The decision to use 32 ETH was a trade off based on the exchange rate at the time, 32ETH being ~$5k, which the devs thought was enough so that it wouldn’t be co

The decision to use 32 ETH was a trade off based on the exchange rate at the time, 32ETH being ~$5k, which the devs thought was enough so that it wouldn’t be cost prohibitive to get involved and hurt enough to stay honest. When the exchange rate changes dramatically, like it did and will in the future, it changes the incentive structure in staking. So, yes, the current implementation’s incentive structures do depend on the exchange rate.