The battle of PoS and DeFi under ETH2.0
Editor's Note: This article comes fromIOSG（ID：IOSGVC）, reprinted by Odaily with authorization.
Editor's Note: This article comes from
, reprinted by Odaily with authorization.
Today, Ethereum 2.0's verification node pledge is also in full swing. Compared with other public chains based on PoS consensus, the number of active pledgers of Ethereum 2.0 is far ahead.
So does the fiery Ethereum 2.0 pledge mean its threat to the future lock-up income in the DeFi field? On the other hand, the PoS pledge of Ethereum 2.0 will lock a large amount of ETH. Will this threaten the current DeFi market with more than 8.57 million ETH and a current value of more than 10 billion US dollars? This article will start with an overview of Ethereum 2.0, and analyze the prospect of PoS implementation and the prospect of pledge rate of return.
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Overview of Ethereum 2.0 PoS
The Staking model of Ethereum 2.0 is different from the common Staking model. The common Staking model generally adopts the "delegation type" (coin holders entrust voting rights to super nodes, that is, DPoS), while Ethereum 2.0 sets the pledge threshold of each node to 32 ETH, and only one node can be activated for every 32 ETH , so there will naturally be a large number of nodes in the network. The creation threshold of Ethereum 2.0 is at least 16,384 verifier nodes, and the current number of active nodes in the network has reached more than 80,000. From the perspective of the number of nodes, the degree of decentralization of Ethereum 2.0 is much higher than that of other PoS models.
cr. stakingrewards.com
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cr. launchpad.ethereum.org
According to the official data of Ethereum, when the pledged amount of ETH reached 524,000 in the initial stage, the annualized rate of return was about 21.6%. When the pledge amount of the entire network reaches 10 million ETH, the annualized return is still about 5%.
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The downward trend of ETH 2.0 pledge income can also be seen in the price fluctuations of the BETH/ETH trading pair. BETH is the certificate for users to lock ETH in Binance, and has two rights:
After ETH 2.0 is officially launched, BETH will be the only certificate for 1:1 exchange of ETH;
The ETH lock-up income will be issued according to the BETH held by the user. During the lock-up period, Binance will distribute the on-chain staking income in BETH to the user's spot account according to the amount of BETH held by the user.
This change also shows that investors are not optimistic about the prospect of ETH 2.0 staking income. At the same time, the price of BETH has fallen below its face value, which also reflects that the staking income of ETH 2.0 is generally lower than the opportunity cost of investment in the blockchain field.
At the same time, another point worth noting is that the trading volume of BETH is concentrated above the price of 1 ETH, and the trading volume shows a downward trend as the price of BETH/ETH decreases, which also reflects the cooling of investors' sentiment towards ETH 2.0 pledge .
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How to participate in Ethereum 2.0 PoS
ETH holders can currently participate in the Staking of Ethereum 2.0 in two ways: pledge 32 ETH and run their own validator node; choose a third-party Staking service provider or join the Staking pool.
To run your own validator node, you first need to pledge 32 ETH, and take the responsibility of producing and verifying blocks, otherwise you will face the penalty of deducting the pledge or even being expelled. Individual participation in the early stage requires a certain technical foundation and hardware conditions, and bears certain operation and maintenance costs and risks by itself.
The comparison of currently available staking services is as follows:
cr. ethereum.cn
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The degree of decentralization of Ethereum 2.0 PoS
cr. beaconcha.in
Address distribution of Ethereum 2.0 pledge shares:
Another major driving force for Ethereum 2.0 Staking is the adjustment of the Ethereum 2.0 roadmap. According to the previous roadmap, the ETH pledged by users will be locked for at least two years, and the adjusted new roadmap simplifies and accelerates the merger process of the current Ethereum main chain and the 2.0 chain, greatly shortening the ETH locking time (hopefully within 1-2 years), thereby alleviating the liquidity risk that currently discourages potential pledgers.
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