Since the upgrade in Shanghai in May, EthereumThe validator queue of blockchain is cleared for the first time.Recently, the collateral yield of Ethereum has decreased from over 5% to 3
- Since the upgrade in Shanghai in May, EthereumThe validator queue of blockchain is cleared for the first time.
- Recently, the collateral yield of Ethereum has decreased from over 5% to 3.5%.
- Coinbase research shows that as the growth of validators slows down, the collateral yield will remain stable.
As the yield on Ethereum pledges decreases, analysts are contemplating the impact on the crypto ecosystem and potential future network activities.
The Ethereum validator queue has decreased
The Ethereum blockchain validator queue, which has been active since the upgrade in Shanghai in May, has decreased, indicating a decrease in investor interest in pledging Ethereum. The validators on the blockchain confirm transactions by locking in Ethereum, which in turn earns them rewards. In this context, the upgrade of Shanghai is of great significance, marking the first time that pledged Ethereum can be extracted.
Decrease in collateral yield
In recent months, the validator has been operating at its maximum capacity, resulting in a significant decrease in collateral yield - from over 5% to the current 3.5%. Analysts David Duong and David Han stated that "the return on pledged Ethereum establishes a baseline for a broader crypto ecosystem," setting standards for other potential crypto investments. Coinbase's analysis suggests that, given stable network activity and consistent transaction costs, this pledge yield may remain unchanged, especially when a slowdown in validator growth is observed.
Maintain consistent main network activities without major upgrades
The activities on Ethereum's main website continued to be active in the third quarter. In addition, the total amount of aggregated transactions on the internet has also increased. However, prior to Denchun (expected in the first half of 2024), there were no significant upgrades to the Ethereum protocol, and analysts do not expect any significant changes in on chain activities unless new major protocols are introduced or major hacker attacks occur. The highly anticipated Denchun upgrade will introduce five Ethereum Improvement Proposals (EIPs) aimed at enhancing data storage capabilities and reducing blockchain costs.
The dynamic changes in Ethereum's pledge yield and validator queue provide insights into current investor sentiment and potential future changes in the crypto ecosystem. Although the near future indicates that the yield on pledge will remain stable, the impact of the upgrade to Denchun and external factors such as new protocols or potential security vulnerabilities may reshape the Ethereum landscape in the coming years.
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