Coinbase是最大的單節點操作員，該操作員支持以太坊網絡上的樁活動。

根據其處女驗證者的績效報告，美國的交易所已將384萬ETH通過120,000個驗證者存放

Coinbase is the largest single-node operator supporting staking activities on the Ethereum network.

Coinbase是最大的單節點操作員，該操作員支持以太坊網絡上的樁活動。

According to its maiden Validator Performance report, the US-based exchange has staked 3.84 million ETH through 120,000 validators, which represents 11.42% of the total staked ETH.

根據其處女驗證績效報告，總部位於美國的交易所已通過120,000個驗證器將384萬ETH固定，佔固定ETH的11.42％。

In addition to its direct staking operations, Coinbase has also staked an additional 581,500 ETH through partners as of March 4, 2025.

除了直接佔有作業外，Coinbase還通過合作夥伴截至2025年3月4日，還通過合作夥伴加入了581,500 ETH。

These combined staking operations place Coinbase in the lead among centralized competitors. For instance, Binance currently stakes around 2 million ETH, and Kraken approximately 1 million ETH, making Coinbase the largest node operator.

這些合併的放入操作使共同競爭者的領導者成為領先的。例如，目前，二手股票約有200萬ETH，而Kraken約有100萬個ETH，使Coinbase成為最大的節點運營商。

The company’s rapid expansion in Ethereum staking comes despite previous legal challenges from the US Securities and Exchange Commission (SEC). The financial regulator had alleged that Coinbase’s staking services violated securities laws.

儘管美國證券交易委員會（SEC）提出了以前的法律挑戰，但該公司在以太坊中的快速擴張仍在進行。金融監管機構聲稱Coinbase的Staging Services違反了證券法。

However, the exchange refuted these claims, maintaining that staking enhances blockchain security and does not meet the legal criteria stipulated in the US Securities Act or the Howey Test.

但是，該交易所駁斥了這些主張，認為Staging可以增強區塊鏈安全性，並且不符合《美國證券法》或Howey測試中規定的法律標準。

The Importance of High Performing Validators

高性能驗證者的重要性

Validators play a critical role in the network as they are responsible for verifying and validating new transactions and blocks on the blockchain.

驗證器在網絡中起著至關重要的作用，因為他們負責驗證和驗證區塊鏈上的新交易和區塊。

The report highlights Coinbase’s efficiency, with its validators achieving a 99.75% uptime and participation rate.

該報告強調了Coinbase的效率，其驗證者達到了99.75％的正常運行時間和參與率。

Coinbase explained that its validators are distributed across multiple jurisdictions, including Japan, Singapore, Ireland, Germany, and Hong Kong.

Coinbase解釋說，其驗證者分佈在包括日本，新加坡，愛爾蘭，德國和香港在內的多個司法管轄區之間。

Meanwhile, the exchange’s validators are utilizing multiple execution and consensus clients to further enhance security and decentralization. This approach minimizes the potential for network failures, reduces the threat of attacks, and ensures stable rewards.

同時，交易所的驗證者正在利用多個執行和共識客戶端進一步提高安全性和權力下放化。這種方法最大程度地減少了網絡故障的潛力，減少了攻擊的威脅並確保穩定的獎勵。

As a result, the exchange explained that its validators have a perfect track record of never double-signing or being slashed.

結果，交易所解釋說，其驗證者擁有永不簽名或被削減的完美記錄。

Largest Node Operator

最大的節點運算符

Anthony Sassano, an Ethereum educator and founder of The Daily Gwei, noted that these figures make Coinbase the largest individual node operator on the network.

以太坊教育者兼每日GWEI的創始人安東尼·薩薩諾（Anthony Sassano）指出，這些數字使Coinbase成為網絡上最大的單個節點運算符。

According to him:

據他說：

“Coinbase [is] the single largest node operator on the network (Lido is bigger as a collective, but each node operator has a much smaller % share).”

“ Coinbase是網絡上最大的節點運算符（Lido作為集體較大，但每個節點運算符的份額都小得多）。”

Data from Dune Analytics shows that Lido continues to be the dominant force in Ethereum staking, having more than 9 million ETH staked, which is about 27.3% of the total staking market.

Dune Analytics的數據表明，Lido仍然是以太坊積累中的主要力量，擁有超過900萬的ETH，約佔總積分市場的27.3％。