Cryptocurrency decentralization is determined, among other things, by the number of holders of its digital coins. Delphi Digital specialists have doubts about Ethereum. Delphi Digital experts noticed that the majority of staked ethers are at the disposal of only four largest network participants. 57% of all $ETH staked is handled by 4 staking providers, with @LidoFinance alone representing 30%. pic.twitter.com/h5nKuIXDKb — Delphi Research (@Delphi_Digital) December 24, 2022 Analysts say all these holders have serious problems with decentralization. In particular, the largest participant is Lido Finance, which owns about 30% of all ethers. Delphi Digital experts, as well as U.today analysts, have a lot of questions for Lido. The main problem is the distribution of Ether. After transferring real coins to Lido, you receive stETH that you can trade, while your ETH remains closed in contracts. Problems with the withdrawal of “frozen cryptocurrencies” from contracts cause dissatisfaction among investors. Other participants in the network are centralized exchanges that either use the cryptocurrency delegated to them by other investors of their own free will for staking, or use this crypt to expand and diversify their savings.. In any case, these exchanges are regarded as large centralized players. Earlier, the P2P platform Paxful drew attention to the problems with the decentralization of Ethereum, which announced the delisting of the coin.. According to Santiment, more than 45% of the network nodes launched after The Merge update were controlled by just two addresses.