- Staked Ethereum hits a new record of 23.5 million ETH, with staking growing in popularity since the Shapella upgrade.
- The current value of staked ETH, at a price of $1,880 per token, is over $38 billion, used to enhance network security.
Ethereum, the second-largest cryptocurrency by market capitalization, has achieved a significant milestone with more than 23.5 million ETH now staked. Staking, in the context of a proof-of-stake blockchain, involves the act of holding a cryptocurrency in a wallet to support the security and operations of the network, subsequently earning rewards. This is comparable to depositing money into a high-yield account in a traditional banking system, allowing token holders to earn passive income without selling or trading their assets. An increased amount of staking leads to more robust blockchain security.
Ethereum’s price is considerably dependent on its value against the US dollar. Back in November 2021, Ethereum’s value hit an all-time high of $4,400. However, only 8.2 million ETH ($15 billion approximately) were staked in the network at the time. Fast forward to the present, with Ethereum’s price at $1,880, over $38 billion is being used to secure the Ethereum network.
Since the Ethereum Merge in September last year, validators have had the opportunity to stake ETH. However, the significant increase in popularity came with the Shapella upgrade, which facilitated withdrawals. Following the Shanghai upgrade, a net inflow of 3.6 million staked ETH, equivalent to $6.9 billion, signifies enduring interest in Ethereum blockchain, which remains at an all-time high.
The total circulating supply of ETH currently stands at 120.2 million. Of this, roughly 19.4% (23.5 million ETH) is staked, contributing to the network’s security. This represents approximately 6.4% of Bitcoin’s market capitalization fully staked in Ethereum, underscoring the rising popularity of Ethereum staking.
Indeed, the raw number of staked ETH on the Ethereum blockchain is on the verge of surpassing the total quantity of Ether held across all cryptocurrency exchanges. This surge in Ethereum staking signals a positive trend for the Ethereum network, suggesting that ETH holders are transitioning from centralized structures to decentralized spaces.
Best Crypto Exchange for Everyone:
- Invest in Ethereum (ETH) and 70+ cryptocurrencies and 3,000+ other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
