Ethereum Staking Reaches New Milestone
Over 30 million ETH are staked on-chain, representing over 25% of Ethereum’s circulating supply. This has led to the total value of the staked ETH reaching an estimated $73 billion. This is supported by nearly a million validators dedicated to maintaining the network’s security.
Surge in Staking Deposits
Recent data shows that Ethereum investors have moved over 500,000 tokens off of cryptocurrency exchanges, reducing the supply of ETH on trading platforms significantly. These withdrawals, representing around $1.22 billion, also took place at a time in which a surge in staking deposits was noted.
The Role of On-Chain Staking
There are a few reasons why users might be withdrawing their ETH from trading platforms. They could be staking their ETH on-chain to generate yield from the network’s Proof-of-Stake protocol or sending the funds to cold storage wallets to hold onto them for a longer period of time. Another option involves using the funds on the decentralized finance (DeFi) space within the network.
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