Three major exchanges such as Coinbase account for 19% of Tezos' pledged shares, and exchange pledge services have achieved rapid growth

According to The Block, the three major exchanges Coinbase, Kraken and Binance currently account for 19% of all staking Tezos shares. All three exchanges have become the largest validators of pledge services on the Tezos network. In the past two quarters, the returns of independent non-custodial service institutions such as Cryptium Labs have been declining, while the exchange's pledge service has achieved rapid growth.