Ethereum Staking Reaches New All-Time High as Interest Grows
Despite the underperformance of the ETH price over the past year, Ethereum staking has been on the rise. Liquid staking protocols, including Lido Finance, have seen an increase in the amount of ETH being staked. As a result, the total amount of supply that has been locked has reached a new all-time high.
Over 25% of Ethereum Supply Now Staked
According to Lido Finance, the total percentage of ETH supply that is being staked has surpassed the 25% mark. This milestone was showcased through a screenshot of a Dune Analytics dashboard. The figure continues to climb, with 25.08% of the total ETH supply now staked. There are currently 924,023 Ethereum validators operating on the network.
Net Flows Defy Expectations as More ETH Flows into Staking Contracts
Following the Shanghai upgrade that allowed stakers to withdraw their staked ETH, it was expected that there would be a surge in withdrawals. Surprisingly, more ETH has flowed into staking contracts instead. Dune Analytics data indicates that over 10 million ETH have flowed into staking contracts since the upgrade. The total amount of ETH staked has now reached over 30.14 million.
Lido Finance Dominates the Ethereum Staking Market
From the 30.14 million ETH that has been staked so far, a significant portion is being staked through the Lido platform. According to Dune Analytics, Lido accounts for 31.52% of all staked ETH, making it the largest Ethereum staking platform. Coinbase follows behind with 14.4% of the total ETH staked. Together, Lido and Coinbase control 45% of the staked ETH market.
Other Players in the Ethereum Staking Market
Binance, another major crypto exchange, ranks third in terms of staked ETH with 4.3% and 41,000 validators. Kiln, Figment, and Rocket Pool hold the fourth, fifth, and sixth positions respectively, with 2.8% to 3.3% of the total staked ETH.
Ethereum Stakers Reap Rewards as ETH Price Turns Bullish
Since the inception of Ethereum staking, participants have earned significant rewards. Lido stakers have earned over 467,000 ETH, while Coinbase stakers have earned 259,000 ETH, and Binance stakers have earned 139,000 ETH. Additionally, the ETH price has seen a bullish turn, surpassing the resistance level of $2,400. It has experienced a 2.22% increase in the last day and a 7% gain in the last week.
Analyst comment
Positive news: Ethereum staking reaches new all-time high. Interest in staking has grown despite the underperformance of ETH price. More ETH flows into staking contracts than expected after the Shanghai upgrade. Lido Finance dominates the staking market with 31.52% of all staked ETH. Other players include Coinbase, Binance, Kiln, Figment, and Rocket Pool. Stakers have earned significant rewards, and the ETH price has turned bullish, increasing 2.22% in the last day and 7% in the last week. As a result, the market is likely to continue experiencing growth and investment in Ethereum staking.
