CESR：以太坊质押率的基准

Pier Two 首席财务官 Tom Whitton 表示，通过将回报与值得信赖的行业基准进行比较，以太坊运营商可以确定需要改进的领域并优化其运营，并使其质押产品在竞争激烈的市场中脱颖而出。

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.

随着加密货币的机构采用不断增长以及更多服务提供商进入市场，对可信性能指标的需求对于获得竞争优势变得越来越重要。

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.

在传统金融中，金融市场依靠“无风险利率”来为金融产品定价并衡量基金经理的业绩。对于数字货币，以太坊质押率是最接近的等价物。

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（我担任 CFO）和 Figment 等机构质押服务运营商致力于为以太坊生态系统提供安全性和稳定性，同时为客户提供一流的质押收益。

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.

其中一项备受关注的指标是由 CoinDesk Indices 和 CoinFund 创建的 CESR（复合以太质押率）基准。 CESR 衡量整个以太坊网络的平均质押率，为运营商和质押者衡量性能提供可靠的标准。通过将质押率与CESR进行比较，运营商可以客观地评估其竞争力和有效性。

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.

基准在金融市场中非常重要，它可以为包括 ETF 在内的许多金融产品创建结构、标准化和可比性。对于希望提供 ETH Stake 资金的发行人，以及希望参与性能监控或互换以锁定利率并建立更可持续、波动性更小的商业模式的验证者来说，CESR 是一个有用的利率。

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

机构质押服务运营商可以通过以下三种方式使用 CESR 基准来增强其运营：

1. Performance Benchmarking

1. 性能基准测试

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 为运营商提供了一个衡量标准，以根据更广泛的网络来衡量验证器的性能。通过将回报与值得信赖的行业基准进行比较，运营商可以确定需要改进的领域并优化其运营，并使其质押产品在竞争激烈的市场中脱颖而出。

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基准促进运营商之间的良性竞争。那些表现出色的人会获得更多的授权，而那些表现不佳的人则会受到激励，提高他们的表现以保持竞争力。

2. Market Monitoring and Strategic Insights

2. 市场监测和战略洞察

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 使运营商能够更深入地了解以太坊生态系统。通过监控趋势，运营商可以做出明智的战略决策，并适应市场条件和网络变化（包括最近的 Shapella 和 Dencun 升级）。

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基准表明，管理良好的运营商可以在市场和网络波动的情况下获得稳定的回报。这强调了稳健的运营实践和警惕的监控的价值。

3. Enhancing Infrastructure Performance with Rated RAVER

3. 通过额定 RAVER 增强基础设施性能

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.

可靠且高性能的基础设施是取得成功的关键。运营商必须利用高正常运行时间、低延迟和严格的运营协议来最大限度地提高质押效率和回报。使用 Rated 的验证器有效性评级 (RAVER) 有助于衡量这些因素，同时考虑正常运行时间、共识参与度和整体可靠性。

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.

通过使用 CESR 作为行业信号和 Rated 的 RAVER 指标来衡量基础设施性能，机构质押服务运营商可以进行优化以保持竞争优势。这种综合方法使运营商能够不断调整策略和运营，以进一步增强服务。

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 基准为运营商提供了一个工具来衡量和提高他们在以太坊生态系统中的表现。通过利用 CESR 以及 Rated RAVER 等运营指标，运营商可以实现更高的透明度、信任度和效率。随着以太坊网络的不断发展，这些基准将在指导和评估验证者成功方面发挥越来越重要的作用。全球市场参与者、验证者和金融机构在开发将以太坊作为互联网第一基石财务回报率的产品时，将继续使用 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.

注：本专栏中表达的观点仅代表作者的观点，并不一定反映 CoinDesk, Inc. 或其所有者和关联公司的观点。

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