>an expectation of profit derived from the efforts of others
regular proof of stake does not meet this criterion. you have to run your own validator, i.e. profit is derived from your own effort. delegated proof of stake and custodial staking offerings do meet this criterion, because someone else is doing the work. ETH itself uses regular proof of stake and does not meet all four prongs of the howey test. third party offerings of custodial ETH staking, and dPoS networks like Solana may meet all criteria and could be considered securities.
regular proof of stake <> delegated proof of stake <> custodial staking
goatmeal /
npub1g0…7gqpz
2024-05-11 17:26:07
Author Public Key
npub1g0atme30l6s65rw6ulq2cqahq9lzmpj0sejhsjcqh0azlyg5cp4qf7gqpzPublished at
2024-05-11 17:26:07Event JSON
{
"id": "d29cfca77a45fb0b8e85a0d2f2ffad7679f086b31aca5b269d9b980a8c4b5fd8",
"pubkey": "43fabde62ffea1aa0ddae7c0ac03b7017e2d864f8665784b00bbfa2f9114c06a",
"created_at": 1715441167,
"kind": 1,
"tags": [],
"content": "\u003ean expectation of profit derived from the efforts of others\n\nregular proof of stake does not meet this criterion. you have to run your own validator, i.e. profit is derived from your own effort. delegated proof of stake and custodial staking offerings do meet this criterion, because someone else is doing the work. ETH itself uses regular proof of stake and does not meet all four prongs of the howey test. third party offerings of custodial ETH staking, and dPoS networks like Solana may meet all criteria and could be considered securities.\n\nregular proof of stake \u003c\u003e delegated proof of stake \u003c\u003e custodial staking",
"sig": "693fc42f552051f7274dfd261602643f2958723e07c2da323327616ba3896f289d500469e10db5472484bcedc440f5941e9af867302e8c252056f816c959d288"
}