What is a strike and why does it matter?

O StakingIt is an essential mechanism ofWeb3which allows cryptocurrency holders to participate in the security and operation of a blockchain network. In exchange for "blocking" or delegating their assets, participants receive rewards, acting as a kind of passive income. This concept is central to consensus mechanismsProof of Stake (PoS)Replacement of intensive energy consumptionProof of Workan approach based on economic participation.

With the complete transition from Ethereum to PoS (The Merge), the staking has become one of the most popular activities in the crypto ecosystem. However, as recent analyses highlight, the scenario for 2026 requires a more mature assessment. High initial returns tend to normalize with the maturity of the network and the increase in the total assets in staking. For the Brazilian investor, understanding this dynamics is crucial to build a sustainable long-term strategy, going beyond the pursuit ofyieldsThe short term maximum.

Projections for 2026: Real Return and Inflation

A recent BTC-ECHO report analyses expectations of return (yieldIn the next few years, the main premise is that theStrike income is not staticThey are influenced by factors such as the total amount of currencies in staking in the network, the policy of emission (inflation) of the protocol and the demand for the network.

Ethereum (ETH): The Post Merger Maturity

Ethereum, after its transition, operates with a much lower annual emission rate compared to the previous model.Staker onlyProjections for 2026 indicate that with the continued increase of ETH in staking (it is already over 30 million ETH), this rate may stabilize or even decrease slightly.yieldsVery high, but rather offer a stable return on an asset considered underlying to Web3, with the additional advantage of potential valuation of the ETH itself.

Solana (SOL) and High Speed Protocols

Networks such as Solana, which prioritize high speed and low cost, often have higher scheduled inflation rates to encourage initial participation and security. Currently, SOL staking can yield between 5% and 7% per year. The expectation for 2026 is that these rates will also normalize as the network reaches a wider adoption base and scheduled inflation decreases.Layer 1s.

Income vs. Inflation

A critical point, often overlooked, is theNet inflationIf a protocol offers an income of 8% per year, but its issuance rate (inflation) is 10%, the holder's actual purchasing power may be decreasing.The investor should seek projects where the staking income is sustainable by the real utility of the network (burned transaction rates, demand for blocospace) and not just by uncontrolled issuance of new tokens.

Main Risks: Beyond Market Volatility

The staking involves technical and protocol risks that go far beyond the price fluctuations of cryptocurrencies. Recent events in the ecosystem, such as the closure of Balancer Labs after a largeexploitIt serves as an alert.

  • Risk of Slashing:In many PoS networks, validators who act maliciously or have a lot of inactivity can suffer penalties (slashing) with part of your funds in staking being cut. By using a third-party staking service (Staking as a Service) you are relying on the operational competence of that provider.
  • Counterparty risk and custody:Staking on centralized exchanges (CEX) or through net tokens of staking (such as stETH) introduces counterparty risk. You rely on the solvency and honesty of the institution. The closure of Balancer Labs, for example, shows how even established projects can face operational crises.
  • Liquidity risk and unlocking period (Unbonding):Staking assets are usually blocked for a period that can range from days (Solana) to weeks (Ethereum, after the Shanghai upgrade).
  • The regulatory risk:The classification of staking as a securities is an ongoing debate in several jurisdictions, including Brazil.

Trends and the Future of Straking on Web3

The staking ecosystem is evolving rapidly. News about the biotech company NovaBay Pharmaceuticals reinventing itself with a focus on stablecoins and the Sky protocol illustrates a larger trend: theConvergence between Traditional Finance (TradFi) and Staking/DeFiProjects are seeking to create stable, low-risk income products to attract institutional capital.

Another trend is thethe net strike (Liquid strike), which issues a representative token (e.g. stETH, stSOL) that can be used in other DeFi applications while your original asset returns staking. This solves the liquidity problem but adds layers of complexity and smart contract risk.

In addition, the emergence ofDecentralized forecasting markets(as Polymarket, mentioned in the news) and the concern withInsider TradingThese environments highlight the need for transparency and security in all Web3 protocols, including those of staking. DAO governance, such as the one that will take control of the Balancer protocol, will be increasingly tested to manage these complex risks.

Strategies for Brazilian Investors

In this context, what is the practical approach?

  1. Diversification of protocols:Don’t focus all your staking on a single network. Consider a basket with a high-cap asset (such as ETH), a high-speed one (such as SOL) and a bet on emerging networks, with greater risk awareness.
  2. Prioritize Security over Maximum Return:Assess the reputation, activity time and security of the staking providers or pools. Abnormally high returns are almost always a red warning sign.
  3. Understand the taxation:In Brazil, staking rewards are considered income and are subject to income tax, with the possibility of compensation for losses in crypto. Keep an accurate record of all receipts.
  4. Think in the long term:Straking is more effective as a strategy of accumulation (Stacking Satsin the PoS) during low markets (Bear Markets), when prices are lower, allowing to accumulate more tokens for when the cycle reverses.