Author: 0xTodd
Let’s discuss the EIP-8361 proposal submitted by Ethereum France (who are also the organizers of ETHCC, considered one of the more core Ethereum organizations).
Actually, this proposal essentially aims to drastically cut the APR for $ETH staking.
If the collateralization rate exceeds 50%, the yield will be reduced to 0.
My evaluation: A completely meaningless proposal that does more harm than good.
As the saying goes, if a system is working properly, don’t tamper with it lightly—this is also true for Ethereum today.
I’ve been doing Ethereum staking for this long, so I have a valid opinion.
According to Ebunker, ETH Staking is currently only at 2.4%, even less competitive than half of U.S. Treasury yields.
For an Ethereum retail investor, the returns from solo staking barely cover costs, and may even result in a small loss, with extremely slim profits. Only die-hard fans are running solo staking.
Once EIP-8361 is truly live, solo stakers will be directly cut off.
Rather than institutional stakers, since institutional volumes are larger and server costs are fixed.
For protocols like Ethereum, Solo Stakers are crucial, as they represent the decentralization of Ethereum’s ledger.
As for Chairman Tychey’s concern about the entry/exit churn rate, there’s even less reason to worry.
On one hand, things have improved since the era of large nodes (2048 ETH); on the other hand, adjusting this churn rate simply requires changing a parameter with a single click, posing no risk whatsoever.
And significantly reducing Ethereum's yield also requires a hard fork, as it involves the core interests of $ETH and could potentially lead to a new token.
This is too risky for the currently turbulent Ethereum, comparable to childbirth.
This proposal is meaningless.
