ethereum co-founder Vitalik Buterin also expressed concern about the concentration of ethereum liquid staking providers.
In his recent blog eth.limo/general/2023/09/30/enshrinement.html” target=”_blank” rel=”nofollow noopener”>mail, ethereum co-founder Vitalik Buterin shared his thoughts on adding some protocols to the ethereum blockchain code. He also touched on the most important part, which is the concentration of liquid betting service providers.
Vitalik Buterin discussed several ethereum protocols, including the ERC-4337 account abstraction protocol, ZK-EVM, private mempools, code precompiles, and liquid staking. He expressed greater support for “enshrining” some of these protocols, such as ERC-4337, into the ethereum code, while he had reservations about others such as private mempools. However, he acknowledged that each protocol presents a complex trade-off that will continue to evolve over time.
Buterin also expressed concern about the concentration of ethereum liquid staking providers. Notably, Lido currently controls over 32% of the staked ether, albeit through different validators. Buterin highlighted that both Lido and Rocket Pool, two major providers, carry different risks and have some security measures in place, although they may not be enough.
Instead of relying solely on “moralistic pressure” to promote a more diverse set of betting providers, Buterin contemplated possible protocol changes aimed at further decentralizing liquid betting. These changes could involve adjusting RocketPool’s approach or granting additional governance powers to a committee of randomly selected small stakeholders.
eth Price Surges Ahead of ethereum Futures Launch
In the last 24 hours, the price of ethereum (eth) has gained more than 3.5% to reach the $1,750 level. The price movement comes ahead of the launch of ethereum futures ETFs and $1,750 serves as a key resistance level for ethereum.
ethereum faces major resistance at $1,800, and a successful advance could pave the way for further gains towards $1,850 and $1,920, potentially even reaching $2,000. On the downside, if ethereum fails to break above the $1,750 resistance, it may start a corrective move.
Initial support lies around the $1,710 level, with more critical support at $1,680. Additionally, the 76.4% Fibonacci retracement level of the recent rally, located near $1,685, offers support. A break below $1,685 could test the support at $1,650, which could trigger a downtrend towards the $1,600 level.
Based on the schedule and plans, the Bitwise ethereum Futures ETF is likely to go live later today, October 2. According to a September 27 note, there are 15 Ether futures ETFs from nine different issuers awaiting approval. These issuers include well-known names such as VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion and Roundhill.
Analysts assessing the situation have assigned a 90% probability that Ether futures ETFs will launch in October. Among these offerings, Valkyrie’s bitcoin futures product, with bitcoin trading at approximately $28,308, is expected to be the first to include exposure to Ether starting October 3.
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Bhushan is a financial technology enthusiast and has a keen knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time he reads suspense and fiction novels and sometimes explores his culinary skills.
