Author: Espresso Insight

Most Expensive POAPs Ever Sold

The Proof of Attendance Protocol (aka POAP) is a way to save digital mementos, allowing you to bookmark things you have done in life.

Pronounced poh-app (POAP), the protocol gives attendees a way to keep a record of their attendance for any type of experience – event, conference, meeting, membership – could be anything.

Project leads and hosts often create POAPs for official events that they host with their community. As you can see below, the early POAPs from well-known and respected initiatives tend to be more valuable, symbolizing a type of “OG” status for the early members.

Whether that’s a simple AMA session on Discord or Twitter Spaces, or if its a in-person meetup event – bringing the community together in these types of events can be huge for long term community building.

A POAP can also be a gift from an issuer to collectors, to celebrate a shared memory.

In most cases, mint price for a POAP is completely free – where the user is able to mint one simply by being in attendance at the event. Additionally, gas is normally free as well.

Do you want to create or mint POAPs? First, you need to setup a crypto wallet.

Highest POAP sales as of 2022 (so far)

Sale Price (Eth)POAP NFT
7SuperRare OG
7SuperRare OG
5.5Devcon 1
$11,118 USDCHappy 2nd Birthday /r/EthFinance
3YAM Heros
3Beacon Chain Genesis Depositor
2.9SuperRare OG
2.5Alchemix Legends
2Alchemix Legends
2Alchemix Legends
1.5Medalla Testnet Resuscitator
1.5Genesis CoinGecko Candy Collector v2
1.5I Played 4 YFI
1.5Fractional Early Adopter
1.025Genesis CoinGecko Candy Collector
1adidas Originals: our future started here
1adidas Originals: our future started here
1Fractional Early Adopter
1Bankless Member – 2020
1Bankless Member – 2020
1Bankless Member – 2020
1Stoner Cats Moshpit 7.26.2021
1Alchemix Legends
1Inverse Finance Original DAO 409
1Bankless Member – 2020
1ETH2 Studymaster GENESIS
1adidas Originals: our future started here

How to Host a Podcast or Twitter Space: Beginner’s Guide

After hosting a few Twitter Spaces myself, here are a few things I wish I new when I got started.

Twitter Spaces are very similar to Podcasts, however, the communication model is much newer.

The two key differences between Podcasting and Twitter Spaces is that they happen in front of a live audience, and second, is that you can have up to 10 speakers on stage contributing to the conversation.

A lot of the skills that make traditional Podcast hosts successful are likely transferrable to Twitter Spaces, however, there are a few key differences.

Starting the conversation

Have some sort of structured introduction planned out.

Ask people about stuff you see in their bio.

Thank people for jumping on.

The dead space while waiting for people to jump on during the first few minutes after going live on your spaces is a good time to talk about:

  • context / background for the conversation
  • welcoming people in
  • thanking people for joining
  • inviting speakers up
  • tweeting out the link
  • DM’ing co-hosts and speakers to remind them to jump in
  • reviewing the purpose and vision for the Space
  • reminding people of the open and inclusive nature of the conversation
  • as well as anything else you might want people to know.

Find or Build a community

Authentic community and genuine followings on social media takes work.

However, find a community that in some way feels involved in your success and actually wants to join twitter spaces that are hosted.

Find a great Co-host

In my case, after making a few posts in the community Discords, I received a few direct messages about the excitement from the community.

I don’t think I originally planned on having a co-host but it worked out well.

Two things stood out: Jrocki was taking action from the get-go, and even put together a POAP for our pilot Twitter Spaces.

Unfortunately this process is not easily repeated.

Guest Scheduling – One at a Time

One guest at a time is better than trying to have multiple unrelated people on at once.

While multiple speakers can contribute to the conversation, we can’t go from topic to topic without the conversation losing structure and focus.

When you invite a guest on, they need to be able to have time to voice their thoughts and info about their project. When you invite multiple people on, guests may feel like they are not getting their opporutnity to speak

With guests, you need to establish focus… Having many speakers is an innovative approach to podcasting, but it must feel organic and they must be on the same page.


Be curious, be interested in other people. Cultivate curiosity for as many unique interests as possible, and let that curiosity come through when talking to other speakers.

Ask specific questions.

Do some preparation – look them up and find other stuff they have talked about. Find answers they have given, and ask about something specific.

Dig deep. Find the content your interviewee has produced or been involved with that doesn’t have tons of views. Maybe they share specific ideas on something not commonly talked about? Use this as a jumping off point.

For example, if the interviewer has had multiple podcast appearances in the past, perhaps they share different stories or anecdotes on each one.

Spend time think of questions and discussion topics but don’t be afraid to diverge if the story gets rich. Which brings up the next point…

No plans, just vibes

Research and preparation aside, it i ismportant to have time to riff and allow speakers to let the conversation flow.

Time to vibe is important.

If you find the conversations topics at the beginning naturally tend toward something silly, I believe that’s actually a good thing.

We’re all humans here, and social media should be fun and entertaining at the end of the day.

For example, at the beginning of the recent Shell Protocol space, the speakers started talking about mayonnaise of all things. Regardless of how you feel about the pale condiment, it was pretty funny and actually learned a few things – namely, that the mayonnaise in Belgium is waaay better than what we have in the United States.

This feels similar to the “ice breaker” games that some corporate jobs have employees do on their first day. However, I was never a big fan of those formalized ice breakers. Letting it flow informally feels more natural.


Encourage inclusivity and open discussion. Let conversations topics go out on tangents if the speakers are engaged and contributing to the conversation. At the end of the day, the goal is to make sure everyone enjoys the conversation.

As long as all speakers treat people with respect, everyone should feel comfortable sharing their opinions and diverse ideas.

People join Twitter spaces from all over the world

Be considerate for time zones globally. Mention the time zone you are in, show empathy to global community that some people may have to listen to the recording later or are jumping in at obscure hours for them.

Shut up and listen

As the host, be willing to stay quiet and let people talk!

If you are interviewing someone about their project or endeavors, don’t be afraid of the awkward pauses… allowing some space between words will encourage the other person to talk more, share more insights, and ultimately make for a better interview for the audience.

When someone is talking, actively listen. Don’t try to think of the next question while they are talking.

Questions and Answers

Asking good questions, along with topic selection, is the difference between a boring show and an interesting show.

When you ask a question, make sure to be as concise and direct as possible.

  • Poorly-phrased question: “what are your future plans with the OptiPunks? Do you have anything like… i don’t even know what you could do but…”
    • Again, its a bad habit ramble on unnecessarily after asking your initial question.
  • More effective and concise question: instead, just stop talking after you ask the question, something like this: “what are your future plans with the punks?”

When some one asks a question and you as the host can’t immediately think of a great answer, this is a great opportunity to open up the question to other speakers that are up on stage, as well as your co-host. This does a few things – first, it shows that you are humble enough to admit that you don’t know everything. Second, it helps get other people involved in the conversation to help have diverse perspectives, ensuring that you as the host don’t just monopolize the conversation.

After re-listening to the first two episodes from the Twitter Spaces I hosted, a few times when I gave answers, it felt like I initially rambled a bit and went slightly off topic. Even if I tried to bring what I am saying back around and relate it to the original question, going off on a tangent can be somewhat distracting and might confuse both listeners as well as other speakers

Sometimes i say something and then say a disclaimer after like “i dont know tho” – dont do this

Position statements for the perspective of listeners.

In the case of our spaces, since we cover user-ready blockchain dapps, every statement I make sure be catered toward the perspective of a potential user of a given app, as the listeners are likely prospective users.

Relate what you are saying to how others can benefit from it.

Eliminate the Ego, Avoid talking about yourself

For example, re-listening to myself, I noticed it sounds a bit off when I talk about my own experiences using the apps without focusing on how other users might also interact with the app.

On one of the first Spaces I hosted, I said something along the lines of “maybe I’ll be eligible for the next Optimism airdrop who knows”.

This statement sounds bad because its self-seeking, as opposed to sharing statements about how a user/listener can gain value from the Optimism ecosystem.

Instead, I could talk about how users in general that were not eligible for first airdrop still have a chance for other OP token airdrops, and share a bit about the Optimism phased approach to airdrops.

This approach would increase the value that listeners get by listening to the conversation.

I talk too much about things I can do in web3 like

At one point, during episode 1, I was talking to Bodo about the voting process for public goods funding within OptiPunks. This is another opportunity to talk about how users in general that own an OptiPunk can actually vote as well. Its just a less self-centered way of speaking, and will likely create a more entertaining and educational conversation.

Showing support for project founders

Founders don’t need you to be the second pitch-person for their project.

For example, when you learn about something new such as a new project or protocol, instead if saying “I’ll have to check that out”, say something like “great to know – so anyone that has gets involved with ____ project is eligible to do ____.”

If someone talks about one of their initiatives or a project they are building, you can show support for that person by being the person jump on board and say something like “oh that’s so cool, I just followed that project and will look into minting one!”.

In this scenario, the listeners don’t need you to be the second person pitching them on the project, as the founder has just done so.

You can show support for the other speaker by taking the role of being somebody that is excited about the project, which will likely make other people want to follow your lead get involved too.

I host a weekly Twitter Space — join me on Twitter, and be a part of the next conversation!

Episode 2: The Web3 Experience Podcast Recap and Show Notes: Optimistic Rollup L2, Public Goods Funding, Dapps, Quixotic NFT Marketplace, IPFS, Warp Speed Bridge, and more…

Crypto is how you program money. Money is how you program people. 

Listen to the recording:

Why would a developer want to build on Optimism?

The answer is incentives.

“Incentives motivate behavior.”

The ecosystem needs developers to actually BUILD DAPPS on Optimism. 

Why should a developer want to use Optimism as opposed to any other blockchain network?

Incentives to build on Optimism: the “Optimism Governance Fund” donates money to teams and projects that have built useful things for the community. 

These useful projects are known as “public goods”.

The idea here is to reward those that contribute in positive ways.. incentivizing new developers to launch their dapps on Optimism. 

  • Public Goods make people want to join an ecosystem. Science is and example of a public good that is valuable to society.
  • With retroactive public goods, whatever turns out to be the most valuable tends to be retroactively rewarded after proving its product-market fit. This is the opposite of traditional venture capital firms that go out to fund a bunch of different ideas without knowing for sure what will succeed. 

Why Did You Get into into Optimism Ecosystem??

jrocki.eth – Twitter Spaces Co-host. supported Optimism during OptiPunks launch because of Public Goods Funding Infrastructure.

Mark, Co-Founder of

Mark was a software engineer at an ad-tech company. Later learned about ETH, Optimism, and the possibility to host projects on IPFS.

  • Participated in ETH global hackathon in 2021… involved with Feudals Ethereum community… worked on some various developments in Ethereum.
  • Looked at other Layer 1’s, saw the high cost of trading NFTs on L2. Saw Layer 2’s as the future. Wanted to build something and make something happen in the space.
  • Build / launch
  • Currently building CryptoVania / Storyverse on IPFS

On Building + Dapps in the Optimistic Rollup space:

Even though the markets are down it feels like the builders are full-steam ahead. 

On the Space, Mark raised the question: what do users need for adoption to increase?

One specific need was brought up: we need a decentralized app store / decentralized app platform.

  • For example, you don’t see substack app on the App Store. Why not? Because App Stores take too big of a cut due to policies around in app purchases etc. Effectively creates a roughly 30% markup on everything.
  • Browser apps are harder to block and shut down, however, performance and computation are more difficult in browser.
  • Huge opportunity for decentralized apps.

IPFS – communication and naming protocol. Similar to bittorrent, everyone can access files on IPFS thru peer to peer network.

  • With Brave Browser you can visit IPFS, similar to using http.
  • If no one is pinning the file, it might be really slow. So, you can pay someone in Filecoin or Pinata to pay the network to access the file, if no one pins it.

Warp speed bridge – standard protocol level bridge for optimism…Eth in escrow / burns the eth etc. Came out of a project called teleportal.

Storj – startup for decentralized storage. They encrypt your file.. many copies of the data in little chunks. Users of dropbox could move to something like this – around $7 per month for $1 TB.

Most Expensive 3 Digit ENS Sales of All Time – the 999 club

ENS (Ethereum Name Service) addresses serve as usernames for web3, allowing people to associate their 42 character address with a shorter, easier to remember string of characters ending in .eth.

ENS addresses are owned by individuals, as NFTs.

Given that OpenSea data proves shorter ENS names can sell for more money, some of the most expensive ENS sales of all time have actually been frequently used English words.

Within that market, 3-digit names end up making up a large portion of those top sales, 555.eth being the highest, which sole for $162,975.20 based on the price of ETH at the time of sale.

Why are 3-digit ENS names valuable?

While popular words have a very easy to understand marketing appeal, the allure of 3-digit ENS names is a bit more intangible.

A few of the hypotheses include area codes – every jurisdiction in the United States has a specific 3-digit area code. Perhaps in the future, blockchain could bring some sort of architecture that enables people of these jurisdictions to associate their on-chain activities with their area code. Perhaps for tax implications? We can only speculate.

The other hypothesis is simple the scarcity of the 3-digit ENS names. Starting with 000, there are only 1000 combinations of 3 digits.

Having realized these factors, communities have organized around these ENS names, creating owners-only clubs.

The 999 club in ENS

The 999 club represents one of the most exclusive NFT clubs in the space today – numbered ENS names between 000.eth and 999.eth.

In contrast to the status-quo of 10,000 NFT collections, there will only ever be at most 1000 members of this NFT group.

However, a secondary numbers-only NFT club has emerged, with an order-of-magnitude more members – the 10k club – which represents 4-digit ENS names.

Below is the highest 3-digit ENS sales of all time, as of May 15, 2022.

Most Expensive 3 Digit .eth Addresses Sold

Sale Price (eth)ENS name

Have you claimed your ENS name yet?

Setup a crypto wallet and get a .eth address – your username for web3.

Most Expensive .eth Sales Ever for ENS

ENS (Ethereum Name Service) provides decentralized naming for wallets, websites, & more.

Ethereum names add “.eth” to the end of any set of characters, which can then resolve to a specific wallet address.

Why are ENS names important?

Individuals and businesses register ENS name to serve as usernames for web3.

ENS names enable users to associate their 42 character official address with a shorter name that’s easier to remember.

Budweiser / Anheuser Busch, for example, chose to register Beer.eth, making it easier for users to interact with their on web3 wallet.

Instead of 0x39dbfdd63fd491a228a5b601e0662a4014540347, users simply type Beer.eth.

ENS is the easiest system for direct wallet payments as well as user authentication to sign into dapps in the web3 space.

Which ENS addresses are the most valuable?

While ENS: Ethereum Name Service sales data on OpenSea suggests that shorter names tend to sell for more money, the highest dollar ENS names are those that represent actual commonly used words.

Read more: Most Expensive 3-Letter ENS sales of all time

Because these words are used often in the public vernacular, marketing and PR professionals value these types of .eth addresses higher because they are more easily recognized and understood by the largest number of people.

Most Expensive .eth Addresses Sold

Each ENS address is a special type of NFT. Because of this, they can be sold and traded on secondary markets.

Below are the highest ENS sales of all time, as of May 15, 2022.

Sale Price (eth)ENS name

Have you claimed your ENS name yet?

Setup a crypto wallet and get a .eth address – your username for web3.

Top 5 Best Digital Frames to Display NFTs on Your Wall

Digital picture frames enable NFT collectors to show off their portfolios directly on screen.

There are many options display your NFTs and digital art on your wall.

Just like a mere copy of a famous piece of artwork isn’t the same as looking at the original, a copy of an NFT that you don’t own isn’t the same as actually owning an NFT.

Getting a digital NFT display frame allows you to flex your digital NFT collection on your wall.

NFT owners need a top tier frame to go with your top tier project.

1. Luma

Museum grade technology.

Custom made to order

The clean look without borders enables the viewer to focus on the piece as if the frame isn’t even there.

Life size digital frames create a sense of presence, bringing the piece into the real world, becoming of the room.

Display Screen Specifications: LEDs are designed to operate 24/7.

Non-reflective matte surface means the picture will not be impacted by sunlight / ambient light.

The display also features the highest resolution available on the market in pure LED form (0.9mm – 1.2mm pitch), 48-bit color processing, Wide Academy gamut format in DCI or BT2020, Refresh rate exceeding 3800 Khz, and professionally color calibrated.

Mobile App: get the Luma app

The Luma mobile app enables you to control and schedule which NFTs you want to show up on the display.

This is a great feature for curators that want to queue up different artwork, enabling control over what NFTs to display and when.

Security: The app and display never have access to funds or tokens in your wallet.

Storage: Can store up to 1000 artworks and 25 hours of video.

Size / Dimensions: Luma NFT displays come in a variety of sizes, all of which take up sizable portions of the wall.

On the smaller side, 2’x2’3”, to the larger size, 8’x4’6”. Portrait and Landscape options. Learn more about sizing on the Luma website.

Price: as Luma digital art displays are custom made to order, buyers can request pricing directly from the company’s website.

2. Tokenframe

The Token Frame digital displays are designed with NFT owners in mind, bringing digital art to life.

The website references web3, allowing the user to sign-in with wallet, connect to WiFi, and then display NFTs.

Display Screen Specifications: types of screens include include QD-OLED and LED

Takes effort and care to ensure your NFT looks good on display – mentioning the importance of aspect ratio, resolution, etc.

Display options include 2K and 4K options with vivid, anti-glare screens specifically designed for digital art.

The wall mount enables the frame to be rotated 90°, which will automatically switch orientation – just like your smartphone does.

Mobile App: the Token Frame App, which integrates with the popular web3 crypto and NFT wallets. 

The app allows you to control the background color, artwork size and more to ensure the perfect fit, no matter the aspect ratio. 

Access your NFT Gallery by logging into your web3 wallet via Metamask, Fortmatic or WalletConnect, which are all integrated into the app.

The mobile and web app enables you to control every aspect of the display settings including:

  • power (on/off)
  • show NFT contract info & QR code (on/off)
  • volume & brightness control
  • WiFi settings
  • energy saving schedules
  • customizable slideshow

Security: The app is non-custodial, so they never have access to your NFTs or private keys.

Storage: because the Tokenframe connects to your wallet via wifi, hardware storage is not needed.

Size / Dimensions: sizes range from 10 inches at the low end to 55 inches at the high end, measured diagonally.

Square and rectangular options, as well as a few different border patterns – birch, mahogany, solid black, and solid white.

Price: Tokenframe enables purchase in a variety of currencies including BTC and ETH.

Depending on size, prices range from $333 at the low end to $2777 at the high end.

Other Info: enables audio as well.

Built-in stereo speakers and headphone jacks allow you to fully immerse yourself in your NFT masterpieces and experience them as they were intended.

3. Skylight Frame

The smaller Skylight Frame is a good option for an NFT collector that doesn’t want the collection to be the central focus of the room. 

With over 13000+ reviews on Amazon, the Skylight Frame is a reliable way to display digital art and NFTs.

Display Screen Specifications: 10 inch color touch-screen display with 1280×800 resolution 

Mobile App: there is no mobile app. 

Security: because this digital frame does not connect to your wallet, there is no cause for security concerns.

Storage: No hardware storage.

To use the Skylight frame, plug in and use the touch screen to connect to Wi-Fi. Pick a unique Skylight email address for your frame. Email photos to the frame’s address and they will appear instantly.

Size / Dimensions: Total size is 10.7 x 7.4 x 0.9 inches, with 10 inch diagonal screen size.

Price: $159

4. Canvia

Display Screen Specifications:

NFT compatible – integrates with multiple crypto wallets to enable the use of NFT images and videos

Create and schedule which digital artworks you want to show up.

Uses sensor technology to read information about the surrounding environment, enabling the screen brightness and display to be optimized as the amount of ambient light in the room changes throughout the day.

Mobile App: mobile and web app lets you upload & schedule your own photography. 

Lets you manage various aspect ratios, tailoring how you want images to fit on the screen.

Security: Never has access to your private keys. Images uploaded by users via the app are only stored locally on the device and so cannot be accessed by anyone else.

Storage: 16 gigabytes memory, up to 10k photos

Size / Dimensions: 27” diagonal screen

Price: $521

5. Blackdove Digital Canvas

Display Screen Specifications: screen is ultra HD 4K 60 frames per second. 

The Digital Canvas is built for NFTs.

“A premium grade display that offers local storage, high brightness, auto-boot to artwork, 24/7 ratings for 5-7 years, native portrait orientation, remote support capabilities and a three year warranty.”

Full specs here

Mobile App: Blackdove mobile and web app to manage an unlimited number of displays from anywhere in the world. 

Enables you to sync your wallet and import the media files associated with each NFT in order to display them.

Security: does not mention security.

Storage: website does not mention storage.

Size / Dimensions: ranges from 55” to 98”

Price: ranges from $1500-14,700 based on size; in-home installation for $499

Other Info: subscription plan available with additional features

Most Expensive 3 Letter ENS Sales of All Time

ENS (Ethereum Name Service) addresses are the usernames of web3. They enable users to associate their 42 character official address with a shorter name that’s easier to remember.

ENS addresses are owned by individuals, as NFTs. The length of characters has proven to be important for many users – people tend to prefer shorter names.

The shorter an ENS name, the more valuable it is

According to OpenSea data, shorter ENS names tend to sell for more money.

The market for 3-Letter ENS names specifically has become super popular recently.

There are 17,576 unique three-letter possible combinations for .eth addresses.

Below is the highest 3-Letter ENS sales of all time, as of May 13, 2022.

Most Expensive 3L .eth Addresses Sold

Sale Price (eth)ENS Name

Have you claimed your ENS name yet? Setup a crypto wallet and purchase your first .eth address – your username for web3.

How does Optimism public goods funding work? Overview, resources, and more

“it’s easier to agree on what was useful than what will be useful.” Vitalik Buterin

What are public goods?

Examples of public goods include libraries, roads, open-source software (like ether.js).

Public goods are paid for by the community – funded thru taxes, for example.

Public goods benefit everyone using the ecosystem.

In the Optimism ecosystem, there is this idea of “retroactive public goods funding”

The goal of this initiative is to reward and incentivize people to build things that help out the rest of the community.

If people did something positive, community can vote to allocate money / rewards for building useful things.

As Bodo said on the recent Twitter space, public goods solve the market inequality of positive externalities.

Ways to Fund Public Goods


Explore grants that Gitcoin has funded here.

  • VitaDAO has helped raise and contribute to longevity research.
  • Daily Gwei Podcast by Anthony Sassano helps educate people on Ethereum and blockchain, and more.


Optimism Governance Fund Phase 0 Proposals: learn more here

Vitalik put together a review of Optimism’s first round of public goods funding here, including over $51,000 towards ethers.js library.

Nominate a project for funding here.

Aave Grants

Voting – a framework to decide which Public Goods to vote for

In the OptiPunks Discord, Bodo and Platocrat discussed a way that voters can use to decide which public goods to vote for:

who needs money * how much of a public good a project was

Based on the framework above, the two factors that individuals should consider when voting are need as well as public value generated by the project.

For example, if a project that has been well-funded via venture capitalis flushed with capital, it doesn’t need to receive funding as much, so users should be less apt to vote for this project.

NFT Projects on Optimism help fund public goods


Original NFT on optimism. 100% of mint went to public goods funding. 50% of secondary went to public goods. Royalties on secondary is 2.5%

The OptiPunks community voted to decide which project funds would go towards.

Voting for public goods went live on March 25.

Optimistic Apes

Another project available on Quixotic… Sounded like a lot of us on the call minted or purchased some. The artist is still a mystery!

Circular art

Generative art platform designed to fund public goods. The first collection, called “Octavas”, generated 24 ETH to fund public goods.

An overview of the Circular Arts grants, which uses Snapshot to enable the community to vote on which projects should receive funding.

Results of the Octavas project funds were covered on their Twitter, see below.

Join the weekly Twitter Spaces covering Optimism and other Layer 2 rollups!

Thanks all who joined Optimism NFT Twitter Spaces on Monday! Join us next Monday at 4pm PST / 7pm EST for the weekly Space on Twitter!

Listen to the recordings of past episodes here:

Listen on Spotify, The Web3 Experience podcast

Economics of Staking Ethereum

Ethereum will soon switch to Proof-Of-Stake. “The Merge” is a big development event where the Proof-Of-Work consensus algorithm will shift to a new model PoS, allowing people to stake their assets to earn rewards.

While recently listening to Hall Press’ episode on Bankless podcast, a few key insights were shared about staking Ethereum

If there is value to the asset outside of staking (spending the token, etc) then the staking rate will be lower.

This is true of Ethereum and Ether the asset.

Ethereum’s use cases make it in high demand

Because Ethereum is a useful asset in web3 ecosystem, there are many other demands for ether.

Think of all the use cases that Ethereum has – from NFTs to DeFi and more.

Many people need to use Ethereum to do these sorts of things, so not everyone will want to lock down their ETH and just stake it.

Because of this, demand for staking probably won’t ever be super high.

Lower rate of staking means higher returns for those that do stake

If demand for staking is low, then value to those that decide to stake is higher.

Stakers want the network stake rate to be as low as possible.

As of now, Ethereum only has around 10% of staking participation rate.

After The Merge, staking incentives will go up, and is likely to have higher income margins.

Only expenses in Ethereum are paying developers (what EF pays out in salary). The EF report showed that the expenses are quite low.

According to Hall Press on Bankless podcast, he thinks that paying stakers does not count as an expense because it is not leaving the system.