Why is the staking yield decreasing despite the increasing amount of ETH being staked? The amount of ETH staking is still expanding, but the staking yield is not increasing accordingly. As shown in the chart, from late July to October, the ETH staking ratio gradually increased from approximately 34% to around 36%, and is currently at 36.11%. However, the staking yield did not rise during the same period; instead, it slightly decreased from approximately 2.66% in mid-July to around 2.6%, and has remained relatively stable since then. Current data shows that the annualized ETH staking yield for the past 30 days is approximately 2.59%. Why is the return per ETH decreasing despite the increasing amount of ETH being staked? This is mainly related to Ethereum's reward distribution mechanism. ETH staking does not earn interest at a fixed rate. Validators receive rewards for participating in network consensus, but the total amount of rewards issued by the protocol does not increase proportionally with the increase in staking. As more ETH is staked, the base issuance reward per unit of ETH typically decreases. Simply put, more and more people are participating in the reward distribution, but the rewards aren't increasing proportionally. Of course, actual staking returns also include transaction fees and MEV, which are also affected by on-chain transaction activity. Therefore, an increase in the staking ratio doesn't necessarily mean a higher staking yield. However, a decrease in yield doesn't mean ETH staking has lost its appeal. For long-term ETH holders, staking can still provide additional returns, but one must consider price volatility, liquidity, and related staking risks. Data from the past few months shows that ETH staking participation is still increasing, but the returns per unit of ETH haven't increased proportionally. The staking ratio reflects how much ETH is participating in network consensus, while the staking yield reflects how much return per unit of ETH can generate. When observing the ETH staking market, these two metrics can be compared together to understand changes in staking volume and determine whether participants' actual returns have improved.