23 February, 2024

Staked Ether Exceeds 20 Million ETH Following Shanghai Upgrade

8 months ago

14 Dec, 2023

The total number of Ether deposited for staking recently exceeded the 20 million ETH threshold. At the time of writing, Ethereum users had staked Ether worth more than $38.2 billion across several staking services. The sharp rise in staked ether was witnessed in the months following the widely anticipated Shanghai upgrade. 

Crypto reporter Colin Wu took to Twitter earlier today to share the latest Ether staking statistics:

Citing data from the crypto analytics site Token Unlocks, Wu stated that the Ether staking rate had reached 16.43% at press time. The crypto reporter attributed the rise in staked ETH to Ethereum’s Shanghai upgrade, which went live in March this year. Shanghai was a hard fork that concluded Ethereum’s transition from proof of work to proof of stake consensus. 

Data from Token Insights showed that the ETH staking annual percentage rate (APR) had declined 32% since the beginning of June, going from 8.8% to 5.9%. The unlocked Ether value reached a 5-week high earlier this week, reaching as high as $150 million. Meanwhile, the number of validators increased by a little over 5%.

TokenUnlocks’ latest estimated withdrawal over the next 24 hours was more than 2900 ETH ($5.6 million). Following the Shanghai Fork, the net staking amount exceeded 3.66 million ETH ($6.8 billion). At the time of writing, ETH was trading at $1899. 

According to data from Staking Rewards, Lido Finance was the single largest staking service. Lido accounted for more than 6.4 million staked Ether. Validator-as-a-service accounted for 3.4 million staked Ether. Crypto exchanges, including Coinbase, Kraken, and Binance accounted for another 4.9 million staked ETH. The rest was split among liquid pools. 

The latest metrics from Colin Wu came just days after a group of Ethereum validators expressed support for an informal proposal to increase the maximum staking limit from 32 ETH to 2048 ETH.