I'm definitely very close to just being done with crypto. I've really only been interested in 3 tokens for a while now: $AAVE, $ETH and $LINK. I had to walk away from my aave position due to some of their top people showing poor judgement and self control. The recent exploit just solidified that for me. The vast majority of DeFi is dead in the water anyways. Tradfi isn't going to touch this stuff. Ethereum decided the next most important thing to tackle is... 50 bips of inflation? Oh no, people are participating in Ethereum's security! The horror! But this is just one in a long line of bone headed focuses (L2 roadmap anyone???). I still like LINK but the foundation is still dumping like 5-7% of the supply every year, which is a huge amount of inflation to absorb and likely one of the reasons the price action has been crap.

🚨 Heads-up on Yield Boost. First 100 ETH entered the staking vault today. Next phases will be larger. We'll share each step as we go. → Goal as always: prioritize safety of funds through progressive ramp-up.

Actually I want Ethereum to be alive and relevant for the next 50 years and that's why I'm willing to day on the issuance reduction hill. tl;dr: "If we cut @ethereum staking issuance, we will likely kill LSTs." Nop🙅‍♂️ "Without LSTs, DeFi will shrink to the size of a penny. Without DeFi, @ethereum will lose its main value proposition." Nop🙅‍♂️ "Without its value proposition, @ethereum will die." Nop🙅‍♂️ See the chart below, this is DeFi before LST. DeFi is Ethereum’s most proven PMF and will undoubtedly remain widely used with or without LST. Nevertheless, whichever staking reduction direction Ethereum will be taking, I stand deeply convinced that LST will forever remain part of the picture. I do anticipate that the amount of ETH at stake will be lower post reduction than what it is today, but I don’t anticipate LST to be the one losing in “market share”. Furthermore I don’t anticipate the TVL of LST (and by extension the revenue of the corresponding protocols) to be necessarily reduced post issuance recalibration. Scarcity effect has been a core driver of price appreciation for crypto-assets and macroeconomics strongly support money neutrality (ceteris paribus, the value of the asset adjusts upward to a lower emission level). Ethereum and ETH both have a much wider value proposition than staking. Let me state it differently, not reducing the issuance is slowing down Ethereum’s adoption, eventually killing DeFi and more importantly causing a massive threat to Ethereum. For ETH, the issue of our current issuance regime is that we are deliberately eroding the marketability and moneyness of our beloved native asset. The current regime is stifling DeFi competitiveness, it’s not possible to compete with the staking yield for any risk equivalent product. Remember that AAVE in a normal market condition serves 1.5% on ETH, does that reflect the risk of AAVE vs the risk of Staking? Say we have 60% of ETH at Stake, the staking yield will be ~2%, say we have 100%, the yield will be 1.6%. This is not going to change any time soon, the amount ETH at stake are trending upward and will snowball as holders try to avoid dilution. Back in Dec 2020 we had no idea when, if and how we would be able to unstake so we chose a reward curve accordingly. This old decision is now forcing the hand of holders to go at stake, the yield is disconnect to the risk premium which will keep trending lower. ETH slowly dies as the pristine collateral it should always remain, liquidity on CEX and DEX dry up and so does the demand for the asset. In the meantime, LST and DeFi will try (and are already trying) to accommodate with this unhealthy trend through rehypothecation, restaking and multichainess. This is importing unforeseen risks into the system as we very recently experienced. We owe this change in issuance to all the ETH holders, to all the Ethereum users and developpers for it is necessary for the security and credibility of the network. Ethereum’s PoS was designed for an amount of ETH at stake of 20 to 30%. The paramount characteristic of credible neutrality and network security should prevail among any price or subindustry specific consideration. Staking protects Ethereum, but too much staking jeopardizes Ethereum. The credibility of large slashing events is already tumbling. Core devs and protrocol researchers have been warning us about this for years. See: issuance.wtf . Now is the time to act. Why now? The problem is getting harder and harder to tackle as time goes by while Ethereum is gowing through a critical adoption phase, we are: - Relentlessly progressing on missing interoperability features - Scaling the L1 - Catching up on compulsory privacy features for institutions and indiviuals - Sponsoring L2 at the cost of its fees - about to face the competition of a new generation of "ETH killers" We can’t afford to have weak ETH in this phase and by not acting on the issue we are all sandbagging Ethereum. Let’s fix our original staking sin once and for all. By the way, with Quick Slots in Hegota (Slot time <12s, EIP-8198) we will have to tweak the reward curve anyway so let’s kill 2 birds with 1 stone (hello @CarlBeek 👋)

[DVV Migration Notice] Following the latest Snapshot vote, the DAO has approved redirecting DVT incentives from the Decentralized Validator Vault (DVV) to Lido Earn strategies. If you’re a DVV holder: • Migrate to EarnETH to maximise your rewards • Or withdraw your position