The Ethereum 'Pectra' upgrade appears on the surface to be a technical update, but in reality, the beneficiaries are the players in the re-staking and liquidity space.

Previously, staking 32 ETH was intended to allow everyone to participate. Ethereum stipulated that each validator could only stake 32 ETH, which helps maintain decentralization and prevent large institutions from monopolizing. However, the problem is that large institutions like Lido and Coinbase, wanting to stake tens of thousands of ETH, have to break it down into hundreds or thousands of validator nodes, which is both cumbersome and resource-intensive.

This upgrade directly increases the staking limit for each validator to 2048 ETH! As a result, large institutions can merge nodes, reduce their numbers, lower costs, and significantly improve efficiency.

So, who are the biggest winners of this upgrade?

ETHFI: Originally just the concept of 'Ethereum second-layer staking', ETHFI now has official endorsement. With the increase in the number of validators and more stable returns, the prospects for ETHFI are becoming clearer.

LDO: Lido is the largest staking service provider. With fewer nodes, improved efficiency, and significantly reduced management costs, Lido has transformed from being criticized for having too many nodes to becoming a 'core beneficiary' of this upgrade.

ENA: Ethena, as a stablecoin project for LST, is closely related to the ETH staking ecosystem. This upgrade has further enhanced market awareness of it, driving a surge in price.

Behind the Pectra upgrade, the real beneficiaries are not Ethereum itself, but these projects that build 're-staking + LST + stablecoin' around the Ethereum ecosystem. In the next market surge, ETHFI, LDO, and ENA will definitely be key players!

Stay tuned: ETHFI LDO ENA