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Everyone is celebrating 42 million ETH being staked. I’m not convinced that’s bullish. 👀 More than 42 million ETH is now staked, roughly 35% of the total supply. The easy narrative is obvious: less ETH circulating → more ETH locked → less sell pressure → higher price. I understand that argument. On the surface, it makes sense. But the more I look at what’s happening with Ethereum this year, the more I think the real story is much more complicated. On August 4, Justin Drake and five other Ethereum Foundation researchers submitted EIP-8361, proposing a mechanism called “Tapered Issuance Burn.” The basic idea is simple but potentially huge: As the staking ratio increases, more validator rewards are burned. If staking reaches 50% of total ETH supply—around 60.25 million ETH—new consensus-layer issuance could eventually fall to zero. At first glance, this is meant to address a legitimate problem: too much staking could increase centralization risk. And that risk isn't imaginary. With roughly 35% of ETH already staked, and Lido representing a significant share of validators, Ethereum has to think seriously about how concentrated staking becomes. But here's the part that caught my attention: Who actually gets hurt if this proposal becomes reality? The people staking ETH today. Right now, staking offers roughly a 3.5–4% annualized yield. But if the staking ratio keeps rising and EIP-8361 is implemented, those rewards could gradually be diluted until they eventually reach zero at the 50% threshold. So ironically, the more people stake, the closer they push themselves toward a world where staking becomes less rewarding. It reminds me of everyone rushing to fill a swimming pool without realizing the drain underneath is getting bigger. 😅 And then there’s DeFi. ETH staking yield has effectively become an important base-rate reference across the Ethereum ecosystem. Lending markets and liquid-staking products have built part of their economics around it. #DailyOrbit