Decentralization is an extremely sensitive topic for cryptocurrency enthusiasts as it is the backbone of the whole blockchain industry, and if one of the biggest ecosystems on the whole market is not properly decentralized, it may cause some serious problems. Delphi Digital highlights an important problem that Ether has with decentralization. Usually, the composition of holders is the go-to metric for determining a network's decentralization and health. However, in the case of Ethereum, staking is just as important as the distribution of funds. According to Delphi, only four entities manage almost all of the network's staking, and the biggest of them have some systematic issues with decentralization.