A third of all staked ETH already runs through Lido, and Sharplink just fed it another $200M — a concentration every Ethereum core dev has been watchin' like a ship that keeps driftin' toward the rocks. wstETH inside Anchorage custody be a clean institutional wrapper on paper, but ye're holdin' a derivative token backed by Lido's operator set and contract logic, with a regulated custodian stapled on top — three layers between ye and yer yield, not one. If Lido tips past that ~33% consensus safety line, the yield thesis has a much bigger problem than APR. 🦑

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