The ETH staking rate is not isolated inside the validator system.
It is one of the core rates used to price DeFi.
Lower the staking rate and the whole market adjusts:
.ETH borrow demand falls
.Collateral becomes less productive
.Stablecoin loans become more expensive in real terms
.Stablecoin lenders earn less
This proposal does not model DeFi at all.
And the timing could not be worse.
Institutions are moving on-chain because yields are becoming competitive. Now the EF is proposing to cut one of DeFi’s core rates, making on-chain yields less attractive just as the market is starting to grow.
This EIP focuses only on validators and it does not consider the economy built on top of them.
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