yields to customers.

Pier Two（我擔任 CFO）和 Figment 等機構質押服務業者致力於為以太坊生態系統提供安全性和穩定性，同時為客戶提供一流的質押收益。

One such metric gaining prominence is the CESR (Composite Ether Staking Rate) benchmark, created by CoinDesk Indices and CoinFund. CESR measures the average staking rate across the Ethereum network, providing a reliable standard for operators and stakers to gauge performance. By comparing staking rates to CESR, operators can objectively assess their competitiveness and effectiveness.

其中一個備受關注的指標是由 CoinDesk Indices 和 CoinFund 創建的 CESR（複合以太質押率）基準。 CESR 衡量整個以太坊網路的平均質押率，為營運商和質押者衡量效能提供可靠的標準。透過將質押率與CESR進行比較，營運商可以客觀地評估其競爭力和有效性。

Benchmarks are important in financial markets to create structure, standardization and comparability for many financial products, including ETFs. CESR is a useful rate for issuers that are looking to offer ETH Staking funds, and for validators that are looking to engage in performance monitoring, or swaps to lock in rates and build more sustainable and less volatile business models.

基準在金融市場中非常重要，它可以為包括 ETF 在內的許多金融產品創建結構、標準化和可比性。對於希望提供 ETH Stake 資金的發行人，以及希望參與性能監控或互換以鎖定利率並建立更可持續、波動性更小的商業模式的驗證者來說，CESR 是一個有用的利率。

Here are three ways that institutional staking service operators can use the CESR benchmark to enhance their operations:

機構質押服務業者可以透過以下三種方式使用 CESR 基準來增強其營運：

1. Performance Benchmarking

1. 性能基準測試

CESR offers operators a metric to benchmark their validator performance against the broader network. By comparing their returns to a trusted industry benchmark, operators can identify areas for improvement and optimize their operations, as well as to differentiate their staking products in a competitive market.

CESR 為營運商提供了一個指標，可以根據更廣泛的網路來衡量驗證器的效能。透過將回報與值得信賴的行業基準進行比較，營運商可以確定需要改進的領域並優化其運營，並使其質押產品在競爭激烈的市場中脫穎而出。

The CESR benchmark fosters healthy competition among operators. Those who outperform are rewarded with increased delegations, while those who don’t are incentivized to enhance their performance to remain competitive.

CESR基準促進營運商之間的良性競爭。那些表現出色的人會獲得更多的授權，而那些表現不佳的人則會受到激勵，提高他們的表現以保持競爭力。

2. Market Monitoring and Strategic Insights

2. 市場監測與策略洞察

CESR enables operators to gain deeper insights into the Ethereum ecosystem. By monitoring trends, operators can make informed strategic decisions and adapt to market conditions and network changes (including recent Shapella and Dencun upgrades).

CESR 使營運商能夠更深入地了解以太坊生態系統。透過監控趨勢，營運商可以做出明智的策略決策，並適應市場條件和網路變化（包括最近的 Shapella 和 Dencun 升級）。

The CESR benchmark demonstrates that well-managed operators can achieve consistent returns despite market and network fluctuations. This underscores the value of robust operational practices and vigilant monitoring.

CESR基準表明，管理良好的營運商可以在市場和網路波動的情況下實現穩定的回報。這強調了穩健的營運實踐和警覺的監控的價值。

3. Enhancing Infrastructure Performance with Rated RAVER

3. 透過額定 RAVER 增強基礎設施效能

Reliable and performant infrastructure is key to yield success. Operators must leverage high uptime, low latency, and rigorous operational protocols to maximize staking efficiency and rewards. Using Rated’s Validator Effectiveness Rating (RAVER) helps measure these factors, considering uptime, participation in consensus, and overall reliability.

可靠且高效能的基礎設施是成功的關鍵。營運商必須利用高正常運作時間、低延遲和嚴格的營運協議來最大限度地提高質押效率和回報。使用 Rated 的驗證器有效性評級 (RAVER) 有助於衡量這些因素，同時考慮正常運行時間、共識參與度和整體可靠性。

By using CESR as the industry signal and Rated's RAVER metrics to measure infrastructure performance, an Institutional staking service operator may optimize to maintain a competitive edge. This comprehensive approach allows operators to fine-tune strategies and operations continuously, to further enhance services.

透過使用 CESR 作為產業訊號和 Rated 的 RAVER 指標來衡量基礎設施效能，機構質押服務業者可以進行最佳化以保持競爭優勢。這種綜合方法使營運商能夠不斷調整策略和運營，以進一步增強服務。

The CESR benchmark offers a tool for operators to measure and enhance their performance within the Ethereum ecosystem. By leveraging CESR alongside operational metrics like Rated RAVER, operators can achieve greater transparency, trust, and efficiency. As the Ethereum network continues to evolve, these benchmarks will play an increasingly vital role in guiding and evaluating validator success. CESR will continue to be used by market participants, validators and financial institutions worldwide when engaging in products that reference Ethereum as the first bedrock financial rate of return for the Internet.

CESR 基準為營運商提供了一個工具來衡量和提高他們在以太坊生態系統中的表現。透過利用 CESR 以及 Rated RAVER 等營運指標，營運商可以實現更高的透明度、信任度和效率。隨著以太坊網路的不斷發展，這些基準將在指導和評估驗證者成功方面發揮越來越重要的作用。全球市場參與者、驗證者和金融機構在開發將以太坊作為網路第一基石財務回報率的產品時，將繼續使用 CESR。

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

註：本專欄所表達的觀點僅代表作者的觀點，不一定反映 CoinDesk, Inc. 或其所有者和關聯公司的觀點。

Edited by

編輯者