Research Summary

The latest article by Arthur Hayes discusses the recent developments in Ethereum staking and the potential impact of the Shanghai-Cappella (“Shapella”) upgrade. Arthur Hayes highlights the risks associated with custodial staking services like Lido and Coinbase, and introduces Maelstrom’s investments in projects like Obol Labs and that aim to decentralize Ethereum staking and reduce these risks. The Shapella upgrade, which allows stakers to withdraw staked ETH for the first time, is seen as a significant step towards a more decentralized and secure Ethereum staking ecosystem.

Actionable Insights

  • Monitor the Impact of Shapella Upgrade: The Shapella upgrade is expected to significantly change the Ethereum staking landscape by allowing stakers to withdraw their staked ETH. This could potentially disrupt the market share of existing custodial staking services.
  • Assess the Potential of Non-Custodial Staking Services: Projects like Obol Labs and are working on non-custodial staking services that could provide a safer and more decentralized alternative to existing services. These projects could gain traction in the post-Shapella era.
  • Stay Informed on Maelstrom’s Investments: Maelstrom, the family office of BitMEX co-founder Arthur Hayes, is actively investing in projects that aim to decentralize Ethereum staking. Keeping track of their investments could provide insights into promising projects in this space.

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