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The Disappearance of Shanzhai Issue No. 52: The Staking Trap
$ENA
Peak at $1.52, now $0.116, down 92%. sUSDe annualized dropped from 19% to 3.5%, when the protocol subsidy stops, TVL runs away. $16 million will be unlocked on April 2, dropping 9% in a day. The ENA earned from staking was unlocked before it could warm up and got buried.
$ASTER
Peak at $1.5, now $0.67, down 55%. $78.4 million will be unlocked monthly, changing the staking model reduces emissions by 97%, but there are 160 million coins waiting to be released in the pool. Changing the model can't change the deadlock of staking backlash.
$LDO
Peak at $4, now $0.34, down 91%. TVL is $22 billion, annual revenue is $90 million, but LDO holders get not a penny. Ethereum staking made money, LDO lost money.
ENA subsidizes TVL, ASTER rewards unlock, LDO earnings go to stETH. Entering with the intention to stake, the earnings are not enough to cover the drop in coin price. The end of the staking trap is either the unlock list or the value going to zero.
Bearish outlook👇#GatePreIPOsLaunchesWithSpaceX #Gate13thAnniversaryLive