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Home»Web 3»Ethereum taken over by a ‘cartel’ (?)
Web 3

Ethereum taken over by a ‘cartel’ (?)

2023-06-06No Comments2 Mins Read
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TL;DR

  • If you want to get paid to process transactions on the Ethereum network, you need to deposit (wager) 32 ETH (~$60,000) and have a bunch of specific hardware/technical know-how.

  • With LSDs, people can skip all that by setting up the hardware and getting everything to work – then have others contribute an amount of ETH to their staking pools, earning them ~4% a year.

  • Here comes the ‘cartel’ part of the story: there is one company (Lido) that makes up 74% of the liquid staking market!

  • This centralization opens up Ethereum to regulatory oversight.

  • The solution? Make solo stakeout easier. Lower the 32 ETH barrier and make the installation process idiot proof.

Full story

You know that episode or Community, where Abed gets a job in the cafeteria so he and his friends can get their first bites of chicken fingers?

Yes, well, there is a concern that something similar is happening with Ethereum.

With liquid staking derivatives (LSDs) specifically – and before you scroll away – it’s not as complicated as the name suggests!

Basically, if you want to get paid to process transactions on the Ethereum network, you need to deposit (wager) a minimum of 32 ETH (~$60k) and have a ton of specific hardware/technical know-how to get started.

Then you can start processing / earning transactions – and the more ETH you stake, the more you earn per year.

LSDs make people skip all that noise.

They set up all the hardware and make sure everything works – then have others contribute an amount of ETH to their staking pools, where they earn ~4% returns per year.

See also  Top Crypto Analyst Says Two Altcoins Poised to Explode Over 80%, Updates Outlook for Bitcoin and Ethereum

Here comes the “cartel” part of the story:

There is one company (Lido) that makes up 74% of the liquid staking market!

That’s a dominant position that would be celebrated in most business circles, but in crypto it’s a big concern.

Because if Lido were to be hit with lawsuits from government agencies saying they should stop processing certain transactions for certain people, then crypto would start to look a lot like the banking system.

But here’s the real problem:

You know who else doesn’t like centralization in the cryptocurrency space? The US government.

Cryptocurrencies that cannot prove themselves decentralized enough have a high chance of being regulated into oblivion. Not good.

The solution?

People much smarter than us suggest this:

Make solo stakeout easier. Lower the 32 ETH barrier and make the installation process idiot proof.

Sounds good to us.

Source link

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