POL Staking Concentration: Why Exchanges Control Over a Third of All Staked POL

TLDR: Over a third of all staked POL is controlled by exchanges, with Upbit, Coinbase, and Binance leading. Polygon’s protocol cannot distinguish exchange wallets from personal wallets, limiting on-chain fixes. A yield gap between custodial and non-custodial staking could push power users toward self-staking. Liquid staking tokens like stPOL and MaticX may redirect staking rewards [...]

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