利多（LDO）液体含有协议已将其数百万本国令牌倾倒到集中式交易所

在一系列引起加密货币市场观察者之间猜测的一系列显着的链交易中，与Lido液体堆积协议相关的钱包地址一直在不断地将其大量的天然代币LDO置于集中的交易所。

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.

与著名的液体桩协议Lido密切相关的加密钱包地址，一直在不断地将大量的本机构LDO卸载到集中式交易所，引发了加密货币市场观察者之间的猜测。

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.

最新的活动引起了链链分析平台Embercn的注意，该活动表明，该地址已将LDO的另一部分存放在这次的一部分，超过350万，价值近310万美元，进入了顶级交易平台。这些交流包括但不限于二元，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.

这种转移标志着一系列大型的大型动作中的最新一部分，与LDO的价格急剧下降相对应。在过去的六天中，该钱包已向多次交易所发送了2131万LDO，价值约2124万美元。在同一周，LDO的价格从1.16美元下降到约0.88美元。

Heavy Selling Pressure Raises Community Concerns

巨大的销售压力引起了社区的担忧

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从与Lido的内部利益相关者或互联公司密切相关的数字钱包中不间断的拆除，这在加密货币社区中提出了危险信号。一些成员很好奇利多的领导人是否正在出售LDO来为某种公司的努力提供资金，还是（毫无疑问）对冲Lido成为加密货币行业中更大的参与者的遥远可能性。

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.

考虑到待售的LDO数量，此举将很难采取。但这也不清楚为什么这么多LDO（显然是在卖出）。长期以来，当大量令牌从项目附属的钱包转移到集中式交易所时，市场上的人们将这些转移解释为前项目的团队成员可能会兑现的。这种解释有时会对代币的价格施加向下压力。

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，由于LDO的价值与最近的集中加密货币交易所价格下降的转移相连，因此对令牌转移是一个不良信号的解释变得越来越流行。关于这个主题的论述集中在社交媒体平台上，尤其是X（以前是Twitter）。分析师和交易员正在询问这是否代表了计划中的财政部重新分配，运营资金需求或更广泛的市场策略，这促使此举。

Price Action and Market Impact

价格行动和市场影响

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.

自从一周前初次转移浪潮开始以来，LDO一直遭受重大损失。截至本报告时，令牌的交易价格约为0.88美元，比最近的高点1.16美元下降了24％。这种陡峭的下降消除了LDO最近收益的很大一部分，并在其跨主要交易所的交易对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.

尽管更广泛的加密货币市场也是可变的，但后FTX世界看起来越来越接近2008年市场崩溃（这是自大衰退以来的第一次，加密货币世界清楚地发现了自己的不良监管机构和不可信的公司），我们确定Lido的动作与市场的动作无关紧要。利多（Lido）由于加密或宏观经济条件而没有做它在做什么。取而代之的是，它正在采取这些步骤，因为它已经在内部决定这样做。换句话说，有一个内部催化剂。

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.

市场参与者谨慎地做出了回应，有些人甚至推测市场可能没有完全与发生的大规模销售有关。如果ILO和趋势继续下去，近期IMM可能会增加阻力。随着某些描述的发展，这是“收回更高的价格水平”。简而言之，LDO似乎在接下来的几周内高显着测试$ 1.50的支持水平。

What Comes Next for Lido and LDO?

Lido和LDO接下来会发生什么？

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.

当前的情况对分散的财务（DEFI）协议及其实践在管理代币方面的实践引起了重大关注。尽管持续进行了猜测和分析，但利多没有发表任何公开声明，这些声明将有助于阐明有关钱包和最近与之相关的交流活动。协议的沉默是显而易见的。

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.

如果团队可以就交易是战略财政管理工作的一部分还是预先宣布的解锁时间表进行更清晰的沟通，那么它可以帮助减少围绕交易和团队整体决策的不确定性。然后，如果交易确实是团队所说的话，团队可能会有更多的空间可以降低法规风险。

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:

随着空间空间的增长，从财政稳定和治理的角度来看，这样的事件正在更加仔细地研究。这仅仅是一次一次性事件，还是我们还看不到的更大趋势的一部分？可以肯定的是：