自 6 月份以来，Coinbase 的流动质押代币 cbETH 已减少一半以上的供应

在此期间，cbETH 市场规模隐含价值下降了 24 亿美元，引起了一些市场参与者的担忧。

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

自 6 月份以来，Coinbase 的流动质押代币 cbETH 已经损失了一半以上的供应量。

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

在此期间，cbETH 市场规模隐含价值下降了 24 亿美元，引起了一些市场参与者的担忧。

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

不过，Coinbase 表示，没有理由恐慌，因为供应量下降源于 6 月份实施的基础设施升级。

“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 发言人告诉 DL News：“我们更新了储备池总量，以简化我们的基础设施。” “cbETH 供应量的减少是这些更新的有意结果。”

Here’s what happened. Staking

事情是这样的。质押

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

CbETH 是一种流动质押代币，代表质押在 Coinbase 上的以太币。

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

质押意味着将代币锁定在 DeFi 协议或区块链网络中，这使得代币在解锁之前无法使用。

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.

流动质押使投资者能够以区块链或 DeFi 协议提供的流动质押代币的形式使用锁定资产，以换取基础质押资产。

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

DeFi 用户可以部署具有流动性的代币作为抵押品来借入其他资产或通过加密协议赚取收益。

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

DeFi 市场还有质押元的另一个延伸——重新质押，投资者可以通过它重新质押他们的流动性质押代币。

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

作为一种流动性质押代币，cbETH 由投资者在 Coinbase 上质押的以太币作为支持。

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

尽管有这种支持，cbETH 的隐含价值并不等于以太坊的现货价格。

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

相反，Coinbase 使用控制 cbETH 发行和赎回的兑换率。

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.

在这种情况下，发行是指投资者收到 cbETH 以换取 Coinbase 上质押的以太币，而赎回则是相反的情况 - 用户解开 cbETH 并提取其以太币质押。

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 更改了其兑换率计算，以对每个 cbETH 的质押以太币支持进行索引，而不是之前对总 cbETH 进行索引的安排。

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

因此，Coinbase 认为有必要调整代币供应量。

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

Coinbase 发言人表示：“新的总供应量现在更接近流通供应量，同时仍能满足市场流动性需求。”