ÜBER DIESE EPISODE
Hosted by Takatoshi Shibayama of Ledger with co-host Lisa J. Tan of Economics Design, joined this week by Timothy Han of Blockhead, this episode of Licensed to Shill breaks down the Ethereum Foundation's proposal to cut staking yield and asks whether trimming the rate solves anything if ETH still has nowhere productive to go.
More than a third of ETH's supply is staked with providers like Lido, and the Foundation wants to prevent liquid-staking concentration while protecting non-stakers from dilution. The proposed cut would take yield from around 3% down to roughly 1.2%.
The panel brings the macro lens, comparing the move to central bank rate cuts and, more pointedly, to Japan's decades of near-zero rates without a productive outlet for capital. Lisa says Ethereum risks the same fate: capital parked with nothing to do.
Timothy Han noted ETH's original design as "internet money" for a network economy that never fully materialized, arguing the token still lacks a use case beyond staking and trading despite anchoring roughly 90% of DeFi activity.
The conversation also covers the migration of trading liquidity to layer-2s and chains like Solana, whether Ethereum's core developers are fairly compensated, and a broader debate about shifting crypto's value framework from consumption to production.
Everything discussed on this episode is not investment, financial, or relationship advice.
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