Run the majority client at your own peril! (dankradfeist.de) | |
Reading this has made me bullish about ETH again. A few months back we had the discussion about how Lido‘s stETH is threatening Ethereum consensus and that Lido might un-decentralize the network. However, now knowing that staking your ETH on the majority client can mean losing it entirely in case of a consensus bug is amazing news. It means that staking ETH is totally not as risk-free as promoted before. And it creates also a bullish black swan event opportunity for those who hold non-staked ETH. Namely because the above article details a scenario where a third of the network‘s ETH is slashed until it is almost entirely gone. The connection to Lido here is that stETH holders don‘t control which clients they run and so they‘re taking on this risk in return for interest. Surely a source of anxiety for stakers, but having 1/3 of ETH destroyed at a 250M USD mcap, fantastic news for regular ETH holders. And the software would have performed as intended! Bullish. | |