Last updated on May 3rd, 2024 at 08:17 pm
Ethereum staking platform Lido recently announced that more than 30 million ETH (approximately $40 million) had been staked on the blockchain.
This amount accounts for about 25% of the total circulating supply. The platform shared this information in a post on X on February 7, 2024.
25% of the ETH supply is now staked pic.twitter.com/YcZrE1ZOhV
— Lido (@LidoFinance) February 7, 2024
Blockchain data analytics platforms Dune Analytics and Nansen corroborate this data.
Dune Analytics reported that Lido commands a substantial 31.5% share of the staked ETH market, contributing to a total staked value of $73 billion. It also reports that over 940,563 validators are securing the Ethereum network.
According to data from Nansen, there is a notable lack of interest in unstaking; only 0.6% of staked ETH are in the unstaking queue. Thus, it is evident that a significant majority of holders are committed to maintaining their ETH staked.
Ultrasound.Money’s data, while slightly divergent, indicates a reduction in Ethereum’s supply by 345,000 ETH, translating to over $800 million, since the implementation of the Merge. This has led to a decrease in the annual inflation rate to -0.57%, accompanied by the burning of over 4,000 ETH in the last 24 hours.
The surge in Ethereum’s staking activities in recent weeks, with nearly a million validators actively participating, has positively impacted its native token market value. Over the past day, Ethereum’s price has risen by 2.6%, and the weekly increase stands at 6.8%. However, despite these gains, resistance levels loom, and the current price remains below its peak in January.
The Ethereum network’s ability to enable restaking, allowing users to stake the same ETH across multiple protocols, contributes to enhanced security and trust. Despite a dip in Ethereum trades from its November 2021 all-time high, the robust staking narrative appears poised to bridge the gap, marking a significant achievement for Ethereum.
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