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Today we're getting a little nerdy with benefits.

• When is the best time to offer benefits? ⛑

• Bitcoin Shrimps are getting bigger 🦐

• Staked ETH just reached an all-time high 🥩

When is the best time to offer benefits?

Now that tax season is over it’s time to shift focus to employee benefits.

Benefits take all shapes and sizes. From retirement contributions, mental health support, paid vacation time, and health care.

Today, we aren't going to talk about what benefits you should offer, but when you should offer them.

There is no best or worst time to start your benefits programs. A lot of employers like to launch their benefits programs at the beginning of the year, but no matter when you start your benefits you’re going to pay the same taxes and face the same decisions.

It’s like a New Year’s Resolution.

You can technically start going to the gym in July, but you know damn well, we’re waiting ‘till January to pick that habit up.

Now, how big does your company have to be to start offering benefits?

First, there are some benefits you just HAVE to offer. These mandatory benefits include things like unemployment insurance, Social Security, Medicare, workers comp, and family and medical leave.

Voluntary benefits include things like paid vacation time, education credits, wellness benefits, and even healthcare (to a certain extent). Surprisingly, you aren’t legally required to provide healthcare until you reach 50 full-time employees.

According to data from Forbes, 35% of businesses with 2-15 employees offer health benefits, and 65% of businesses with 16-50 employees offer health benefits.

The longer you delay offering healthcare and voluntary benefits though, the harder it will be to attract top talent.

If you want to chat about getting the right benefits for your employees, Rollfi is a licensed benefits broker that can walk you through your options.

Bitcoin Shrimps are growing

A Bitcoin shrimp is someone with less than 1 BTC. Right now they are accumulating BTC at the fourth fastest rate in the market’s history.

Shrimps bought 35k BTC (~$1b) in the last 30 days and now own 6% of the total market.

Why are the shrimps beefing up their Bitcoin?

• Uncertainty in traditional finance. With Signature Bank and SVB collapsing and other regional banks like First Republic struggling, people are worried their bank may be next. Buying BTC is a good hedge.

• The Balajis effect. Some guy named Balajis made a $2m prediction Bitcoin would hit $1m by the end of June. Now, Balajis isn’t just another dude off the street. He was the CTO of Coinbase, predicted the COVID outbreak in early 2020, and is even a trained biologist. A lot of people are buying his narrative that Bitcoin will be a haven from hyperinflation.

• Speculation the US may launch a CBDC. This is scaring some people out of USD and into decentralized assets like BTC and ETH.

Staked ETH just reached an All-Time High

On April 12th, Ethereum completed the Shanghai upgrade. It was the encore to The Merge, which transitioned Ethereum from a proof-of-work blockchain to a proof-of-stake blockchain.

After transferring to proof of stake, Ethereum started using staked ETH to create network consensus, instead of the energy-intensive proof-of-work mining process.

ETH stakers strengthen the security of the network and receive a staking reward of around 4% APY.

The Shanghai upgrade allowed stakers to finally withdraw tokens from the staking contracts for the first time in over 2 years. Some people speculated there would be a mass withdrawal of ETH tokens once the upgrade went live that would crash ETH.

At the time of the Merge on Septemeber 15th, there was 7.6m (~$11b) of staked ETH.

But, by Monday we reached an all-time high of 19.2m (~$37b) staked ETH.

There is 50k-100k new ETH staked every day, 3-4x higher than the pre-Merge levels. And deposits are outpacing withdrawals.

Why?

Many stakers re-staked their staked rewards, instead of completely withdrawing from the network.

Institutional investors are also increasing their staked ETH. According to a survey by Kiln, 68% of investors said they intend to start staking or increase their staked amount after Shanghai.

We’re still keeping tabs on staked ETH, because a lot of staking providers haven’t turned on withdrawals yet. But, it's a good sign investors aren't mass withdrawing ETH after the upgrade.

Make sure your employees get to choose how they want to get paid.

Rollfi allows you to pay employees in crypto anytime, anywhere, and anyway they want.

If you let Rollfi handle your benefits WE do your payroll for free.

Request a demo today👇

Rollfi Inc does not guarantee and is in no way responsible for the accuracy of information provided in this message. All information is provided “AS IS” and with all faults. Data presented here may not reflect all activity in the market.