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ETH.CM=+22.79 (+2.07%)
Ether is the second-largest cryptocurrency in the world by market value.
Jaap Arriens | NurPhoto via Getty Images
Another controversial cryptocurrency is causing havoc in the digital asset market — and this time, it’s not a stablecoin.
Staked ether, or stETH, is a token that’s supposed to be worth the same as ether. But for the past few weeks, it has been trading at a widening discount to the second-biggest cryptocurrency, fanning the flames of a liquidity crisis in the crypto market.
On Friday, stETH fell as low as 0.92 ETH, implying an 8% discount to ether.
Here’s everything you need to know about stETH, and why it has crypto investors worried.
What is stETH?
Each stETH token represents a unit of ether that has been “staked,” or deposited, in what’s called the “beacon chain.”
Ethereum, the network underpinning ether, is in the process of upgrading to a new version that’s meant to be faster and cheaper to use. The beacon chain is a testing...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...