ETH staking yields hit a structural 2.7% floor

Validator count keeps climbing, MEV-Boost rewards keep falling. The new floor is here whether stakers like it or not.

ETH staking yields settled at a 2.7% APY floor in April, down from 3.4% at the start of the year and a long way from the 5%+ days of 2023. The story is supply: 31% of all ETH is now staked, the highest of any major proof-of-stake network.

MEV-Boost rewards are the offset that no longer offsets. Block builder competition compressed bid spreads to single-digit gwei, and Flashbots-style searcher revenue has migrated off-chain to private orderflow auctions. Restaking via EigenLayer is filling some of the yield gap.