Beacon Chain Staking Volume Surpasses 18 Million ETH, Accounting for 14.95% Staking Rate

As the Ethereum Shanghai upgrade looms, the amount of Ethereum staked on the Beacon Chain has reached an astonishing $34.2 billion, accounting for roughly 14.95% of the total Ethereum supply. According to OKLink’s tally, the amount of staked Ethereum is approximately 18,006,600 ETH.

The Ethereum network underwent a transition from proof-of-work (PoW) to proof-of-stake (PoS) in September of 2022, enabling users to become validators by staking 32 ETH. Currently, there are 564,239 validators on the network. Staking on the Beacon Chain comes with a 3.74% annual rate of return (APR).

Source: OKLink

Lido leads the way among various projects staking Ethereum, with 31.43% of staked Ethereum amounting to 5.65 million ETH. Coinbase is a close second, with 12.62% of staked Ethereum, or around 2.27 million ETH. Kraken is in third place, with 6.93% of staked Ethereum, or 1.24 million ETH.

As the Shanghai upgrade approaches, the deposited funds will be available for withdrawal. The upgrade is expected to deliver significant improvements to the Ethereum network, such as an increase in transaction throughput and lower gas fees.

However, data by Santiment indicates that the ten largest exchange addresses are approaching all-time low levels, while the ten largest non-exchange addresses continue to climb. The disparity is particularly concerning given the current market situation, and it remains to be seen what it means for the Ethereum network in the long run.

Source: Santiment

The high amount of Ethereum staked on the Beacon Chain indicates a strong level of confidence in the Ethereum network and its transition to PoS. The popularity of staking is also rising, allowing users to earn rewards by contributing to network security.

Overall, the Ethereum Shanghai upgrade is expected to bring significant improvements to the network, and the high amount of staked Ethereum on the Beacon Chain highlights the community’s commitment to the network’s success. However, the apparent disparity between exchange and non-exchange addresses suggests that there may be some challenges to overcome in the coming days.

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