- Ethereum staking reaches a new all-time high of 19.3 million ETH after the Shapella upgrade.
- Kraken and Coinbase are responsible for over 78% of principal withdrawals from Ethereum staking, but decentralized staking providers are gaining traction.
Ethereum Staking Hits New High Post-Shapella Upgrade
Contrary to some predictions of a large Ethereum sell-off after the Shapella upgrade, Ethereum staking has reached a new milestone. Over 19.3 million Ethereum have now been deposited into the Ethereum staking contract, indicating that investors have more trust in Ethereum after the successful upgrade.
This development, along with other key statistics, illustrates the growing popularity of Ethereum staking and what it means for the second-largest cryptocurrency after Bitcoin.
Kraken Dominates Ethereum Staking, but Decentralized Providers Gain Traction
According to on-chain data from Nansen, Kraken and Coinbase are currently responsible for 78.3% of all principal withdrawals from Ethereum staking, with Kraken alone accounting for 64.1% of the total. This is due to the recent SEC crackdown on Kraken’s staking service, which has prompted many users to withdraw their Ethereum.
However, the data also shows that decentralized staking providers like Lido, Rocket Pool, and Ether.fi are gaining traction among users who are looking for alternatives to centralized exchanges.
The fact that more and more investors are staking their ETH and net deposits into staking are higher than withdrawals, indicates that the confidence of investors in Ethereum remains strong. Despite regulatory challenges, such as the SEC’s lawsuit against Kraken, the high interest in Ethereum staking persists.
The new milestone of 19.3 million ETH staked underscores the growth potential of Ethereum, as more users realize the benefits of staking for long-term gains.