Opinion: EIP-8361 is meaningless 'counterproductive', Ethereum should not cripple itself
- EIP-8361 proposal aims to drastically reduce the APR for $ETH staking.
- If the staking ratio exceeds 50%, the yield would be cut to zero.
- Current ETH staking yields are only 2.4%, less competitive than U.S. Treasury bonds.
- Solo stakers, crucial for Ethereum's decentralization, would be severely impacted by EIP-8361.
- Implementing this proposal would require a hard fork, posing significant risks for Ethereum.
The EIP-8361 proposal submitted by Ethereum France seeks to drastically slash the APR for $ETH staking. If the staking ratio exceeds 50%, it will directly cut the yield to zero. This proposal is viewed as pointless and counterproductive, as it disrupts a system that is currently functioning normally.
Currently, ETH staking yields a mere 2.4%, which is less than half as competitive as U.S. Treasury bonds. For retail Ethereum users, the returns from solo staking barely cover costs, leading to minimal profit margins. As a result, only dedicated users continue to engage in solo staking.
The proposal poses a significant risk to solo stakers, who are essential for maintaining the decentralization of the Ethereum ledger. While concerns about the churn rate have been raised, adjustments to this rate can be made easily without risk. However, drastically cutting Ethereum's yield would necessitate a hard fork, which could jeopardize the protocol's stability and might even lead to the creation of a new token.
Given the current challenges facing Ethereum, the risks associated with EIP-8361 are deemed too high and the proposal is considered meaningless.
观点：EIP-8361毫无意义，‘适得其反’，以太坊不应自我削弱
EIP-8361提案由以太坊法国提交，旨在大幅降低$ETH质押的年收益率。如果质押比例超过50%，收益将被削减至零。该提案被视为毫无意义且适得其反，因为它扰乱了当前正常运行的系统。
目前，ETH质押的收益仅为2.4%，低于美国国债的竞争力。对于零售以太坊用户而言，个人质押的回报几乎无法覆盖成本，导致利润空间极小。因此，只有忠实用户继续参与个人质押。
该提案对个人质押者构成重大风险，而个人质押者对于维护以太坊账本的去中心化至关重要。尽管有人提出了关于流动率的担忧，但对这一比率的调整可以轻松进行且没有风险。然而，大幅削减以太坊的收益将需要硬分叉，这可能危及协议的稳定性，甚至可能导致新代币的产生。
鉴于以太坊当前面临的挑战，与EIP-8361相关的风险被认为过高，因此该提案被认为毫无意义。