and we hope to profit from stETH without having to take the extra risk of holding the stETH/ETH spread itself. Lastly, our positioning stands to benefit from any hypothetical ETH1/ETH-PoW residual value that may or may not arise. (18/18)
This year, one of the most anticipated events in the entire digital asset space is slated to take place: the Ethereum Merge. Ethereum will transition from proof-of-work to proof-of-stake, fundamentally changing important aspects of the protocol, (1/18)
or other arbitragers enforcing the cash-and-carry boundaries between the futures curve and the spot lending market for ETH. We like the extra scenario optionality that this long-spot/short-futures positioning provides, (17/18)