The disappointing performance of the ETH price over the past year has not deterred the rise of Ethereum staking. In fact, liquid staking protocols like Lido Finance have witnessed a continuous surge in the amount of ETH being staked, contributing to a new all-time high in the total amount of supply being locked.
Lido Finance recently disclosed that the total percentage of ETH supply being staked has crossed the 25% mark. This revelation was backed by a screenshot of a Dune Analytics dashboard, illustrating the continuous ascent in this figure. As of now, 25.08% of the total ETH supply has been staked. This achievement can be attributed to the 924,023 Ethereum validators currently operating on the network.
Surprisingly, net flows have defied expectations and remained positive following the Shanghai upgrade, which allowed stakers to withdraw their staked ETH. Instead of witnessing a mass exodus, more ETH has actually flowed into staking contracts. According to Dune’s data, over 10 million ETH has been deposited into staking contracts since the upgrade, propelling the total amount of staked ETH to reach a remarkable 30.14 million. This number continues to climb at a rapid pace.
Out of the total 30.14 million ETH that has been staked, a significant percentage is being staked through the Lido platform. In fact, the Dune Analytics platform accounts for 31.52% of all staked ETH, highlighting Lido’s status as the largest Ethereum staking platform. Lido Finance boasts over 297,000 validators on their protocol. Following closely behind is Coinbase, which controls 14.4% of the total ETH staked, with more than 136,000 validators. Together, Lido and Coinbase currently command 45% of the staked ETH market, giving them a considerable advantage over competitors.
Binance, a prominent cryptocurrency exchange, secures the third spot in the Ethereum staking market, claiming 4.3% of all staked ETH with 41,000 validators. Kiln, Figment, and Rocket Pool occupy the 4th, 5th, and 6th positions, respectively, with each controlling between 2.8% and 3.3% of the total staked ETH.
Ethereum stakers have reaped substantial rewards since the inception of the initiative. Lido stakers alone have earned over 467,000 ETH, while Coinbase and Binance stakers have earned 259,000 ETH and 139,000 ETH, respectively. Moreover, during this period, the ETH price has exhibited a bullish trend, surpassing the resistance at $2,400. As per data from CoinMarketCap, ETH has gained 2.22% in the last day and 7% in the last week.
Ethereum staking has experienced significant growth despite the underperformance of the ETH price. With the total percentage of staked ETH surpassing 25% and the continuous inflow of ETH into staking contracts, the staked ETH market is thriving. Lido Finance emerges as the dominant player, trailed by Coinbase and other competitors. As stakers continue to earn generous rewards and the ETH price demonstrates positive momentum, the future of Ethereum staking appears promising.
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