The article discusses how the Merge and Shanghai upgrades have increased centralization in Ethereum. The article highlights concerns over a decline in staking yields and the risk of concentration among liquidity providers and node operators. It also discusses the issue of rehypothecation and its potential impact on the stability of the DeFi ecosystem. The total staking yield has fallen from 7.3% to approximately 5.5% after the Shanghai upgrade. The article mentions a proposal to slow down the rate of Ether staking to develop a practical reward scheme. The article also mentions the struggles of Ethereum’s price and its potential decline.

AI Sentiment: Negative