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Five consecutive quarters without disclosing staking information, what does top ETH custodian Coinbase want to do?
原文作者：hildobby，Dragonfly 成员
原文编译：ChatGPT
编者按：Coinbase 作为最大质押 ETH 托管方，管理约 21% 的质押 ETH，但连续五个季度未公开质押 ETH 信息。数据显示其质押比例从 15% 下降，可能与地址轮换有关。尽管 Coinbase 强调透明度，却未公开质押 ETH 数量及 cbETH 支持情况。超过 75% 的 cbETH 流通供应量未被使用，提醒投资者应关注底层质押 ETH 而非 LST 流通量。Coinbase 选择通过未使用供应量膨胀 cbETH，而非透明化操作。
以下为原文内容（为便于阅读理解，原内容有所整编）：
这是第五个季度，最大的质押 ETH 托管方 Coinbase 拒绝分享任何关于他们质押 ETH 的信息。
下图估算显示他们管理着约 21% 的所有质押 ETH。
X 用户@adcv_估计过去几个季度质押 ETH 的恒定比例约为 15%，最近增加了 6%，并作出分析这可能与 Coinbase Custody 有关。
我的质押仪表板显示 Coinbase 占 8.4%，因为只有标记的地址被标注，其余的都是「未识别」。
由于过去几个月的定期调查，我目前有 227k 个地址被标记为 Coinbase 质押存款。
但 Coinbase 定期轮换地址并更改其托管结构，这使得跟踪他们的质押操作变得更加困难
在这里，你可以看到我的数据从 2024 年的 15% 稳步下降，我将其归因于一些地址轮换。
我将继续标记新地址，一旦找到并收集到足够的证据，这里是一个 2023 年调查工作的例子。
Coinbase 与 ETH 如此紧密地对齐，以至于他们控制了其安全层的 21%，但拒绝披露。
Coinbase 一直强调透明度，但从未分享过任何关于他们质押 ETH 数量、cbETH 支持或 cbBTC 支持的信息。
Brian Armstrong 还曾发文表示：「想象一下，如果每一项政府支出都是在链上透明进行的。审计将变得容易得多。」
据透露，超过 75% 的 cbETH 流通供应量实际上并未被使用。这一发现提醒我们，应当关注底层质押的 ETH，而非仅仅关注 LST（流动性质押代币）的流通供应量。如果我们能够追踪到支撑 cbETH 的质押 ETH，cbETH 可能会更加成功，但他们没有选择透明化，而是通过未使用的供应量来膨胀 cbETH 的数量。
「原文链接」
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