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ETH Ethereum researchers propose changes to the pledge mechanism, causing controversy
Ethereum researchers have proposed a series of changes to the pledge mechanism aimed at controlling the growing amount of pledges on the network, but critics have warned that the proposal could backfire and have unintended effects on verifiers and holders. The discussion is still in the proposal stage and the network has not yet adopted any changes.
The core of the debate is how much ETH is pledged and what incentives are to promote the pledge. Pledge is the process by which holders lock in ETH to help ensure the security of the Ethereum network and gain revenue from it. The core question raised by the researchers is whether the rate of return should be adjusted to maintain a balanced supply of pledge.
What aspects of pledge are Ethereum researchers trying to change?
One of the core proposals in the debate is EIP-8361, known as the "Conical Release Destruction," which is being discussed at the Ethereum Magician Forum. The idea is aimed at the relationship between circulation volume and pledge yield, rather than at any single verifier. EIP-8361's mechanism focuses on Ethereum's circulation and how it affects pledge rewards. Such proposals will go through Ethereum's public review process, like previous Pectra upgrades (for scalability and cost), before any decision is made.
Proposal content:
Researchers hope to adjust the pledge economic model through ideas such as EIP-8361's cone release destruction.
Criticism:
Opponents warn that the changes may not bring the expected balance and instead have unexpected consequences.
Why it matters:
Pledge rules shape the incentives for verifiers and the security of Ethereum, so any changes are extremely sensitive.
Why critics warn of unintended consequences
Proponents see the change as a way to maintain a balance of pledges, but critics say the reforms may backfire. This tension exists between expected improvements and possible secondary consequences for verifiers and pledgers. Aave founder Stani Kulechov also joined the discussion, and his comments reflected broader concerns among parts of the DeFi community about how changes in pledge yields could ripple across the ecosystem.
These concerns are still controversial rather than established conclusions. As the proposal is still under review, possible side effects should be seen as risks raised by critics rather than as confirmed results.
What does this debate mean for Ethereum's next step
If discussions progress, the groups most directly affected will be pledgers and validators, whose rewards will depend on issuance settings. This is the same group involved in previous governance debates. It is unclear whether any version of the proposal will garner enough support to move forward. The core of these discussions has always been around Ethereum's balance between security, incentives and decentralization. Such governance decisions coexist with other structural changes under discussion, such as proposed Gas cost adjustments, and together affect how the network operates.
