以太坊ETF获批将至：谈谈质押经济学

概述

质押

质押的吸引力

验证者退出队列和ETF赎回

问题是可以解决的

结论

In this article, we discuss the possibility that Ethereum will be approved in the United States. We pay special attention to the economics of pledge and how the lack of rate of return will weaken the attractiveness of non-pledged Ethereum products to a certain extent. We also study the challenges faced by the implementation of pledged Ethereum, especially the relationship between redemption and Ethereum pledge exit queue system. Although these problems may be solved in the long run, considering that the products are approved, Quasi-competition These problems may take some time to be solved in the United States. Overview Bitcoin launched these products in the United States on, and achieved great success, enabling new funds to enter Bitcoin, which seems to push up the price of Bitcoin. This leads to a question: When will Ethereum be approved like Bitcoin? Large asset management institutions such as BlackRock and Fidelity have submitted applications for Ethereum to the US Securities and Exchange Commission, which seems keen to refuse or postpone this. As long as it has the ability to do so, as with bitcoin, the court may eventually force the US Securities and Exchange Commission to take action. As with bitcoin, the US Securities and Exchange Commission may be accused of hypocrisy for allowing Ethereum futures. In our opinion, Ethereum is inevitable at some point, but it is only a matter of timing. The pledge consensus system and related rate of return of Ethereum are a key factor to be considered. Some people think that the pledge of Ethereum will generate income or pledge. This makes Ethereum a kind of securities, so it provides a reason for the US Securities and Exchange Commission to reject Ethereum. This is not the problem we want to analyze. If we are forced to classify some cryptocurrencies as securities and others are not, we may take a simple position of maximizing bitcoin, that is, if there is money, it is securities, if not, it is not securities. Therefore, in our hypothetical system, Bitcoin and dogecoin will not be classified as securities, while Ethereum will be classified. For securities, we will not bring the pledge into it, but our views here are not important. The US Securities and Exchange Commission and the US courts will do what they should do. This is not a question we need to discuss further. In this report, we will pay attention to the economic aspects of the pledge and its possible impact on any one. In our opinion, no matter how the regulatory authorities decide on the pledge yield, it will have a major impact. This is an important economic issue, the attraction of pledge, and the pledge yield of Ethereum. At present, the pledge is the core part of Ethereum from both narrative and economic perspectives. This rate of return is probably a factor to attract investors to invest in Ethereum, and it is also a key factor to distinguish Bitcoin from Ethereum. Although not all Ethereum investors are concerned about the rate of return, the rate of return may be a more important consideration for institutional investors and buyers. Of course, in the long run, the original price of Ethereum may be lower than that of Bitcoin, but the holders of Ethereum. Because you can enjoy the pledge income, you may get a higher return than the bitcoin holders, but for some investors, you may not be able to pledge, so the pledge system may reduce the attractiveness of Ethereum or be unsuitable for these investors. The existing Ethereum holders and subscribers may be reluctant to stop subscribing and convert their own Ethereum because they don't want to lose the income. At the same time, new funds may be reluctant to invest in Ethereum because they know that their treatment is not as good as recognition. Therefore, buyers may get lower returns. Perhaps these investors will choose Bitcoin. Some investors, that is, those who need products listed on the exchange to get in touch with cryptocurrencies, cannot directly pledge or buy tokens like this. The impact of this factor is uncertain, but if the pledge yield increases, it may be a key factor for some new investors to miss the yield. Verifiers can withdraw from the queue and redeem the solution here. It seems obvious that they can directly subscribe for Ethereum. For regulatory reasons and practical reasons related to product redemption, this may not be possible. If you want to withdraw the pledge from the pledge system of Ethereum, you need to go through two queues. We can also consider entering the queue, but from a new point of view, these queues are not so important, because any delay in deploying the pledge will only reduce the yield of the product. In contrast, exiting the queue may be a problem that needs to be considered in the redemption process. There are two kinds of exit queues as follows. This is a first-in first-out queue. The system is used to pledge the withdrawal process, which is considered to be crucial from the perspective of the stability and security of the subscription system, because it can prevent too many subscribers from withdrawing from the queue too quickly. The withdrawal limit is based on the withdrawal limit, which is the number of verifiers allowed to withdraw every cycle minute. The current value of the withdrawal limit changes according to the total number of active verifiers. If the value is, there will be about one Ethereum every day, which is equivalent to about one hundred million dollars according to the current spot price of Ethereum. Under some economic conditions, the daily outflow may definitely be greater than this figure. Let's look at the situation since March. Because of the nature of the queue, the more people want to quit, the longer the waiting time will be. At present, the waiting time is almost empty, so it is not difficult to see that in some periods, it may be the period when the cryptocurrency market is turbulent, and it may be even longer or even as long as several months when people want to redeem the Ethereum. Therefore, this is a potential question for the pledge Ethereum provider. The second waiting for the verifier scanning delay occurs after exiting the queue, which is more an implementation detail than an economic restriction on the system. The queue is basically a random waiting rather than a first-in first-out queue. This delay is applicable to both the verifier exiting and the normal partial withdrawal payment. This waiting time is limited once per slot or once per era. Unlike the first waiting time, this waiting time will not increase significantly during the financial crisis. The waiting time of days is much longer than the ordinary redemption time. The ordinary redemption time is usually one to two working days. If the verifier is discounted, there will be additional delay, which will lead to a longer waiting time. Of course, price reduction is another risk of pledging Ethereum products, which needs to be explained clearly to potential investors. Therefore, quitting the queue system undoubtedly increases the difficulty of implementing Ethereum pledge. Of course, these problems can be solved. First, only a part of Ethereum holdings can be pledged and the other part can be left for immediate withdrawal, which will reduce the yield and increase the complexity of products, but for mature product providers. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台