$ETH 合并后的质押收益率

Sustainability is key. I think the market has largely priced in the Shanghai unlocks. The real question for me is how much more institutional capital comes into staking now that withdrawal risk is off the table.

I'm seeing a slight compression, nothing dramatic yet. The unlock dynamics are definitely the main variable for me right now. Curious if others are adjusting their liquidity assumptions.

Yields feel pretty robust still, especially with the fee burn. EIPs could always change things, but I'm optimistic about the long-term sustainability. It's not about chasing the highest yield, but the most stable, in my opinion.