#以太坊生态发展 Seeing the number of Bitmine, the first thing that came to my mind was the life-and-death battle of Ethereum in 2015. Who would have thought that ten years later, the average daily yield from staking ETH could surpass the million-dollar mark?

Over 4.08 million ETH, worth 1.2 billion USD, and this is just the tip of their holdings. Based on a comprehensive staking yield of 2.81%, the full participation would yield an annualized 374 million USD, providing a stable cash flow of millions per day. Behind this figure reflects a complete transformation of the entire Ethereum ecosystem at the staking layer.

Looking back at history, I have seen too many projects lose rationality during prosperous periods—crazy fundraising, unchecked expansion, and ultimately chaos. But Ethereum 2.0’s staking economy design is different; it turns validator network infrastructure maintenance into a sustainable business model. The logic behind MAVAN’s launch is also very clear: before its official launch in 2026, it first tests feasibility through a partnership model, which is a pragmatic approach.

However, we must be cautious: when the staking yield for a single institution reaches this level, the centralization risk of the entire ecosystem also begins to subtly emerge. History has shown us that any overly concentrated link becomes a fuse for systemic risk. Bitmine has played a big enough move, but the health of the ecosystem ultimately depends on the diversity of its participants.

This time, I choose to believe that the power of design outweighs the temptation of scale.