Ethereum co-founder Vitalik Buterin also raised concerns about the concentration of Ethereum’s liquid staking providers.
in his recent blog PostEthereum co-founder vitalik buterin Shared his opinion on adding some protocols to the Ethereum blockchain code. He also touched on the most important part which is the concentration of liquid staking service providers.
Vitalik Buterin discussed many Ethereum Protocols, including Account Abstraction Protocol ERC-4337, ZK-EVMs, Private Mempool, Code Precompiles, and Liquid Staking. He expressed strong support for “establishing” some of these protocols, such as ERC-4337, in Ethereum’s code, while he had reservations about other protocols, such as private mempools. However, he acknowledged that each protocol presents a complex compromise that will continue to evolve over time.
Buterin also raised concerns about the concentration of Ethereum’s liquid staking providers. Notably, Lido currently controls over 32% of the staked ether, despite various validators. Buterin highlighted that Lido and Rocket Pool, the two major providers, take different risks and have some safeguards in place, although these may not be enough.
Rather than relying solely on “moral pressure” to promote a more diverse set of staking providers, Buterin considered possible protocol changes aimed at further decentralizing liquid staking. These changes could include adjusting RocketPool’s approach or granting additional governance powers to a randomly selected committee of smaller stakeholders.
ETH price rises ahead of Ethereum futures launch
Over the past 24 hours, the price of Ethereum (ETH) has increased by more than 3.5% to reach the $1,750 level. There has been a price reversal ahead of the launch of the Ethereum Futures ETF and $1,750 serves as a key resistance level for Ethereum.
Ethereum is facing major resistance at $1,800, and a successful breakout could pave the way for a further move towards $1,850 and $1,920, possibly even reaching $2,000. On the downside, if Ethereum fails to overcome the $1,750 resistance, it could take a corrective move.
Initial support is around the $1,710 level, with more important support at $1,680. Additionally, the 76.4% Fibonacci retracement level from the recent rally, located near $1,685, provides support. A breach below $1,685 could test the $1,650 support, potentially triggering a bearish trend towards the $1,600 level.
According to the schedule and plans, the Ethereum futures ETF from Bitwise is likely to go live today, October 2. As of the September 27 note, there are 15 Ether Futures ETFs awaiting approval from nine different issuers. These issuers include well-known names like VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
Analysts assessing the situation have given a 90% chance of an Ether Futures ETF being launched in October. These offerings also include Valkyrie’s Bitcoin futures product Bitcoin Trading at around $28,308, the first is expected to include exposure to ether starting on October 3.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
More Read
Bitcoin Crypto Related Post
