{"id":554440,"date":"2023-10-06T19:00:12","date_gmt":"2023-10-06T19:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=554440"},"modified":"2023-10-06T17:27:12","modified_gmt":"2023-10-06T17:27:12","slug":"is-ethereum-staking-boom-a-ticking-time-bomb-jpmorgan-weighs-in","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/is-ethereum-staking-boom-a-ticking-time-bomb-jpmorgan-weighs-in\/","title":{"rendered":"Is Ethereum&#8217;s Staking Boom A Ticking Time Bomb? JPMorgan Weighs In"},"content":{"rendered":"<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Ethereum (ETH), a forerunner in the decentralized finance (DeFi) ecosystem, has seen a notable surge in its staking activities. This staking boom has raised eyebrows among experts from JPMorgan <a href=\"https:\/\/www.coindesk.com\/tech\/2023\/10\/06\/ethereum-has-become-more-centralized-since-the-merge-and-shanghai-upgrades-jpmorgan\/\" target=\"_blank\" rel=\"noopener nofollow\">concerned<\/a> over ETH&#8217;s increase in centralization and the <a href=\"https:\/\/wncen.com\/news\/ethereum\/whales-abandon-ship-ethereums-value-in-jeopardy\/\" target=\"_blank\" rel=\"noopener \">consequences that may arise<\/a>.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Ethereum, aiming to transition to a proof-of-stake consensus mechanism, opened the floodgates for staking. This meant holders could &#8216;stake&#8217; or lock their tokens to support network operations like block validation. However, w<\/span><span class=\"selectable-text copyable-text\">hile this promises rewards for the stakers, JPMorgan analysts have <a href=\"https:\/\/www.jpmorgan.com\/insights\/research\/reports\" target=\"_blank\" rel=\"noopener nofollow\">reported<\/a> that there could be <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-vs-bitcoin-can-upcoming-eth-futures\/\" target=\"_blank\" rel=\"noopener \">ripple effects<\/a>.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/whales-abandon-ship-ethereums-value-in-jeopardy\/\" target=\"_blank\" rel=\"noopener \">Whales Abandon Ship? Ethereum\u2019s Value In Jeopardy As Major Holders Liquidate<\/a><\/div>\n<h2 class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Ethereum Centralization Concerns Rise To The Surface<\/span><\/h2>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">JPMorgan analysts, led by Nikolaos Panigirtzoglou, highlight the inadvertent increase in Ethereum&#8217;s network centralization, particularly post the Merge and Shanghai upgrades. The Ethereum network became &#8220;more centralized as the overall staking yield declined,&#8221; they noted.\u00a0<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">According to the <a href=\"https:\/\/www.theblock.co\/post\/255116\/jpmorgan-ethereum-more-centralized-staking\" target=\"_blank\" rel=\"noopener nofollow\">analysts<\/a>, what\u2019s leading to this centralization could be attributed to <\/span><span class=\"selectable-text copyable-text\">liquid staking providers. Lido, a notable player, has been pinpointed for its dominant role. The JPMorgan report noted:<\/span><\/p>\n<blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">The top 5 liquid staking providers control more than 50% of staking on the Ethereum network, and Lido specifically accounts for almost one-third.<\/span><\/p>\n<\/blockquote>\n<figure id=\"attachment_255120\" aria-describedby=\"caption-attachment-255120\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-255120 size-full\" src=\"https:\/\/i0.wp.com\/www.tbstat.com\/wp\/uploads\/2023\/10\/Screenshot-2023-10-06-at-12.42.10-PM.png?resize=1600%2C944&#038;ssl=1\" alt=\"Performance of Top 5 liquid staking providers.\" width=\"1600\" height=\"944\"><figcaption id=\"caption-attachment-255120\" class=\"wp-caption-text\">Performance of Top 5 liquid staking providers. | <a href=\"https:\/\/www.jpmorgan.com\/insights\/research\/reports\" rel=\"nofollow\">JPMorgan<\/a><\/figcaption><\/figure>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">The analysts further disclosed while platforms such as <a href=\"https:\/\/wncen.com\/news\/ethereum\/justin-sun-unstakes-20000-ethereum-lido-finance\/\" target=\"_blank\" rel=\"noopener \">Lido<\/a> tote their decentralized nature, the underlying reality appears different. The analysts said these platforms \u201cinvolve a high degree of centralization.&#8221;<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">According to the analysts, the ramifications of such centralization can&#8217;t be understated. They mentioned that &#8220;a concentrated number of <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-retesting-bear-bull-junction-break\/\" target=\"_blank\" rel=\"noopener \">liquidity providers<\/a> or node operators&#8221; might compromise the network&#8217;s integrity, leading to potential points of failure, attacks, or even conspiracy, resulting in an &#8220;oligopoly.&#8221;<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">They further highlighted that such centralized entities could censor or exploit user transactions, undermining the community&#8217;s interests.<\/span><\/p>\n<h2 class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">The Rehypothecation Risk And Declining Rewards<\/span><\/h2>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Another dimension to the staking story is the looming threat of &#8216;rehypothecation.&#8217; In simple terms, it&#8217;s the act of\u00a0<\/span><span class=\"selectable-text copyable-text\">leveraging staked assets as collateral across various DeFi platforms<\/span><span class=\"selectable-text copyable-text\">. According to the JPMorgan&#8217;s analysts:<\/span><\/p>\n<blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Rehypothecation could then result in a cascade of liquidations if a staked asset drops sharply in value or is hacked or slashed due to a malicious attack or a protocol error.<\/span><\/p>\n<\/blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Furthermore, as Ethereum continues its journey on the staking path, the staking rewards seem to diminish. The report <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-risk-1585\/\" target=\"_blank\" rel=\"noopener \">indicated a drop<\/a> in total staking yield from 7.3% before the Shanghai upgrade to roughly 5.5% recently.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-risk-1585\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price At Risk of Sharp Decline Unless ETH Clears This Heavy Resistance<\/a><\/div>\n<p dir=\"ltr\">Regardless, Ethereum has shown a slight upward trajectory of 1.5% in the past 24 hours, with a market price currently sitting at $1,643 and a market cap of approximately $9 billion, at the time of writing.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/yPEMMHJ7\/\" alt=\"Ethereum (ETH) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Ethereum (ETH) price is moving sideways on the 4-hour chart. Source: ETH\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3AETHUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p dir=\"ltr\">Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum (ETH), a forerunner in the decentralized finance (DeFi) ecosystem, has seen a notable surge in its staking activities. This staking boom has raised eyebrows among experts from JPMorgan concerned over ETH&#8217;s increase in centralization and the consequences that may arise. Ethereum, aiming to transition to a proof-of-stake consensus mechanism, opened the floodgates for staking. This meant holders could &#8216;stake&#8217; or lock their tokens to support network operations like block validation. However, while this promises rewards for the stakers, JPMorgan analysts have reported that there could be ripple effects. Related Reading: Whales Abandon Ship? Ethereum\u2019s Value In Jeopardy As Major Holders Liquidate Ethereum Centralization Concerns Rise To The Surface JPMorgan analysts, led by Nikolaos Panigirtzoglou, highlight the inadvertent increase in Ethereum&#8217;s network centralization, particularly post the Merge and Shanghai upgrades. The Ethereum network became &#8220;more centralized as the overall staking yield declined,&#8221; they noted.\u00a0 According to the analysts, what\u2019s leading to this centralization could be attributed to liquid staking providers. Lido, a notable player, has been pinpointed for its dominant role. The JPMorgan report noted: The top 5 liquid staking providers control more than 50% of staking on the Ethereum network, and Lido specifically accounts for almost one-third. The analysts further disclosed while platforms such as Lido tote their decentralized nature, the underlying reality appears different. The analysts said these platforms \u201cinvolve a high degree of centralization.&#8221; According to the analysts, the ramifications of such centralization can&#8217;t be understated. They mentioned that &#8220;a concentrated number of liquidity providers or node operators&#8221; might compromise the network&#8217;s integrity, leading to potential points of failure, attacks, or even conspiracy, resulting in an &#8220;oligopoly.&#8221; They further highlighted that such centralized entities could censor or exploit user transactions, undermining the community&#8217;s interests. The Rehypothecation Risk And Declining Rewards Another dimension to the staking story is the looming threat of &#8216;rehypothecation.&#8217; In simple terms, it&#8217;s the act of\u00a0leveraging staked assets as collateral across various DeFi platforms. According to the JPMorgan&#8217;s analysts: Rehypothecation could then result in a cascade of liquidations if a staked asset drops sharply in value or is hacked or slashed due to a malicious attack or a protocol error. Furthermore, as Ethereum continues its journey on the staking path, the staking rewards seem to diminish. The report indicated a drop in total staking yield from 7.3% before the Shanghai upgrade to roughly 5.5% recently. Related Reading: Ethereum Price At Risk of Sharp Decline Unless ETH Clears This Heavy Resistance Regardless, Ethereum has shown a slight upward trajectory of 1.5% in the past 24 hours, with a market price currently sitting at $1,643 and a market cap of approximately $9 billion, at the time of writing. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":514768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,8323,1946,78803,2628],"class_list":["post-554440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-eth","tag-ethereum","tag-ethusdt","tag-jpmorgan"],"acf":[],"yoast_head":"\n<title>Is Ethereum Staking Boom A Ticking Time Bomb? JPMorgan Weighs In<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH), a forerunner in the decentralized finance (DeFi) ecosystem has seen a notable surge in its staking activities. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is Ethereum Staking Boom A Ticking Time Bomb? JPMorgan Weighs In","description":"Ethereum (ETH), a forerunner in the decentralized finance (DeFi) ecosystem has seen a notable surge in its staking activities. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Ethereum&#8217;s Staking Boom A Ticking Time Bomb? 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