Ethereum staking has been gaining traction despite the lackluster performance of ETH’s price in the past year. Liquid staking protocols like Lido Finance have witnessed a significant increase in the amount of ETH being staked. As a result, the total supply of staked ETH has reached an all-time high. Lido Finance recently reported that the percentage of ETH supply being staked has crossed the 25% mark, indicating a growing interest in staking among Ethereum holders.
The Dune Analytics dashboard provides valuable insights into the staking trends on Ethereum. Hitting the 25% mark is just the beginning, as the percentage of staked ETH continues to rise. Currently, 25.08% of the total ETH supply is being staked, representing a substantial portion of the Ethereum ecosystem. This surge in staking is fueled by the presence of 924,023 Ethereum validators actively participating in the network.
The Shanghai upgrade introduced a new phase for Ethereum stakers by allowing them to withdraw their staked ETH. Contrary to expectations, the net flows have been positive since the upgrade. Rather than witnessing mass withdrawals, more ETH has flowed into staking contracts. Dune Analytics data reveals that over 10 million ETH has been staked since the implementation of the Shanghai upgrade. This influx of ETH has significantly contributed to the current total of 30.14 million ETH staked.
Out of the total staked ETH, a considerable percentage has been staked through the Lido platform. Lido Finance accounts for 31.52% of all staked ETH, solidifying its position as the largest Ethereum staking platform. Lido boasts over 297,000 validators on its platform, surpassing its competitors. Following closely behind Lido is Coinbase, which holds 14.4% of the total ETH staked, with more than 136,000 validators. Together, Lido Finance and Coinbase control 45% of the staked ETH market, giving them a competitive advantage over other platforms.
Binance, a prominent crypto exchange, secures the third position among the Ethereum staking platforms. With 4.3% of all staked ETH and 41,000 validators, Binance remains a significant contender in the staking landscape. Kiln, Figment, and Rocket Pool occupy the fourth, fifth, and sixth positions, respectively, controlling between 2.8% and 3.3% of the total staked ETH.
Ethereum stakers have reaped substantial rewards since the inception of the staking initiative. Lido stakers have earned over 467,000 ETH, while Coinbase and Binance stakers have earned 259,000 ETH and 139,000 ETH, respectively. Additionally, the ETH price has been showing bullish signs, breaking through the resistance at $2,400. Over the past day, ETH has seen a 2.22% increase, with a 7% gain in the last week.
Ethereum staking has reached a significant milestone, surpassing the 25% mark of the total ETH supply being staked. The rise in staking can be attributed to the growing interest in liquid staking protocols like Lido Finance. As Ethereum staking gains popularity, it is crucial for investors to conduct thorough research and consider the associated risks before making any investment decisions.
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