IOSG Quantitative Review: EIP-8363 Proposal Cuts Staking "Subsidies" — What Does Ethereum Want in Return?
- EIP-8363 proposes to increase the burn of validator rewards as the staking ratio rises, reaching 100% burn at 50% staked supply.
- The proposal aims to stabilize issuance and yield, with a projected net issuance of 0.3-0.5% per year under current staking levels.
- The burn mechanism from EIP-1559 has significantly decreased, with only 25,660 ETH burned over the past year, indicating it is no longer effective.
- The proposal includes an 18-month soft landing period to mitigate immediate impacts on staking yields.
- The core motive of EIP-8363 is to defend network security by preventing too much staking concentration.
The EIP-8363 proposal suggests that as the staking ratio increases, a larger portion of validator rewards will be burned, ultimately reaching a 100% burn rate when 50% of the total supply is staked. This proposal is modeled to assess its impact on issuance, yield, and staking equilibrium, indicating that at current staking levels, issuance will be halved rather than eliminated.
The analysis reveals that the effectiveness of the burn mechanism from EIP-1559 has diminished significantly, with only 25,660 ETH burned in the past year, suggesting that it is no longer a viable method for controlling supply. The proposal aims to stabilize issuance at approximately 0.3-0.5% per year, while the average yield has shown no detectable relationship with ETH price.
Additionally, the proposal includes a built-in 18-month soft landing period to prevent immediate shocks to staking yields. The primary motivation behind EIP-8363 is to enhance network security by addressing the risks associated with a high staking concentration, thereby ensuring a more balanced staking environment.
IOSG量化评估：EIP-8363提案削减质押“补贴”——以太坊想要什么回报？
EIP-8363提案建议，随着质押比例的增加，验证者奖励的更大部分将被销毁，最终在50%总供应被质押时达到100%的销毁率。该提案的模型旨在评估其对发行、收益和质押平衡的影响，表明在当前质押水平下，发行将减少一半，而不是被消除。
分析显示，EIP-1559的销毁机制的有效性显著下降，过去一年仅销毁了25,660个ETH，表明这已不再是控制供应的可行方法。该提案旨在将发行稳定在每年约0.3-0.5%的水平，而平均收益与ETH价格之间没有检测到明显关系。
此外，该提案包括内置的18个月平稳过渡期，以防止对质押收益的即时冲击。EIP-8363的主要动机是通过解决高质押集中带来的风险来增强网络安全，从而确保更平衡的质押环境。