Ethereum
According to Santiment, over a third of Ethereum’s $147 billion supply is now staked
New data from market intelligence platform Santiment reveals that more than 33% of Ethereum assets (ETH) the overall offer is now at stake.
In a new thread on social media platform X, Santiment said that over 47 million Ether – worth around $147 billion at the time of writing – is now staked on a major ETH staking platform, a figure three times higher than two years ago.
“The ETH2 Beacon deposit contract, used for staking deposits for Ethereum 2.0, now holds an all-time high of 47.36 million ETH. This represents 33.9% of the total supply, and more than triple the 10.9% it held two years ago.”
Staking is when a cryptocurrency holder uses their tokens to validate and secure a blockchain in order to earn rewards.
Source: Santiment/X
Ethereum switched from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) mechanism in September 2022, allowing users to stake ETH to validate the blockchain and earn rewards.
Additionally, the change resulted in a decrease in the number of ETH put into circulation and made the blockchain faster, cheaper to mine, and more environmentally friendly. At the time, the Ethereum Foundation said that the number of ETH issued would drop from 13,000 to 1,600 per day.
Ethereum is trading at 3,143 at the time of writing, a fractional increase over the past 24 hours.
Santiment continues to note Top 10 crypto gaming projects by daily non-redundant development activity over a 30-day period.
The list includes MultiversX (EGLD), Decentraland (MANA), X immutable (IMX), Scales (SKL) and the root network (ROOT).
Source: Santiment/X Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
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