Staking Activity On The Rise
– Following the Shanghai upgrade, daily staking deposits on Ethereum surged from 460 to 8,108.
– On June 2, a staggering 13,595 deposits were recorded, indicating increased investor confidence.
– Lido Finance, a major player in Ethereum staking, has seen its supply of stETH reach a new all-time high of 7.49 million stETH.
Lido is Hot
– Despite concerns about centralization, Lido remains dominant in the Ethereum staking landscape.
– Lido’s supply of stETH is approximately 16 times larger than RocketPool’s.
– stETH’s collateral usage in lending protocols has increased, while its liquidity in certain DEX pools has decreased.
Spike in Whale Activity
– ETH whales have doubled their transaction counts, moving approximately $20 billion within 7 days.
– Ethereum’s whale wallets account for 42% of its total wallets, compared to Bitcoin’s 11%.
– Despite the increased whale activity, the price of ETH has remained stable.
Dencun Upgrade: Ethereum’s Next Milestone
– The upcoming Dencun upgrade aims to minimize gas fees in the Ethereum ecosystem.
– EIP-4844, or Proto-Danksharding, will break down transaction data into smaller parts called “blobs” to reduce gas fees.
– The adoption of this approach will optimize the Data Availability problem faced by rollups and contribute to Ethereum’s future Sharding ambitions.
Hot Take
The Shanghai upgrade has led to a surge in staking activity on Ethereum, with Lido Finance emerging as a dominant player. Despite concerns about centralization, Lido’s supply of stETH continues to grow. Additionally, the increase in whale activity has not affected the price of ETH significantly. Looking ahead, the Dencun upgrade holds great potential for improving the efficiency and effectiveness of the Ethereum network.
By
By
By
By
By