Ethereum Prepares for a Major Update: Minor Changes Are Coming
Ethereum developers, including Justin Drake from the Ethereum Foundation, have proposed EIP-8361 to adjust the network's issuance policy. The proposal introduces a "gradual issuance burn" mechanism that would systematically reduce and burn validator rewards as the total amount of staked ETH increases. The percentage of burned rewards would scale from 0% to 100% in line with the staking ratio.
A key goal is to lower the net staking yield for validators to approximately 0% once 50% of ETH supply is staked, which would roughly halve the current yield to about 1%. Developers argue the current system still provides an economic incentive for unlimited staking growth, with projections indicating over 70 million ETH (more than 55% of supply) could be staked by early 2028 if no changes are made.
Supporters warn that excessively high staking ratios could centralize control among large staking service providers, potentially weakening network decentralization and social consensus. They also cite dilution costs for non-stakers. The proposed linear reduction in staking yield aims to cap ETH issuance, maintain monetary neutrality, and remove the incentive for staking to grow beyond a certain threshold.
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