Ethereum Staking Reaches Historic Milestone As ETH Price Barrels Past $2,400

The NFT Unicorn DALL·E-2024-02-08-14.13.01-A-visionary-image-capturing-Ethereums-impact-featuring-the-_Ξ_-symbol-glowing-against-an-interconnected-network-backdrop.-This-network-symbolizes-Et-Small Ethereum Staking Reaches Historic Milestone As ETH Price Barrels Past $2,400 Crypto News

Ethereum staking has been ramping up despite the poor performance of the ETH price over the past year. Liquid staking protocols such as Lido Finance have continued to see the amount of ETH being staked rise, and as a result of this continued interest in staking ETH, the total amount of supply that has been locked so far has reached a new all-time high.

25% Of All ETH Are Now Staked

In an interesting turn of events, the total percentage of ETH supply that is being staked has crossed the 25% mark. This was made public by Lido Finance, which shared a screenshot of a Dune Analytics dashboard showing that it has touched the 25% mark.

Looking at the Dune Analytics dashboard, it shows that this figure continues to climb following this, with 25.08% of the total ETH supply now staked. This figure is facilitated by a total of 924,023 Ethereum validators that are currently running on the network.

Net flows have also gone against expectations and have been positive since the Shanghai upgrade. This upgrade allowed stakers to be able to finally withdraw their staked ETH. But rather than withdrawals happening en masse, more ETH has flowed into staking contracts.

Dune’s data shows that over 10 million ETH have flowed into staking contracts since the Shanghai upgrade. Currently, there are over 30.14 million ETH in total staked so far, and this figure seems to be rising fast.

Lido Dominates Ethereum Staking

Of the total 30.14 million ETH figure that has been staked so far, a large percentage are currently being staked through the Lido platform, as the Dune Analytics platform accounts for 31.52% of all staked ETH. This solidifies Lido’s position as the largest Ethereum staking platform, with over 297,000 validators on the protocol.

Coinbase follows behind Lido, accounting for 14.4% of the total ETH staked with more than 136,000 validators. This means that together, Coinbase and Lido Finance currently control 45% of the staked ETH market, giving them a head start over others.

Binance, another crypto exchange, is in third place, with 4.3% of all staked ETH and 41,000 validates. Kiln, Figment, and Rocket Pool control the 4th, 5th, and 6th positions, respectively, controlling between 2.8% and 3.3% of the total staked ETH.

Looking at the rewards so far, Ethereum stakers have made quite a lot since the initiative began. The total ETH earned so far by Lido stakers has crossed 467,000 ETH, with 259,000 ETH earned on Coinbase, and 139,000 ETH earned by Binance stakers.

The ETH price has also turned bullish during this time, beating the resistance at $2,400. It is up 2.22% in the last day, with 7% gains in the last week, according to data from CoinMarketCap.

ETH price at $2,400 | Source: ETHUSD on Tradingview.com

Featured image from Dall.E, chart from Tradingview.com

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Source: NEWSBTC