Original post by @Barrett, Buidler DAO
Original source:
Original source:Buidler DAO
01. LSD Basics
LSD concept
Liquidity Staking Derivatives, referred to as LSD, is a certificate for users to pledge ETH through a joint pledge. LSD represents the pledged assets of the holder, and holding LSD can enjoy the pledge income.
LSD is a relatively new type of token and an ERC-20 Token that enables stakers to earn returns by releasing their staked cryptocurrencies (such as ETH).
There is a section dedicated to ETH Liquid Staking in Defillama, the portal:https://defillama.com/lsd
About Ethereum POS
In Ethereum's POS system, the blockchain is managed by validators rather than miners. For Ethereum, a validator is a user who has locked (staked) 32 ETH in order to run a node and secure the Ethereum blockchain.
Simply put, network security does not depend on energy, but on capital. So while mining requires a lot of hardware to operate, staking virtualizes the process of securing the blockchain, reducing Ethereum’s energy requirements exponentially.
In addition, POS provides better security guarantees than POW. Some of these guarantees include:
The same cost, more secure than POW (that is, the attack cost of POS is higher)
Easier to recover from an attack than POW (i.e. slashing destroys the attacker’s staked ETH, and the cost of the attack rises rapidly)
Better prospects for decentralization than POW (i.e. some services allow users to stake any amount of ETH by pooling funds)
Better censorship resistance than POW (i.e. private staking via VPN)
02. Impact of Ethereum Shanghai Upgrade
Ethereum’s roadmap has several updates following the Shanghai upgrade — dubbed “Surge,” “Verge,” “Purge” and “Splurge” — that will be critical to the protocol’s future development. In the near future, EIP-4844 could scale Ethereum with new transaction aggregation, reducing gas fees, while EIP-3540 will aim to reduce the resource requirements of the Ethereum Virtual Machine.
LSD's Market Share in DeFi Could Increase
image description
Image from Staking Rewards
According to Staking Rewards, Ethereum is only 15.42% staked, which is very low compared to Cardano's 68.96%, Solana's 70.91%+ and Polygon's 39.89%. One of the reasons why ETH holders are still hesitant to stake has to do with the constraints on locking up ETH tokens when staking.
The latest news is that the Ethereum core developers confirmed in a conference call that they will perform a Shanghai upgrade on the Ethereum mainnet on April 12, which will enableStaked ETH Withdrawal. The upgrade will allow a 1:1 exchange of ETH staked on the beacon chain for ETH. This will encourage more ETH to be pledged through the liquid staking pool, which will drive the demand for LSD, and more products will be designed around the LSD concept, which may trigger the rapid growth of DeFi TVL.
This is Ethereum's first major upgrade, also known as a "hard fork," since the POS merger last September. One of these is the Beacon Chain Open ETH Staking Unlock, also known as EIP-4895, which means that about 14% of the ETH supply will be unlocked in the next year.
Increase the amount of Ethereum contract deployment
image description
The number of smart contracts deployed on the Ethereum mainnet each quarter
The Shanghai upgrade will open up the final withdrawal link of LSD products, and the anchoring and liquidity of LSD will be greatly improved. Ethereum 1.0 adopts the POW consensus mechanism, and nodes need to obtain accounting rights through calculation. In Ethereum 2.0, the consensus mechanism is changed to POS. In the previous large-scale upgrade of Ethereum, the beacon chain has been merged into the main network, but the ETH pledged on the beacon chain and the correspondingStaking RewardsIt can only be proposed after upgrading in Shanghai.
Therefore, the Shanghai upgrade allows users to withdraw pledged funds. Through the Shanghai upgrade, Ethereum will realize all the basic functions of POS, eliminate the risk that pledged funds cannot be withdrawn, and open up the last link of LSD product logic.
image description
The picture comes from the official website of Ethereum
Ethereum unlock data:
According to the current situation, theoretically, the daily withdrawal limit is about 61,400 ETH. Ethereum can activate 8.43 validators per epoch (total number of validators/65,536), and there are 225 epochs per day. That is to say, about 61,400 ETH can be unlocked every day at most.
The currently pledged ETH of Ethereum accounts for about 15.42% of the total supply, or 17.72 million tokens, and the daily unlocked amount will flow 0.06% of the total. In addition, the withdrawal rate will be adjusted according to the total amount of pledged ETH to prevent Momentary mass outflow, etc.
Ethereum pledge data:
image description
Image courtesy of ultra sound money
According to the data of ultra sound money, we can see that the current total supply of ETH is 120, 453, 327 pieces, and it is deflation at a rate of -0.108% per year. In the long run, the price of ETH has a fundamental upward trend.
The pledge rate of return and the number of pledges are also in a dynamic equilibrium relationship. When the number of pledges reaches 44.3 M, in the current case of Ethereum pledge rewards, the annualized rate of return on pledges is 2.5%. When the number of pledges is 11.1 M, the annualized Yield is 5.0%.
The exchange rate between stETH and ETH is less likely to be de-anchored
Since partial withdrawals and full withdrawals of beacon chain withdrawals need to wait in line, I personally analyze that most withdrawals will be reward withdrawal (partial withdrawal) requests. If users want to cash out, they don’t need to go through the process of withdrawal application, collection and sale, and only need to sell directly in the secondary market.
The design of stETH is to exchange ETH at 1: 1. Since the ETH mortgaged and rewarded by the beacon chain cannot be retrieved, it can only be sold through the secondary market, so stETH has always been discounted. Another major reason for the discount is that stETH has good liquidity, and many large investors use it to hold exposure to ETH mortgages, and the corresponding exit from the secondary market will lead to large price fluctuations.
After the withdrawal is opened, users only need to wait for 4 days and 6 hours at most, and the user can withdraw stETH at a ratio of 1:1, which will be very helpful for the price stability of stETH.
At present, all mortgage services only have one path of mortgage, and exits are sold in the secondary market. After the withdrawal is opened, each service will improve the withdrawal mechanism. You can choose to lock the derivative tokens on the official website and wait for a 1: 1 withdrawal after a certain period of time.
This is beneficial for collateralized derivatives projects in the long run, which can promote price stability. In addition, after the withdrawal is opened, the mortgage income can be fully withdrawn, because compound interest is available, and the yield of each mortgage service will increase.
Of course, there is another voice at the moment. The upgrade of Shanghai will lead to selling pressure. The current macro environment is still uncertain. In the sector, the price of ETH will also be affected. Even if this happens, it will be a good point for ETH to open a position. Because in the long run, Ethereum tokens are deflationary, and more ETH will be pledged.
other upgrades
The Shanghai upgrade includes not only ETH pledge unlocking, but also other upgrades, which are also conducive to the long-term development of its ecology. For example, EIP-3651 can help miners save gas fees and speed up miner transactions; for example, EIP-3855 can also reduce gas consumption; EIP-3860 can support larger contracts and support the deployment of contracts with richer functions, which is beneficial for developers to launch more Imaginative dAPP; EIP-3540 (EVM Object Format EOF) V1 supports the separation of contract code and data, simplifying contract interaction, etc.
To sum up, the Shanghai upgrade of Ethereum is positive overall. Although there is a risk of selling pressure, if it happens, it is also a good time to invest and build a position.
03. LSD track project review
Ethereum Pledge System
How to pledge Ether?
Solo Staking (Solo-Staking)
You need to purchase hardware and set up nodes yourself, and manage the verification key and cash withdrawal key yourself, which is a completely decentralized model.
Staking as a Service (VaaS)
Through the Staking service provided by the third-party service provider, you need to create the verification key and withdrawal key yourself, but the node operation and fund management are completed by the third-party service provider, which belongs to the non-custodial mode.
Pooled Services
For example, Lido and Rocket Pool's staking schemes. Users do not need to create verification keys and withdrawal keys. Node operations and fund management are completed by operators in the pledge pool, which is an approximate full custody model, but the pledge pool scheme provides more room for operations.
Centralized exchange pledge
Using the staking solution of the trading platform, there is no need to create verification keys and withdrawal keys. Fund management and node operations are completely completed by the trading platform, which belongs to the full custody model.
image description
Image via Defiliama
According to the data of Defiliama, it can be seen that the current market share of Lido, which ranks first, has reached 74.61%, the second is the centralized exchange Coinbase, and the third is RocketPool.
Ethereum pledge service solution:
Pooled Services
Staking PoolsA unique proposition of DeFi is that they issue liquidity tokens, which represent pledged ETH, and allow users to trade or use this token in DeFi applications, allowing them to get two rewards - rewards for pledged assets, And in return for new deal/investment opportunities. The concept of issuing liquidity tokens for staked assets is called Liquid Staking, and this is what most staking pools offer their users.
Traditionally, staking on POS-based projects involves a lock-up period during which users' assets cannot be traded or withdrawn. In the case of Ethereum, funds cannot be withdrawn from validators on the Beacon Chain until the Shanghai upgrade is complete, which currently limits the ability of users to actually redeem their own liquidity tokens for ETH rewards locked in the consensus layer. This is why liquid staking is so popular with investors, as it allows users to “withdraw” their ETH without actually removing it from the staking contract.
The main benefits of Liquid Staking are:
Simplified staking process with no management or hardware setup required
There is no limit to the deposit size, which allows smaller players to participate
Liquid Staking Allows Users to Participate in Other DeFi Protocols
The staking pool service has three main advantages:
low barriers to entry
Most staking pools allow users to stake with as little as 0.01 ETH, which is easier to achieve than meeting the 32 ETH requirement for staking alone.
As easy as a token swap
Users don't need to worry about maintaining and setting up a node, and the process of depositing into a pool is often as simple as exchanging one token for another.
liquidity token
Staking pools typically provide users with tokens representing their staked ETH. The token can be used like any other token, enabling investors to earn staking rewards while being able to transfer, store, trade and earn yield across decentralized finance protocols.
Staking pool services, on the other hand, typically run using smart contracts, where funds are deposited to manage and track users' stakes, and issue them tokens to represent their stakes in the contract. Staking pools can be further divided into three categories based on whether open, limited, or specially curated validator sets are allowed.
Participate publicly as a validator
Open participation for validators means that everyone can participate in the consensus process and become a node operator in the network, whether the user is an institution such as Coinbase or an individual. It does not rely on a voting process to decide who can or cannot be a validator on the network, users are treated like any other node operator.
This democratized staking system does not take sides and is the epitome of permissionless staking distribution, an example of a protocol that uses this is RocketPool.
Limited Curated Validator Set
A limited set of validators refers to the approach taken by some protocols where professional validators are carefully selected to maximize yield and limit slashing penalties. The protocol has a committee to select top-notch validators to minimize staking risk, which means a group of decision makers decide who can be a validator, making it a permissioned protocol. But the possible problems with this method are:
Once operators are in the set, there is little incentive to improve, and there are not many professional node operators who can run their own infrastructure, which can lead to the protocol exhausting the candidate pool
The risk is that if this selection process continues over the long term, it could lead to the formation of a full-blown "Cartel" (also known as a monopoly interest group, monopoly alliance) with dystopian results for Ethereum. While this is unlikely, the concentration of decision-making power in the hands of a small number of token holders is not the best outcome for Ethereum and, in the long run, for the network that chooses this path Well, one example of such an agreement is Lido Finance.
Lido
Project URL: https://lido.fi/
Project Description:
Lido is an Ethereum 2.0 pledge agreement platform. Users can participate in pledge with any ETH on Lido, and can earn income without building a node.
Solve the problem:
Lower threshold: Lido can pledge any amount of ETH, free ETH for pledge, no need for 32 (Ethereum 2.0 requires at least 32), and the income is not affected by the quantity;
There is no need to build nodes, and Lido will screen a batch of high-quality nodes to reduce the probability of user revenue being confiscated;
Release liquidity: For example, you can obtain stETH by staking ETH on Lido, and stETH can participate in DeFi or approximately equivalent exchange ETH. The ETH pledged on Ethereum 2.0 cannot flow and participate in value-added services, but stETH generated through Lido can participate in the DeFi ecosystem .
solution:
Staking pools are a collaborative way to allow many different users to spend less ETH to get the 32 ETH needed to activate a set of validator keys. This makes it possible for smaller players to participate in staking on the network and leads to the establishment of more validating nodes. It should be noted that the Ethereum protocol itself does not support the pledge pool service, so a separate solution needs to be built to meet this requirement.
Operating mechanism:
How Lido works:
Users deposit ETH into Lido and get a corresponding amount of stETH tokens.
Lido collects ETH, and node operators run nodes through the verification key distributed by Lido to obtain pledge income.
The node is running, and the penalty is deducted to get the pledge income. The node operator takes a cut, and Lido distributes the income in the form of stETH to the holders of stETH after the cut.
stETH holders withdraw staking rewards. During the process, Lido notifies the node operator to withdraw cash, and the node operator sends the withdrawal request to Beacon Chain, and queues up to withdraw funds. Subsequently, Ethereum remitted the funds to Lido's withdrawal address, the holder destroyed stETH, and Lido remitted the ETH to the holder's address. (The final link of Shanghai's upgrade).
stETH holders can also build more strategies through DeFi agreements such as DEX, such as depositing stETH into DEX for liquidity mining, earning handling fees, or staking stETH into lending agreements to earn interest, or cyclical Borrowing increases leverage.
The operating mechanism of Lido represents the most basic business model of this track. In the downstream, users' funds are absorbed to form a fund pool to manage funds, which are used for POS pledge. In the upstream, node operators are organized to replace users as verification nodes and obtain pledge rewards.
Users do not need to run hardware, no 32 ETH threshold is required, and the pledge enjoys the ETH pledge rate of return.
As an agreement linking users and node operators, Lido keeps user assets, coordinates node operators, and extracts part of the revenue. Node operators run the hardware and take 10% of the revenue.
Rocket Pool
Project official website: https://rocketpool.net/
Project Description:Rocket Pool is a decentralized staking-as-a-service (DSaaS) protocol
Solve the problem:Lowering Barriers and Unleashing Liquidity
solution:Staking Pool Service + Decentralized Staking
From a user's point of view, Rocket Pool is like Lido: holders can deposit their ETH to obtain rETH, which is also a derivative token based on the ERC-20 standard, representing the right to claim the pledged ETH.
The difference between Rocket Pool and Lido is its process of selecting validators. The Rocket Pool protocol is permissionless, rather than leaving the decision to its Token holders.Anyone can become a node operator in the network by creating a "minipool":To do this, node operators need to deposit 16 ETH (half of the 32 ETH requirement stipulated by the Ethereum protocol), with the remaining 16 ETH coming from user deposits. In addition, the "mini pool" operator also needs to pledge RPL Token worth at least 1.6 ETH (that is, 10% of the pledged 16 ETH), which is used as a security for the protocol when a large-scale slashing accident occurs on the verifier node. Assure.
RPL is the governance token of the Rocket Pool protocol, and can also be used to pledge into Rocket Pool nodes as a form of insurance. Specifically, these RPL Token pledged by the "mini pool" operator will be used as collateral. When the node operator is severely punished or confiscated by the Ethereum protocol in the process of performing verification duties, and the pledge of the node is reduced At 16 ETH, these RPL collaterals will be sold through auctions to obtain ETH, thereby helping to compensate for the lost ETH of the Rocket Pool protocol. In return for providing this security guarantee, the protocol will provide RPL Token rewards to node operators through the Token inflation (increased issuance) built into the protocol. The more RPL Token the node operator in Rocket Pool pledges (the upper limit is 150% of the value of the ETH pledged), the more RPL Token rewards they can get.
Rocket Pool differs most when it coordinates node operators.It does not choose a node operator itself, but adopts a permissionless crowdsourcing model, which is also the main selling point of Rocket Pool's decentralization.But the user's assets are still hosted in Rocket Pool. The threshold for Rocket Pool node operators has been lowered to 16 ETH.
Rocket Pool is rapidly developing into one of the leading liquidity staking service providers in the crypto space. Decentralize staking and make it more accessible to the masses.
One of Rocket Pool's fueling features is its permissionless validation, which allows any node operator to participate in validating the network. To unlock this feature, validators need to provide 16 ETH collateral and RPL (Rocket Pool Protocol Token) bonds worth at least 1.6 ETH. This creates a built-in slashing protection mechanism that keeps users' investments from being staked.
Rocket Pool’s rETH takes a unique approach to mirror staking rewards through accretion, making it more tax-efficient than other protocols. This approach avoids a launchpad full of taxable events, providing investors with a more attractive option.
One of Rocket Pool's biggest weaknesses is capital inefficiency. High stake requirements for validators make it difficult for new users to participate in the network. However, the upcoming LEB 8 proposal aims to reduce this requirement to 8 ETH, which could make it more accessible to a wider user base.
Coinbase
Project official website: https://www.coinbase.com/earn
Solve the problem:Lower the threshold and release liquidity
Solution: hosting
Custody staking means that users stake their cryptocurrency through a centralized entity (i.e. Binance, Kraken, Coinbase). This means that the exchange is the custodian of the user's assets, and they delegate the management of the private keys to the exchange and control of the assets to the custodian, accepting their terms and conditions. This way is easily accessible and requires little to no effort and supervision.
The following is the ETH pledge process. If you want to pledge, first determine whether you have 32 ETH. If not, it is best to choose the pledge pool service. If the volume is relatively large, you can choose VaaS or Solo. For most of our ordinary users , the pledge pool service is the best choice.
increase yield
Project name: FraxFiannce
Project official website: https://app.frax.finance/frxeth/mint
Project Description: Algorithm Stability Protocol
Solve the problem:Lower the threshold, release liquidity, and increase yield
solution:
The Frax Ether system consists of three main components, Frax Ether (frxETH), staked Frax Ether ( sfrxETH ) and Frax ETH Minter:
frxETH is a stablecoin loosely pegged to ETH as a way to leverage Frax's success with stablecoins and introduce ETH into the Frax ecosystem.
sfrxETH is frxETH that can accumulate earnings. All profits generated from Frax Ethereum validators are distributed to sfrxETH holders. By exchanging frxETH for sfrxETH, users are eligible for staking earnings, redeemable when converting sfrxETH back to frxETH.
Frax ETH Minter (frxETHMinter) allows ETH to be exchanged for frxETH, brings ETH into the Frax ecosystem, creates new verification nodes when conditions permit, and mints new frxETH equal to the amount of ETH sent.
As stated in the flow chart above, when a user withdraws ETH from frxETH through FraxFinance 1: 1 Mint, he has two choices. The first is to go to FraxFiance to choose Stake and pledge sfrxETH, and the annualized rate of return can reach 6.58% , the second is to choose to add liquidity to ETH/frxETH in the Curve liquidity pool, and the annualized rate of return can reach 6.62%. The returns of the two are almost the same. The frxETH staking income is high because when users start to withdraw ETH Mint from frxETH, Frax Finance uses all ETH as liquid staking, and all the staking rewards are given to sfrxETH pledgers, so the APR can reach 6.58%. And it makes frxETH-ETH LP provide higher returns through Convex bribery.
core competitiveness
FXS has the highest staking yield. On the one hand, it benefits from the fact that Frax can control the release of CRV through Convex, which enables frxETH to obtain higher liquidity market-making returns on Curve. On the other hand, it is because the ETH pledge itself on FXS is relatively large. Small.
04. Innovative design of Ethereum pledged products
Product Manager Capabilities
Personally, I think the most important ability of a product manager is:Abstract specific problems, and then summarize the abstract principles, and then expand into specific content.
Concrete to the abstraction:From complex to simple, more abstract thinking is required. Abstraction is to see the essence from the surface, see the whole from one side, and then extract those stable and common features. That is to say, in the process of product research and analysis, we can grasp the first principle of the product and summarize the core competitiveness of the product. This is a very important ability to make products.
From abstract to concrete:From simple to complex, it reflects systematization and comprehensiveness. That is to say, when the product is conceived, through the summarized optimization principles and directions, through the MVP to fully diverge, enrich the product form, and implement it into the design details of the product.
Innovative Product Design
LSD + aggregation
The application scenarios of LSD tokens are relatively low, such as the usage scenarios of stETH, rETH, and frxETH. The product is characterized by integrating the functions of tokens related to the three protocols of LSD, such as token exchange, token pledge board, etc., which are convenient for users to use .
LSD + margin trading
One of the reasons why many people do not participate in liquidity staking is that stETH cannot get the same recognition as ETH, just like the exchange of GLP in GMX, which currently only supports native tokens such as ETH. If stETH can also serve as a margin, then users can get While staking income, you can also use stETH as margin to participate in derivatives transactions, increasing the utilization rate of funds.
LSD + loan
Revolving loan:
LSD + transaction + time
Pendle
Project official website:https://app.pendle.finance/pro/markets
Project Description:
Pendle Finance is a DeFi protocol built on Ethereum, Arbitrum, and Avalanche that can tokenize returns. It allows users to tokenize and sell future returns on certain assets.
Solve the problem:
Purchase an asset at a discount
long short yield
Low Risk Fixed Income
solution:
Pendle will package interest-earning asset tokens into SY (standardized income token), and then divide SY into PT (principal token) and YT (yield token). Because it is necessary to calculate the income, the scale of time will be involved. In fact, what Pendle is doing is to use time to package SY and divide it into PT and YT.
YT is the income of PT within a certain period of time, and PT can be converted into SY at a ratio of 1:1 after a given period of time. Users can also trade PT and YT through Pendle v2 AMM. The v2 AMM adds a time-decay factor to the traditional AMM model for users to trade the yield token YT of interest-bearing assets.
Product innovation points:
Users can buy and sell income tokens to go long or short the pledge rate of return, and tokenize the income, which can speed up the circulation of derivatives. And in terms of introducing the concept of time, it can be understood as a bond in traditional finance, and the design of the product has innovative significance for the industry.
LSD + Leverage
project name:Gearbox Protocol
Project URL:https://gearbox.fi/
Project Description:
Gearbox is a leverage protocol on Ethereum, which enables leveraged lending and composability by introducing credit accounts (CreditAccounts) to promote capital efficiency in the DeFi world. Users can obtain leveraged loan funds on this agreement and enter the mainstream DeFi agreement. Credit accounts are independent smart contracts with specific whitelist operations and assets, ensuring a higher degree of security for user funds and borrowed funds for each account.
Solve the problem:
Improve capital utilization
Automated Portfolio Management
solution:
For different user groups, different functions are set up to meet the needs of different users. The core is to improve the utilization rate of funds and increase user income through leveraged lending. In the current Lido income strategy, the highest ROI can reach 15.96%.
There are three main parts of leveraged products:
1. Deposit
Similar to the experience of using mainstream lending agreements, the audience is users who do not want to actively manage positions, prefer low risk, and only want to obtain passive APY reward income in the same asset. Deposits can inject liquidity into the platform to obtain corresponding returns, including the interest paid by the lender and the reward of the platform's native token GEAR. A large part of the return is GEAR tokens, so the overall APY largely depends on the price of GEAR. The following figure shows the estimated APY situation of the current Gearbox deposit pool.
2. Loans
Gearbox's lending audience is active, risk-seeking investors who use leverage to earn higher returns. Gearbox supports up to 10 times leveraged lending, and the borrowed funds can be traded or mined in supported DeFi protocols through credit accounts, earning multiple returns with a small amount of principal.
Besides being able to lend more money using leverage, there are two other differences between Gearbox and mainstream lending protocols like Compound:
The collateral deposited by users on Compound and the assets lent out can be different assets, such as depositing ETH and lending USDC, while in Gearbox leveraged lending, the collateral and debt must be the same asset.
Funds lent by users on Compound go directly to the wallet and can be used at will, while assets lent on Gearbox can only be used in credit accounts and can only interact with supported whitelist protocols.
This design is to combat the default risk of leveraged lending. If the loaned assets can be used at will, the best choice for users after leveraged out high-value assets is to run away with the money. It can also be seen from this that the core design of Gearbox lies in the credit account.
3. Credit Account
The credit account is a separate and isolated smart contract. The collateral and debt of the lender are kept in the credit account, and all supported leverage operations are also carried out through the credit account. The funds in the credit account are supervised, and the user only has the right to use the account.
Loan users can open credit accounts in designated lending pools. Currently, five lending pools are supported: DAI/USDC/WETH/Wsteth/WBTC. After the user opens a credit account, deposit the specified collateral (if the account opened is DAI, deposit DAI), and select the leverage multiple to borrow money from the lending pool.
For example, if you deposit 1,000 DAI and select 3 times leverage, you can lend 3,000 DAI. Both the collateral and the loaned DAI are kept in the credit account, and cannot be withdrawn until the credit account is closed (repayment is completed).
to liquidate
to liquidate
In order to avoid systemic risks caused by bad debts, Gearbox introduces a health value to set the liquidation line. Credit accounts with a health value lower than 1 will be liquidated. Simply put, the total value of all assets (collateral + loans) in the credit account is less than Liquidation is triggered when the value of the debt and the interest on the loan are due. The liquidation fee is 5.5%, of which 4% is rewarded to the liquidator and 1.5% goes to the treasury as a reserve.
write at the end
At present, there are still uncertainties in the macro economy. The impact of the continued high interest rates in the United States on companies, especially the thunderstorm incident at the Silicon Valley Bank a few days ago, if the S&P 500 continues to fall, it will also affect the cryptocurrency. On the whole, the most difficult market for cryptocurrencies should have passed. In the long run, the upgrade of Ethereum Shanghai is sure to improve the development of Ethereum. Pay more attention to the combination of the LSD track and other tracks, and maybe the next The wave of bullish opportunities is here.
