Ethereum staking has become more centralized and less profitable since the Merge and Shanghai upgrades, according to a report by JPMorgan. The top five liquid staking providers, including Lido, Coinbase, Figment, Binance, and Kraken, now control over 50% of staking on the Ethereum network. Despite being seen as a decentralized alternative, Lido's platform has a high degree of centralization, with a single node operator accounting for more than 7,000 validator sets. The report also noted that post-Merge Ethereum has seen a decline in staking yields, with the standard block rewards dropping from 4.3% to 3.5%. Ethereum co-founder Vitalik Buterin has acknowledged that node centralization is a major challenge for the network.