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[lastpost] => 2794700 Grayscale 开始发放 ETH 质押收益，推动 ETF 进入收益时代（转） 1767662877 小钱儿
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Grayscale 开始发放 ETH 质押收益，推动 ETF 进入收益时代（转）
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灰度刚刚已支付以太坊首次向美国ETF持有者发放质押奖励，将其ETHE基金转变为收益型基金。加密产品。该基金从2025年第四季度质押收益中分配了每股0.083178美元。
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# S+ O2 ^6 L7 z$ V; A5 J: L这符合加密货币 ETF 的更大转变趋势，即加密货币 ETF 不再仅仅是“价格追踪器”，而是开始更多地扮演主流投资者的收益产品的角色。1 f3 M2 F; o# R- X6 r7 j
) |. x! I# J. y8 q+ j8 [Grayscale的ETH质押收益对新手来说究竟意味着什么？. L* o& H' z- a0 c
首先，简单解释一下。“质押”就像在银行赚取利息，只不过对象是加密货币。你锁定你的 ETH 来帮助维护网络安全，作为回报，你会获得以 ETH 形式支付的奖励。我个人很喜欢质押。
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每股 0.083178 美元的收益看似不多，但真正的亮点在于它的便捷性：无需运行自己的验证器或接触 DeFi 协议，即可获得质押奖励。如果我讨厌加密货币生态系统，但又喜欢它带来的收益，那我就会喜欢它。
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Grayscale 管理着数十亿美元的以太坊敞口，几乎占美国以太坊 ETP 资产总额的一半。因此，当 Grayscale 改变其质押方式时，它并非仅仅调整一款产品，而是推动整个市场向收益型以太坊敞口转型，使其更贴近股票和债券投资者的预期。
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; J; ^, U0 H1 N如果您想了解更多以太坊的整体情况，我们最近在一篇文章中报道了链上活动创纪录的情况。以太坊稳定币转账当用户数量不断增长，且质押收益唾手可得时，就能更清楚地理解为什么许多长期投资者关注 ETH 不仅仅是因为短期价格波动。$ J. i) v0 x" f( ^( y; K$ r
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以太坊质押ETF将如何改变加密货币投资？
; T: z7 ^8 W7 K% M$ Z* B把普通现货ETF想象成一扇玻璃窗。你可以看到资产价格，但你永远无法触及标的资产本身。质押ETF则把这扇窗变成了一扇窗外加一笔小额分红。你仍然不需要自己保管ETH，但现在你的份额反映了链上质押者所获得的部分收益。
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当发行方在收益率和费用上展开竞争时，投资者通常会获得更好的产品，但风险也会扩散到更广泛的受众，他们可能并不完全理解“承担风险”的含义。6 p" ]" |0 q3 A, g- H
% z/ @5 s! \1 V8 x在平静的市场中，锁定的 ETH 越多，长期持有者越多，通常意味着抛售压力越小。
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对于新手来说，实际操作上的转变很简单：“我的经纪账户里有以太坊”不再意味着“没有收益”。现在，您可以购买像ETHE这样的以太坊代币，既能获得价格波动的机会，又能获得少量的质押收益，类似于持有分红股票或债券ETF。. H; V- X6 y) o8 p% b, l; `
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“安全型”质押ETF背后存在哪些风险？
( g+ E3 X+ v7 @% j* _这一切听起来像是白捡的钱，但事实并非如此。当基金质押 ETH 时，除了将 ETH 冷存储之外，还会承担额外的风险。惩罚机制（验证者行为不当的惩罚）、第三方质押服务中的智能合约漏洞以及与质押奖励相关的法律变更，都会产生影响，即使你从未接触过这些技术细节。; o" q8 }4 c9 T+ r# S' A5 `
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还有另一种权衡。许多质押ETF会收取更高的费用来管理质押流程并保留一部分收益。因此，虽然你能获得收益，但通常比直接质押ETH的人收益要低。你以较低的回报换取了简便性和监管。2 l8 N- {6 B# R. ?5 b5 |
) u- Z; }5 I! l此外，请记住：ETF 的保护机制并不能让您免受以太坊价格波动的影响。如果以太坊价格下跌 40%，几美元的质押收益也无法挽救您的投资组合。请将质押收益视为在波动性极大的资产基础上获得的额外奖励，而不是应急基金或储蓄账户的替代品。
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随着越来越多的发行商推出收益型加密货币 ETF，预计会有一场持续的竞赛，将质押功能添加到更多的代币和基金中；你的优势将来自于理解收益总是建立在实际风险之上，而不是取代实际风险。" Y0 z9 r' i2 x
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