The analogy would work if Ethereum staking rewards were inflationary. But post-EIP 1559, there's a zero-to-negative net issuance of Ethereum on an ongoing basis. After the merge, the entirety of that (plus MEV bribery) goes to stakers/validators.
In this sense, Ethereum's yields are more like a stock buyback than a stock dividend. To transact on-chain, end-users and traders have to pay ETH to validators. To acquire ETH they have to bid on it using fiat. ETH issuance to stakers isn't inflationary, because its counter-balanced by end-user demand to transact on-chain.
Just the same, as a stock buyback doesn't involve any direct payout of fiat currency to existing shareholders. But it takes the revenue generated by the underlying company, and translates that into a deflationary bid to the stock.
The analogy would work if Ethereum staking rewards were inflationary. But post-EIP 1559, there's a zero-to-negative net issuance of Ethereum on an ongoing basis. After the merge, the entirety of that (plus MEV bribery) goes to stakers/validators.
In this sense, Ethereum's yields are more like a stock buyback than a stock dividend. To transact on-chain, end-users and traders have to pay ETH to validators. To acquire ETH they have to bid on it using fiat. ETH issuance to stakers isn't inflationary, because its counter-balanced by end-user demand to transact on-chain.
Just the same, as a stock buyback doesn't involve any direct payout of fiat currency to existing shareholders. But it takes the revenue generated by the underlying company, and translates that into a deflationary bid to the stock.