Proof of stake internalizes all the money that currently goes to minus. And this has been grown at such an enormous pace, it's a huge revenue source in itself. After the merge, vardes who can extract m e v are going to be able to compound the stak and earn more yield compared to regular vardates. So you can imagine there's going to be an arms race, in a way, because exchanges are going o need to do this so that they can have a competitive offering on yield. A pause, extracting my v together, em a goingt out perform, i think.

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