利多（LDO）液體含有協議已將其數百萬本國令牌傾倒到集中式交易所

在一系列引起加密貨幣市場觀察者之間猜測的一系列顯著的鏈交易中，與Lido液體堆積協議相關的錢包地址一直在不斷地將其大量的天然代幣LDO置於集中的交易所。

A crypto wallet address closely linked to the renowned liquid staking protocol, Lido, has been continuously offloading substantial amounts of its native token, LDO, onto centralized exchanges, sparking speculation among observers of the crypto market.

與著名的液體樁協議Lido密切相關的加密錢包地址，一直在不斷地將大量的本機構LDO卸載到集中式交易所，引發了加密貨幣市場觀察者之間的猜測。

The latest activity, brought to attention by the on-chain analytics platform EmberCN, reveals that the address has deposited yet another portion of LDO, this time exceeding 3.5 million and worth nearly $3.1 million, into top-tier trading platforms. These exchanges include, but are not limited to, Binance, OKX, Bybit, and Gate.io.

最新的活動引起了鍊鍊分析平台Embercn的注意，該活動表明，該地址已將LDO的另一部分存放在這次的一部分，超過350萬，價值近310萬美元，進入了頂級交易平台。這些交流包括但不限於二元，OKX，BYBIT和GATE.IO。

This transfer marks the latest installment in a series of large token moves that have corresponded with a sharp drop in the price of LDO. Over the past six days, the wallet has sent 21.31 million LDO, valued at approximately $21.24 million, to several exchanges. During the same week, LDO’s price has plummeted 24% from $1.16 to about $0.88.

這種轉移標誌著一系列大型的大型動作中的最新一部分，與LDO的價格急劇下降相對應。在過去的六天中，該錢包已向多次交易所發送了2131萬LDO，價值約2124萬美元。在同一周，LDO的價格從1.16美元下降到約0.88美元。

Heavy Selling Pressure Raises Community Concerns

巨大的銷售壓力引起了社區的擔憂

The uninterrupted dismantling of LDO from a digital wallet closely linked to Lido’s internal stakeholders or a connected firm has raised red flags in the crypto community. Some members are curious whether Lido’s leadership is selling LDO to finance some kind of corporate endeavor or—less flatteringly—to hedge against the remote possibility of Lido becoming a much larger player in the crypto industry.

LDO從與Lido的內部利益相關者或互聯公司密切相關的數字錢包中不間斷的拆除，這在加密貨幣社區中提出了危險信號。一些成員很好奇利多的領導人是否正在出售LDO來為某種公司的努力提供資金，還是（毫無疑問）對沖Lido成為加密貨幣行業中更大的參與者的遙遠可能性。

Such a move would be difficult to pull off, given the amount of LDO up for sale. But it’s also not clear why so much LDO has been—and apparently is being—sold. For a long time now, when large amounts of tokens have been transferred from project-affiliated wallets to centralized exchanges, people in the market have interpreted those transfers as the former projects’ team members potentially cashing out. And that interpretation has sometimes exerted downward pressure on the tokens’ prices.

考慮到待售的LDO數量，此舉將很難採取。但這也不清楚為什麼這麼多LDO（顯然是在賣出）。長期以來，當大量令牌從項目附屬的錢包轉移到集中式交易所時，市場上的人們將這些轉移解釋為前項目的團隊成員可能會兌現的。這種解釋有時會對代幣的價格施加向下壓力。

More recently, the interpretation that token transfers are a bad sign has become even more popular, as LDO’s value has dipped in tandem with the recent downwards movement of the price of a centralized cryptocurrency exchange. The discourse on this subject has been concentrated on social media platforms, especially X (formerly Twitter). Analysts and traders are asking whether this represents a planned treasury reallocation, operational funding needs, or a broader market strategy that has prompted this move.

最近，由於LDO的價值與最近的集中加密貨幣交易所價格下降的轉移相連，因此對令牌轉移是一個不良信號的解釋變得越來越流行。關於這個主題的論述集中在社交媒體平台上，尤其是X（以前是Twitter）。分析師和交易員正在詢問這是否代表了計劃中的財政部重新分配，運營資金需求或更廣泛的市場策略，這促使此舉。

Price Action and Market Impact

價格行動和市場影響

LDO has sustained significant losses since the initial transfer wave began nearly a week ago. As of this report, the token is trading around $0.88—down 24% from its recent high of $1.16. This steep drop has wiped out a big chunk of LDO’s recent gains and has caused a kerfuffle in its trading pairs across major exchanges.

自從一周前初次轉移浪潮開始以來，LDO一直遭受重大損失。截至本報告時，令牌的交易價格約為0.88美元，比最近的高點1.16美元下降了24％。這種陡峭的下降消除了LDO最近收益的很大一部分，並在其跨主要交易所的交易對中造成了巨大的收益。

Although the wider cryptocurrency market has also been variable, with the post-FTX world looking ever closer to the 2008 market meltdown (for the first time since the Great Recession, the crypto world has clearly found itself in the hands of really bad regulators and untrustworthy companies), we feel certain that Lido’s moves have nothing to do with the market’s other weirdnesses. Lido isn’t doing what it’s doing because of crypto or macroeconomic conditions; instead, it’s taking these steps because it has internally decided to do so. In other words, there’s an internal catalyst at work.

儘管更廣泛的加密貨幣市場也是可變的，但後FTX世界看起來越來越接近2008年市場崩潰（這是自大衰退以來的第一次，加密貨幣世界清楚地發現了自己的不良監管機構和不可信的公司），我們確定Lido的動作與市場的動作無關緊要。利多（Lido）由於加密或宏觀經濟條件而沒有做它在做什麼。取而代之的是，它正在採取這些步驟，因為它已經在內部決定這樣做。換句話說，有一個內部催化劑。

Market participants have responded with caution, and some have even speculated that the market may not have fully come to terms with the large-scale selling that has taken place. If ILO and the trend continues, the near-term IMM may experience increased resistance. That’s “reclaiming higher price levels” as some descriptions go. In simple terms, LDO seems at risk of much more significantly testing the $1.50 support level over the next few weeks.

市場參與者謹慎地做出了回應，有些人甚至推測市場可能沒有完全與發生的大規模銷售有關。如果ILO和趨勢繼續下去，近期IMM可能會增加阻力。隨著某些描述的發展，這是“收回更高的價格水平”。簡而言之，LDO似乎在接下來的幾週內高顯著測試$ 1.50的支持水平。

What Comes Next for Lido and LDO?

Lido和LDO接下來會發生什麼？

The current situation raises significant concerns about how much light is being shed on decentralized finance (DeFi) protocols and their practices when it comes to managing tokens. Despite the ongoing speculation and analysis, Lido has not issued any public statement that would help to illuminate what’s happening with the wallet in question and the recent exchange activity tied to it. The silence from the protocol is conspicuous.

當前的情況對分散的財務（DEFI）協議及其實踐在管理代幣方面的實踐引起了重大關注。儘管持續進行了猜測和分析，但利多沒有發表任何公開聲明，這些聲明將有助於闡明有關錢包和最近與之相關的交流活動。協議的沉默是顯而易見的。

If the team could provide clearer communication regarding whether the transactions are a part of a strategic treasury management effort or a pre-announced unlock schedule, it could help reduce the uncertainty that seems to surround both the transactions and the team’s overall decision-making. The team could then have that much more space to operate in with reduced regulatory risk if the transactions really are what the team says they are.

如果團隊可以就交易是戰略財政管理工作的一部分還是預先宣布的解鎖時間表進行更清晰的溝通，那麼它可以幫助減少圍繞交易和團隊整體決策的不確定性。然後，如果交易確實是團隊所說的話，團隊可能會有更多的空間可以降低法規風險。

As the DeFi space grows, events like this are being looked at more closely from the perspectives of both fiscal stability and governance. Is this simply a one-off event, or part of a larger trend that we can’t quite see yet? One thing’s for sure:

隨著空間空間的增長，從財政穩定和治理的角度來看，這樣的事件正在更加仔細地研究。這僅僅是一次一次性事件，還是我們還看不到的更大趨勢的一部分？可以肯定的是：