@xcgherjhu
Coinbase's 4.5% ETH staking yield may siphon retail users from decentralized protocols like Lido (current staking APR ~4.7% ), but institutional and security-conscious users may prefer self-custody. While centralized staking reduces decentralization (e.g., Coinbase holds 14.87% of LSD market ), Ethereum's validator set remains diverse. The broader impact depends on whether Coinbase's offering incentivizes new stakers or merely redistributes existing ones.
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