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Most people say that staking 42 million ETH is a supply positive, but I don't see it that way. The staked amount has surpassed 42 million, accounting for nearly 35% of the total supply. Many accounts say: ETH is becoming increasingly scarce, supply is locked, and price pressure is reduced. I understand this logic; on the surface, it does hold true. But if you look closely at what has happened with Ethereum this year, you'll find that behind the surge in staking rate is a more complex, even somewhat ironic story. On August 4th, Justin Drake, along with five other Ethereum Foundation researchers, submitted EIP-8361. The core mechanism is "Tapered Issuance Burn": as the staking ratio rises, the proportion of validator rewards that are burned also increases, until the staked amount reaches 50% of the total supply (about 60.25 million ETH), at which point new consensus layer issuance drops to zero. This proposal made me think for a long time. On the surface, EIP-8361 addresses the problem of "over-staking leading to centralization"—indeed, when 35% of ETH is locked in staking contracts, and Lido alone accounts for over 30% of validator share, the centralization risk is real. But here’s the question: who is most disadvantaged by this proposal? The ones most disadvantaged are those currently staking. If you stake ETH today, you earn about 3.5%-4% annualized yield. Once EIP-8361 passes and staking rates continue to climb, your rewards will be automatically diluted by the system until they reach zero at the 50% threshold. In other words, the more people stake, the faster they push the critical point where their own rewards diminish. It’s a bit like the story of everyone desperately pouring water into a pool, unaware that the pool has an ever-growing leak. Now, regarding the DeFi side. Ethereum staking’s base yield has long been regarded as the "risk-free rate anchor" in the DeFi world—interest rate pricing for lending protocols like Aave and Compound is, to some extent, referenced to this anchor #CPIToResetFedBets #AIInfraFundingDiverges #AIInfraEarningsWatch