A Digital Art Project Might Have an Answer to the Woes of Staking Centralization

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Josh Lee and Tony Yun of Chainapsis built a staking demo at the Cross-Chain Hackathon to increase network participation - essentially by distributing digital crayons.

Stakers could receive different colors to use on the canvas if they spread their stakes across staking pools of different sizes.

There have been a plethora of companies entering the staking space, such as Staked and various Tezos bakers.

The biggest moment in legitimizing staking may have been when Coinbase allowed exchange users to earn staking rewards on XTZ with just one click.

"All these attempts to address staking always approach it is as a financial incentive scheme," Lee said.

In most cases, mid-size stakers should be roughly as good as larger stakers, so the risk of delegating to smaller validators should be minimal.

The big threat Lee sees to the health of staking protocols is exchanges and their outsize role.

If they don't plan to sell soon and a token offers a staking reward, it's just easiest for the user to delegate to the exchange itself in order to earn returns on their holdings.

The esoteric beauty of AstroCanvas is that it doesn't need to wipe out exchange staking to make a difference.

"I'm a firm believer that staking is the next avenue for DeFi ," Lee said.

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