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The evolution of the Ethereum network towards a Proof-of-Stake PoS blockchain has ushered in crucial changes for its key participants and underlying economic systems. This transformative shift, often referred to as \u201Cchanging the wheels of an airplane mid-flight\u201D has now positioned staking as the backbone of Ethereum consensus. The successful completion of \u201CThe Merge\u201D, followed by the \u201CShapella\u201D upgrade, has resulted in an entire industry emerging around staking. With approximately $40B assets staked and a growing ecosystem of stakeholders, it's crucial that we understand the current make-up of this landscape and delve into key players wielding notable influence over the industry. Continue reading your article witha WSJ subscription In the context of the current discussion, the aggregated open interest of all cryptocurrencies excluding Bitcoin is of interest. The below chart shows the trend in this indicator over the past couple of years: