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Ethereum Price Hinges on New EIP Proposal Amid Community Backlash

Guavy AI Editorial Team
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ETH AAVE
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The price of Ethereum (ETH) rose by 0.88% on August 5 to reach $1,876 due to several EIP proposals aimed at reducing validator rewards.

A proposal known as EIP-8361 has sparked controversy in the community after it was suggested that validators would no longer receive rewards if more than 50% of the entire Ethereum supply is staked. Jerome de Tychey, one of the developers behind the proposal, stated that this move would eliminate congestion from the staking entry queue.

However, Stani Kulechov, founder of Aave, has criticized the proposal, saying it 'is hurtful for Ethereum' and makes ETH less attractive to institutional buyers who prefer to hold ETH due to staking rewards. The CEO of EtherFi, Mike Silagadze, also expressed concerns that this move could harm the DeFi ecosystem on Ethereum.

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