S&P Global Just Made Ethereum’s Centralization Risk a TradFi Concern

Lido, the largest Ethereum validator with just under 33% stake, and Coinbase, holding 15%, pose potential concentration risks, but a potential ether staking ETFs in the U.S., along-side spot ETFs, may reduce this by opting for institutional custodians and diversifying stakes across multiple entities, S&P analysts wrote in their report.