Ethereum staking has not only remained resilient but has actually accelerated, reaching new heights. According to various on-chain analytics platforms, approximately 20% of the Ethereum supply is now staked, marking a significant 5% increase in just two months.
Estimates from CryptoQuant suggest that the amount of ETH staked is close to 24 million, while Nansen’s data reveals approximately 23.37 million ETH locked in staking contracts. These figures represent a significant portion of the circulating supply, accounting for around 19.4% of all ETH in circulation. Two months after the Shapella upgrade, the amount of Ethereum thats is being staked still appears to be increasing despite initial withdrawals.
Furthermore, Nansen’s data reveals that deposits have been surpassing withdrawals over the past week, indicating a growing interest in Ethereum staking. In the last 24 hours alone, there has been a net increase of 43,064 ETH staked, highlighting the ongoing demand for staking opportunities. Additionally, Nansen reports that there are currently 30,316 ETH waiting for withdrawal, indicating that participants are choosing to keep their ETH staked rather than withdraw it.
On the other hand, leading the way in the Ethereum staking landscape is the liquid staking platform, Lido, which has established dominance with an impressive 7.4 million ETH staked. Depending on the source, Lido’s market share ranges between 31.5% and 36.4%, showcasing its stronghold in the market.
The rise in Ethereum staking has been supported by the recent surge in ETH prices, contributing to Lido’s total value locked reaching $14.2 billion, representing a 12.7% increase over the past week. The allure of staking Ethereum has attracted investors seeking to participate in the network’s growth while earning rewards.
One of the key factors contributing to the increased staking activity is the decline in Ethereum’s circulating supply since the Merge in September 2022. The Ethereum network has witnessed a reduction of over 280,000 ETH, signaling a shift from liquid ETH to staked ETH. This decrease in circulating supply indicates a growing confidence in the long-term potential and stability of Ethereum.
Despite the positive trend in Ethereum staking, ETH prices have not experienced the same bullish momentum as Bitcoin. While BTC has gained nearly 15% over the past week, Ethereum has recorded a minimal increase. At the time of writing, Ethereum was trading at $1874, displaying resistance in surpassing the psychological level of $2,000, despite making repeated attempts.
The continued growth in staked Ethereum suggests a positive outlook for the Ethereum network and the wider crypto sector. The increasing number of ETH stakers indicates a growing belief in Ethereum’s potential to shape the future of decentralized finance and blockchain applications. Moreover, the dominance of platforms like Lido highlights the need for accessible and user-friendly staking solutions.