加密货币专家警告称，美国的以太坊 (ETH) 现货 ETF 可能导致“严重”安全风险

以太坊 ETF 的发行人必须删除有关客户 ETH 质押的条款，以方便审批流程。

The approval of Ethereum spot ETFs in the United States has sparked concerns among crypto experts, who warn that centralization issues could lead to “serious” security risks, particularly if staking is integrated into the ETFs.

美国以太坊现货 ETF 的批准引发了加密货币专家的担忧，他们警告说，中心化问题可能会导致“严重”的安全风险，特别是如果将质押纳入 ETF 的话。

In order to facilitate the approval process, the issuers of the Ethereum ETFs had to remove the clause concerning the staking of clients’ ETH. However, this decision could have long-term consequences on the security of the Ethereum network.

为了简化审批流程，以太坊 ETF 的发行人必须删除有关客户 ETH 质押的条款。然而，这一决定可能会对以太坊网络的安全产生长期影响。

Following the transition to proof-of-stake in September 2022, validators are now required to lock up their ETH in a process known as staking. In exchange for securing the network, validators receive rewards, while poor performance incurs penalties.

在 2022 年 9 月过渡到权益证明之后，验证者现在需要通过称为“质押”的过程锁定他们的 ETH。作为保护网络安全的交换，验证者会获得奖励，而表现不佳的人会受到惩罚。

Previously, there have been centralization concerns as some validators acquired a substantial portion of the staked ETH, leading some to liken liquidity provider Lido to a “cartel.”

此前，由于一些验证者收购了大部分质押的 ETH，因此存在中心化担忧，导致一些人将流动性提供商 Lido 比作“卡特尔”。

“The removal of the staking clause in ETH ETF authorization applications was intended to appease the SEC,” Ganesh Swami, CEO of Covalent, told Decrypt. “But this short-term solution might cause a long-term problem. If multiple ETFs use the same custodians, it would increase concentration, exposing the network to operational risks such as malicious collusion.”

Covalent 首席执行官 Ganesh Swami 告诉 Decrypt：“取消 ETH ETF 授权申请中的质押条款是为了安抚 SEC。” “但这种短期解决方案可能会导致长期问题。如果多个ETF使用相同的托管人，就会增加集中度，使网络面临恶意串通等运营风险。”

Centralization risks and lack of regulation

中心化风险和缺乏监管

The risk of centralization is already evident with spot Bitcoin ETFs in the United States, where Coinbase holds 90% of the total assets—a situation that could be exacerbated by adding staking to the equation.

美国现货比特币 ETF 的中心化风险已经很明显，Coinbase 持有其总资产的 90%，这种情况可能会因增加质押而加剧。

“If ETFs concentrate their participation with a small number of custodians, this could concentrate crypto validator participation,” said Andrew O’Neill of S&P Global. “This concentration, in turn, creates risks of concentration of crypto validators.”

S&P Global 的 Andrew O'Neill 表示：“如果 ETF 将其参与集中于少数托管人，这可能会集中加密验证者的参与。” “这种集中反过来又造成了加密货币验证者集中的风险。”

Coinbase, the second-largest Ether validator, is set to be the custodian for six of the nine firms planning to launch an Ethereum ETF. If these ETFs garner enthusiasm comparable to that of the Bitcoin ETFs, this concentration of power could threaten the security of the network.

第二大以太币验证器 Coinbase 将成为计划推出以太坊 ETF 的九家公司中的六家的托管人。如果这些 ETF 获得与比特币 ETF 相当的热情，这种权力集中可能会威胁到网络的安全。

“One can measure the concentration risk by the number of nodes a single entity would need to control the chain,” explained Mona El Isa of Avantgarde Finance. “The lower this number, the higher the single point of failure.”

Avantgarde Finance 的 Mona El Isa 解释说：“可以通过单个实体控制链条所需的节点数量来衡量集中风险。” “这个数字越低，单点故障就越高。”

While the SEC classes staking as a securities service, hence its removal from the Ethereum ETF applications, authorities have failed to establish any guidelines to mitigate the risks of centralization and concentration without staking. In fact, the SEC has already taken action against Kraken and Coinbase to prevent them from offering staking services to U.S. clients.

尽管 SEC 将质押归类为证券服务，因此将其从以太坊 ETF 申请中删除，但当局未能制定任何指导方针来减轻集中化和无质押集中的风险。事实上，SEC 已经对 Kraken 和 Coinbase 采取行动，阻止他们向美国客户提供质押服务。

Hence, crypto experts are urging close monitoring of Ethereum ETFs to avert major security risks. It is imperative for regulators and industry players to collaborate in developing clear guidelines aimed at reducing these potential risks and ensuring the long-term security of the Ethereum network.

因此，加密货币专家敦促密切监控以太坊 ETF，以避免重大安全风险。监管机构和行业参与者必须合作制定明确的指导方针，旨在减少这些潜在风险并确保以太坊网络的长期安全。