自 6 月以來，Coinbase 的流動質押代幣 cbETH 已減少一半以上的供應

在此期間，cbETH 市場規模隱含價值下降了 24 億美元，引起了一些市場參與者的擔憂。

Coinbase’s liquid-staking token cbETH has lost more than half of its supply since June.

自 6 月以來，Coinbase 的流動質押代幣 cbETH 已經損失了一半以上的供應量。

During that period, the cbETH market size has declined by an implied value of $2.4 billion, prompting concerns from some market participants.

在此期間，cbETH 市場規模隱含價值下降了 24 億美元，引起了一些市場參與者的擔憂。

However, Coinbase said there isn’t cause for panic because the supply drop stems from an infrastructure upgrade implemented in June.

不過，Coinbase 表示，沒有理由恐慌，因為供應量下降源自於 6 月實施的基礎設施升級。

“We updated the total reserve pool volume to streamline our infrastructure,” a Coinbase spokesperson told DL News. “The cbETH decrease in supply was an intentional outcome of these updates.”

Coinbase 發言人告訴 DL News：“我們更新了儲備池總量，以簡化我們的基礎設施。” “cbETH 供應量的減少是這些更新的有意結果。”

Here’s what happened. Staking

事情是這樣的。質押

CbETH is a liquid-staking token that represents Ether staked on Coinbase.

CbETH 是一種流動質押代幣，代表質押在 Coinbase 上的以太幣。

Staking means locking a token in a DeFi protocol or blockchain network that renders the token unusable until it is unlocked.

質押意味著將代幣鎖定在 DeFi 協議或區塊鏈網路中，這使得代幣在解鎖之前無法使用。

Liquid staking enables investors to put locked assets to use in the form of a liquid-staked token given by the blockchain or DeFi protocol in exchange for the underlying staked asset.

流動質押使投資者能夠以區塊鏈或 DeFi 協議提供的流動質押代幣的形式使用鎖定資產，以換取基礎質押資產。

DeFi users can deploy liquid-staked tokens as collateral to borrow other assets or to earn yields on crypto protocols.

DeFi 用戶可以部署具有流動性的代幣作為抵押品來借入其他資產或透過加密協議賺取收益。

The DeFi market also has another extension of the staking meta — restaking, through which investors can restake their liquid-staked tokens.

DeFi 市場還有質押元的另一個延伸——重新質押，投資者可以透過它重新質押他們的流動性質押代幣。

As a liquid-staking token, cbETH is backed by Ether tokens staked by investors on Coinbase.

作為一種流動性質押代幣，cbETH 由投資者在 Coinbase 上質押的以太幣作為支持。

Despite this backing, the implied value of cbETH isn’t equal to the spot price of Ether.

儘管有這種支持，cbETH 的隱含價值並不等於以太幣的現貨價格。

Instead, Coinbase uses a conversion rate that controls the cbETH issuance and redemption.

相反，Coinbase 使用控制 cbETH 發行和贖回的兌換率。

Issuance in this context is when an investor receives cbETH in exchange for Ether staked on Coinbase, while redemption is the reverse — the user unwraps cbETH and withdraws their Ether stake.

在這種情況下，發行是指投資者收到 cbETH 以換取 Coinbase 上質押的以太幣，而贖回則是相反的情況 - 用戶解開 cbETH 並提取其以太幣質押。

In June, Coinbase changed its conversion rate calculation to index the staked Ether backing for each cbETH, rather than a previous arrangement that indexed the total cbETH.

6 月，Coinbase 更改了其兌換率計算，以對每個 cbETH 的質押以太幣支援進行索引，而不是先前對總 cbETH 進行索引的安排。

As such, Coinbase deemed it necessary to adjust the token supply.

因此，Coinbase 認為有必要調整代幣供應量。

“The new total supply figure is now closer to the circulating supply, while still accommodating the market liquidity needs,” the Coinbase spokesperson said.

Coinbase 發言人表示：“新的總供應量現在更接近流通供應量，同時仍能滿足市場流動性需求。”