Lido 霸權的削弱加強了以太坊的去中心化，緩解了安全擔憂

摩根大通分析師觀察到 Lido 質押的以太坊（ETH）份額穩步下降，這可能緩解人們對以太坊網路集中度的擔憂。這種趨勢可能會降低 ETH 未來被歸類為證券的可能性，因為網路去中心化是 SEC 在此類評估中考慮的關鍵因素。

Diminishing Lido Dominance Enhances Ethereum's Decentralization, Mitigating Security Concerns

Lido 主導地位的削弱增強了以太坊的去中心化，減輕了安全擔憂

JPMorgan analysts have observed a steady decline in the market share of Lido, a staking platform that has previously dominated the Ethereum (ETH) staking landscape. This reduction in Lido's stake has significant implications for Ethereum's decentralization and regulatory status.

摩根大通分析師觀察到 Lido 的市佔率穩定下降，該平台先前曾主導以太坊（ETH）質押領域。 Lido 股份的減少對以太坊的去中心化和監管地位有重大影響。

In their research report published on Wednesday, the analysts led by Nikolaos Panigirtzoglou emphasized the potential impact of this trend on the likelihood of ETH being classified as a security by the Securities and Exchange Commission (SEC). The analysts believe that the increasing decentralization of Ethereum's staked ETH reduces the risk of such a designation.

在周三發布的研究報告中，Nikolaos Panigirtzoglou 領導的分析師強調了這一趨勢對 ETH 被美國證券交易委員會 (SEC) 歸類為證券的可能性的潛在影響。分析師認為，以太坊質押 ETH 的日益去中心化降低了這種指定的風險。

Strengthening Decentralization, Minimizing Security Risk

加強權力下放，最大限度降低安全風險

The Hinman documents, released by the SEC in June 2022, underscored the importance of network decentralization in the agency's assessment of whether a digital token should be classified as a security. SEC officials have acknowledged that tokens on adequately decentralized networks may not be subject to security classification.

SEC 於 2022 年 6 月發布的 Hinman 文件強​​調了網路去中心化在該機構評估數位代幣是否應歸類為證券時的重要性。 SEC 官員承認，充分去中心化網路上的代幣可能不受安全分類的約束。

The declining share of Lido in Ethereum staking contributes to the network's overall decentralization. By reducing concentration in the hands of a single entity, Ethereum becomes less vulnerable to potential manipulation or influence. This decentralization strengthens the case against ETH being designated as a security.

Lido 在以太坊質押中所佔份額的下降有助於網路的整體去中心化。透過減少單一實體手中的集中度，以太坊變得更不容易受到潛在的操縱或影響。這種去中心化強化了反對 ETH 被指定為證券的理由。

Howey Test and Regulatory Implications

豪伊測試和監管影響

The Howey Test, derived from a landmark Supreme Court case, serves as a benchmark for determining whether a transaction constitutes an investment contract, thereby meeting the criteria for a security. Digital assets like cryptocurrencies, including ETH, are subject to regulatory scrutiny under this test.

豪伊測試源自最高法院具有里程碑意義的案例，作為確定交易是否構成投資合約的基準，從而滿足證券的標準。包括 ETH 在內的加密貨幣等數位資產將在此測試下受到監管審查。

JPMorgan's analysis suggests that the decreasing concentration of staked ETH on Lido bolsters Ethereum's decentralization. By increasing its decentralization, the network becomes less susceptible to regulatory bodies deeming ETH to be a security.

摩根大通的分析表明，Lido 上質押 ETH 集中度的下降增強了以太坊的去中心化。透過增加去中心化程度，網路變得不太容易受到監管機構將 ETH 視為證券的影響。

Dencun Upgrade: Enhancing Competitiveness

登村升級：提升競爭力

Furthermore, the report highlights the potential impact of Ethereum's recent Dencun upgrade on its competitive advantage. The analysts believe that the upgrade will strengthen Ethereum's position against rival layer-1 blockchains and assist in reclaiming market share lost due to previous scalability limitations.

此外，該報告還強調了以太坊最近的 Dencun 升級對其競爭優勢的潛在影響。分析師認為，此次升級將加強以太坊相對於第一層區塊鏈競爭對手的地位，並有助於奪回因先前的可擴展性限製而失去的市場份額。

Conclusion

結論

JPMorgan's research indicates that the declining dominance of Lido in Ethereum staking is a positive development for the network's decentralization. By reducing concentration and enhancing decentralization, Ethereum minimizes the likelihood of being labeled a security by regulatory bodies. Additionally, the Dencun upgrade is expected to boost Ethereum's competitiveness in the blockchain landscape. These developments collectively contribute to strengthening Ethereum's foundation and ensuring its long-term viability.

摩根大通的研究表明，Lido 在以太坊質押中的主導地位下降是網路去中心化的積極發展。透過減少集中度和增強去中心化，以太坊最大限度地減少了被監管機構標記為證券的可能性。此外，Dencun 升級預計將提升以太坊在區塊鏈領域的競爭力。這些發展共同有助於加強以太坊的基礎並確保其長期生存能力。