If someone asked what my main worry about Ethereum (and POS secured blockchains generally) is today, i would reply it's the growing price divergence between ETH & stETH When staking was initially constructed, it was viewed as a risky activity that not everyone would partake in But we now have a situation where the silly sods who hold ETH are being diluted everyday against more savvy actors who simply hold the staked version of it like stETH The divergence is technically supposed to represent the risk of your capital being slashed in case of downtime, but our initial assumptions that not everyone would be a staker are being proven false with how easy it is to simply hold yield earning ETH instead of the regular one. And not everyone has updated their priors to now see this yield as a bug instead of a feature We can see analogies with the US monetary system which was similarly constructed under initial assumptions that holding it's debt was a risk that should earn a reward. but we now have a situation where poor people living paycheck to paycheck use simple dollars that end up paying savvy institutions who hold the interest earning version of dollars For all the excitement around genius act, the powers that be are aware of the pain they'll feel if all dollars become yield bearing by default and hence banned it in the act. Which is exactly why I think blockchains should aim to collapse the distinction between yield and non yield version of currencies, starting with our own systems Money should be earned by either taking a risk or doing work. Money earned by holding tbills or stETH is with neither risk nor work. The sooner we get rid of the 'endowment' model where rich people can simply live off interest earned on their capital the better off we'll all be We should accelerate towards a world where either everyone earns yield or no one does