Coinbase是最大的单节点操作员，该操作员支持以太坊网络上的桩活动。

根据其处女验证者的绩效报告，美国的交易所已将384万ETH通过120,000个验证者存放

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

Coinbase是最大的单节点操作员，该操作员支持以太坊网络上的桩活动。

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.

根据其处女验证绩效报告，总部位于美国的交易所已通过120,000个验证器将384万ETH固定，占固定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.

除了直接占有作业外，Coinbase还通过合作伙伴截至2025年3月4日，还通过合作伙伴加入了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.

这些合并的放入操作使共同竞争者的领导者成为领先的。例如，目前，二手股票约有200万ETH，而Kraken约有100万个ETH，使Coinbase成为最大的节点运营商。

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.

尽管美国证券交易委员会（SEC）提出了以前的法律挑战，但该公司在以太坊中的快速扩张仍在进行。金融监管机构声称Coinbase的Staging Services违反了证券法。

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，该交易所驳斥了这些主张，认为Staging可以增强区块链安全性，并且不符合《美国证券法》或Howey测试中规定的法律标准。

The Importance of High Performing Validators

高性能验证者的重要性

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

验证器在网络中起着至关重要的作用，因为他们负责验证和验证区块链上的新交易和区块。

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

该报告强调了Coinbase的效率，其验证者达到了99.75％的正常运行时间和参与率。

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

Coinbase解释说，其验证者分布在包括日本，新加坡，爱尔兰，德国和香港在内的多个司法管辖区之间。

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.

同时，交易所的验证者正在利用多个执行和共识客户端进一步提高安全性和权力下放化。这种方法最大程度地减少了网络故障的潜力，减少了攻击的威胁并确保稳定的奖励。

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

结果，交易所解释说，其验证者拥有永不签名或被削减的完美记录。

Largest Node Operator

最大的节点运算符

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的创始人安东尼·萨萨诺（Anthony Sassano）指出，这些数字使Coinbase成为网络上最大的单个节点运算符。

According to him:

据他说：

“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是网络上最大的节点运算符（Lido作为集体较大，但每个节点运算符的份额都小得多）。”

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的数据表明，Lido仍然是以太坊积累中的主要力量，拥有超过900万的ETH，约占总积分市场的27.3％。