NewsletterETH Staking Jumps ATH Ahead Of Shanghai Upgrade, Has Ethereum Priced-In?
ETH staking on Ethereum’s proof-of-stake Beacon Chain continues to rise ahead of the Shanghai upgrade expected in March. As per the current on-chain data, 16.16 million ETH worth $26.41 billion have been deposited into the Beacon Chain.
Staked Ethereum On Beacon Chain Reaches Over 16 Million
According to Glassnode on-chain data, 16.101 million ETH is staked on the Ethereum proof-of-stake Beacon Chain. Over 16 million ETH staked constitutes 13.4% of the circulating supply.
As per Etherscan data, 16.16 million ETH worth about $26.41 billion have been deposited into Ethereum’s Beacon Deposit Contract.
Moreover, 11.408 million ETH staked is through staking service providers, representing 70.86% of the total staked on the Beacon chain. Lido dominates ETH staking with 29.3%, followed by Coinbase with 12.8%, Kraken with 7.6%, and Binance with 6.3% of total staked.
Data from Nansen indicates the number of unique staking depositors stands at roughly 93,800. Data sourced from BeaconScan shows that the number of active validators is about 503,702.
While increasing ETH staking on the Beacon Chain indicates signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance on the network.
Meanwhile, several participants will also look to withdraw staked ETH after the Shanghai upgrade. However, the withdrawals are likely to happen in stages and validators will be rewarded for re-staking. Thus, it ensures a balance in the network.
Developers are also working on making Ethereum less centralized as some staking providers such as Lido dominates in ETH staking.
ETH Price Moving Higher
Ethereum (ETH) price is currently trading at $1,636, trading sideways in the last 24 hours. The 24-hour low and high are $1,612 and $1,658, respectively. Furthermore, the trading volume has decreased by 18% in the last 24 hours, indicating a decline in interest among traders.
Ethereum staking has been increasing amid the recent ETH price rally. ETH price has rallied nearly 40% since the start of the year. ETH price is likely to jump higher after the Shanghai upgrade.
Also Read: 5 Ethereum Stocks To Indirectly Reap The Benefits Of Ether’s Surge
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Coinbase Ends $2B BVNK Acquisition Talks Amid Stablecoin Race
- Arthur Hayes Buys UNI as CryptoQuant CEO Says Supply Shock ‘Inevitable’ for Uniswap
- Grayscale Launches Options Trading For Solana ETF as SOL Funds Record 10 Consecutive Daily Net Inflows
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
