ETH restaking on the rise, but centralized exchanges hold significant amount

In recent cryptocurrency news, Tom Wan, a research analyst at 21co, the parent company of 21Shares, has shared some insights on the restaking of Ethereum (ETH). According to Wan’s tweets, a total of 154,000 ETH has been restaked, excluding the ones deposited on centralized exchanges (CEXs).

Wan’s lower-bound estimation was based on the ETH transfers from the withdrawal address. He revealed that 95.9k ETH was restaked through P2P ETH depositor, 47.6k to the Beacon Chain contract, 6k via Ankr, 2.61k via Rocket Pool, and 2.21k via Lido Finance.

However, it is important to note that there are many ETH tokens that have been sent to CEXs, with Binance receiving the largest amount at 107k, followed by Huobi at 45.2k, Kraken at 23k, and Coinbase at 11.9k. Wan believes that not all of these tokens will be sold and some of them will be used to handle the withdrawal and rewards for staking services.

When it comes to decentralized exchanges (DEXs), there has not been a significant amount of ETH sold on them. Instead, USDC is the most popular trading pair for selling the withdrawn ETH. Top tokens bought from ETH include $12.5M USDC, $1.3M stETH, $917K rETH, and $856k RPL.

Wan also highlighted the leading synthetic ETH (sETH) minters and burners, with Lido Finance seeing the most mints for sETH at 104k, followed by Rocket Pool at 14.8k and Coinbase at 22.8k for cbETH. However, cbETH saw the most significant burn in the last seven days, with 31.7k, while sfrxETH burned 7.88k.

It is worth noting that Rocket Pool has enabled withdrawals, but Lido Finance has not yet done so. Overall, Wan’s tweets provide an insight into the restaking of ETH and the movements of the token in various platforms.

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