币界网报道：Ethereum's staking ecosystem shows signs of increasing centralization, with just four entities controlling over 60% of all validators, according to new data. Lido Finance dominates with 32.4% of validators, followed by centralized exchanges Coinbase (14.5%), Binance (6.7%), and Kraken (6.6%). This concentration raises concerns about potential network vulnerabilities, as Ethereum's security model relies on decentralized validator distribution. The situation has drawn criticism from Ethereum co-founder Vitalik Buterin, who previously warned about the risks of staking centralization. While Lido operates as a decentralized protocol, its significant market share creates systemic risks. Smaller staking providers collectively account for less than 40% of validators, highlighting the growing imbalance in Ethereum's validator landscape. The trend emerges despite Ethereum's transition to proof-of-stake being designed to promote decentralization over proof-of-work mining's geographic centralization. Analysts note that high capital requirements for running validators (32 ETH per validator) and technical complexity contribute to this centralization, favoring large institutional players over individual participants. The Ethereum community continues debating solutions, including potential protocol-level changes to encourage more distributed validator participation.