A key pillar of demand for Ether, the second-largest digital token, is weakening against a backdrop of elevated Treasury yields.
That may be reflected by the behavior of the validators who undertake Ether staking. Validators run software to verify and add transactions to a digital ledger, earning rewards paid in the ledger’s native token. Staking payouts are determined by a range of factors but a key variable is the number of validators — the more there are, the lower the reward rate.
The Ethereum staking ratio, currently at 22.6%, may top out at a “lower number than some were expecting,” Lawant said.
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