Love the article. Though it might be problematic to circumvent the forward looking earnings yield. Contrary to earnings growth, higher staking % reduces staking yield, and as such 'making' ETH a less desirable asset? In addition, what would be a healthy spread between the 'crypto risk free rate aka eth' vs. real world over night fed fund rate? The 'higher for longer' narrative seems to make longer tail assets less attractive if yield spread diminishes over time...
Love the article. Though it might be problematic to circumvent the forward looking earnings yield. Contrary to earnings growth, higher staking % reduces staking yield, and as such 'making' ETH a less desirable asset? In addition, what would be a healthy spread between the 'crypto risk free rate aka eth' vs. real world over night fed fund rate? The 'higher for longer' narrative seems to make longer tail assets less attractive if yield spread diminishes over time...