Ethereum staking has hit a record high: 43.8 million $ETH, or 35.9% of the total supply. Most people see this as bullish. I see a warning sign. Over a third of all $ETH isn't being put to any practical use beyond staking. People stake $ETH to earn more $ETH. But why do we need more $ETH? To earn even more? And then what? Is this really a sign of Ethereum's strength, or a sign of crisis?
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