The distribution of Ethereum chips is not simply a ranking of address balances, but a complex system constructed by multiple functional modules. Currently, its chips are mainly concentrated in four core areas: staking networks, DeFi protocols, centralized trading platforms, and large institutional holders.
Pledge sector: the new dominant force of chips
With the completion of the Ethereum “merger”, staking has become the most important component of ETH chip distribution. Currently, the number of pledged ETHTokens has reached 35.773 million, accounting for approximately 29.64% of its total circulating supply. The total market value of this portion of pledged ETH is approximately 160.26 billion US dollars, providing ETH holders with an annualized return of approximately 1.89%.
However, the issue of centralization in the pledge market has sparked discussions on the spirit of network decentralization. Running a complete Ethereum verification node requires a minimum threshold of at least 32 ETH. This high funding requirement makes it impossible for the vast majority of retail investors to directly participate in pledging. To address this issue, liquidity staking protocols such as Lido and centralized trading platform staking services have emerged, which aggregate users’ funds to meet the threshold of 32 ETH and provide users with simplified staking services.
BINANCE:https://accounts.binance.com/register?ref=E2222
GATE:https://www.gate.com/signup/FFFFNNNN
HTX:https://www.htx.com/invite/en-us/1f?invite_code=aaaee
This convenience has led to a high concentration of ETH staking chips. Lido Finance is a leader in this field, with a total lock up value of $37.5576 billion on the Ethereum chain, and is one of the main participants in the ETH staking field. Although the ownership of these chips still belongs to individuals, the concentration of control does pose a potential risk to Ethereum’s long-term development.
DeFi lock up: the cornerstone of ecological prosperity
The distribution of Ethereum’s chips is also reflected in its thriving decentralized finance (DeFi) ecosystem. Total Locked Value (TVL) is a key indicator for measuring the health of the DeFi ecosystem, representing the total value of assets locked into decentralized protocols.
Currently, the total locked value of DeFi on the Ethereum chain is approximately $89.0943 billion, accounting for the majority of the entire DeFi market. ETH locked into DeFi protocols is no longer a simple static asset, but rather serves as a “means of production” for loans (such as MakerDAO), liquidity providers (such as Uniswap), and machine gun pools. This mechanism endows ETH with new economic attributes, making it play a central role in the entire Web3 ecosystem. These locked chips provide critical liquidity and services for the network, and are important indicators for measuring the health and attractiveness of the Ethereum ecosystem.