Ethereum Staking Reaches All-Time High: Over 33% of Supply Now Staked
The latest data from market intelligence platform Santiment reveals a significant milestone for Ethereum (ETH) as over 33% of its total supply is now being staked. This amounts to more than 47 million Ether, valued at approximately $147 billion, currently being staked on a prominent ETH staking platform. This figure is three times higher than it was just two years ago.
Staking involves crypto holders using their tokens to validate and secure a blockchain in order to earn rewards. Ethereum made the switch from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one in September 2022, allowing users to stake ETH for validation and rewards. This transition has led to a decrease in the number of ETH entering the market, resulting in a faster, more cost-effective, and environmentally friendly blockchain. The Ethereum Foundation projected a reduction in the issuance of ETH from 13,000 to 1,600 per day.
Currently trading at $3,143, Ethereum’s price has seen a slight increase in the last 24 hours. Santiment also highlighted the top 10 crypto gaming projects with the highest non-redundant daily development activity over a 30-day period. These projects include MultiversX (EGLD), Decentraland (MANA), Immutable X (IMX), Skale (SKL), and Root Network (ROOT).
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