Quick TakeThe three big “staking” exchanges – Coinbase , Kraken, & Binance – now account for 19% of all Tezos that are currently stakingAll 3 of the exchanges have become the largest validators that offer staking services on the Tezos networkIndependent, non-custodial services such as Cryptium Labs have experienced diminishing rewards over the past two quarters while exchanges have experienced high growth for their services.