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The New Crypto Cycle Will Be About Ether Yields: Bernstein
Ether staking trends following the Shanghai upgrade have beaten expectations, the report said.
By Will Canny
May 16, 2023, 8:04 a.m.
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Pressure on zero-yield generating bank deposits is expected to continue, which makes ether yields more attractive, Bernstein said in a research report on Monday.
Currently, the flight is from bank deposits to the U.S. Treasury money markets, but as the ether yield economy becomes more mainstream, “it is hard not see more demand for ETH deposits and ETH yields,” analysts Gautam Chhugani and Manas Agrawal wrote.
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Bernstein notes that in the “hierarchy of yields,” money market yields at peak rates are the obvious choice for investors, but these are in U.S. dollars, a fiat currency base.
Ether holders are seeing nearly one month waiting period for setting up as network validators on Ethereum.
Read more: Ether Holders Embrace Near Month-Long Wait for Staking ETH
“Any hard landing leading to a decline in rates and USD debasement would immediately make ETH yields in ETH terms extremely attractive,” the note said. Ether yield is denominated in ETH, and the cryptocurrency continues to remain deflationary, the note added.
These yields are directly linked to Ethereum ecosystem activity, which continues to see increased adoption from both retail and institutional investors, the analysts wrote.
“The new crypto crypto cycle will be about yield this time,” the report said. Banks make money by not sharing yields with savers, “Ethereum shares all that it makes with stakers and does not dilute its monetary policy,” the report added.
Ether staking trends post the Shanghai upgrade have beaten expectations, Bernstein said, with the amount of ether staked as a percentage of total ETH reaching around 15%, an increase of 2% since the upgrade, addressing any concerns of a supply overhang.
Read more: The Biggest Crypto Bull Cycle Is Upon Us: Bernstein
あなたへの
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
知っておくべきこと:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
あなたへの
World token jumps 27% as Sam Altman reportedly eyes a biometric social network to kill off bots
The WLD token surged after Forbes reported that Sam Altman's OpenAI is planning to use Worldcoin to fight bots online.
知っておくべきこと:
- World’s WLD token jumped sharply on Wednesday after a Forbes report said Sam Altman’s OpenAI is exploring a biometric social network to combat online bots.
- The report said OpenAI has considered using Apple’s Face ID or World’s iris-scanning Orb device to verify human users, though no formal partnership between OpenAI and World has been confirmed.
- World Network, which has raised $135 million and says it has verified millions of people, is pitching its World ID system as a privacy-focused way to prove personhood online even as it faces regulatory scrutiny in countries such as Kenya and the U.K.
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