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Total Ethereum Staked On Lido Finance Reaches New Milestone
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Total Ethereum (ETH) Staked On Lido Finance Reaches New Milestone

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Ethereum (ETH)

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Ever since Ethereum transitioned to a proof of stake (PoS) consensus mechanism, the popularity of liquid staking protocols such as Lido Finance and total ETH staked has increased over time. According to the latest update, the total ETH stake in one of the widely used staking protocols, Lido finance, has set a new milestone. 

This spike precedes the soon-to-launch Shangai update that would finally allow Ethereum stakers to withdraw their staked coins. As reported by on-chain’s analytics platform, IntoTheBlock, the total amount of ETH staked has reached $5 million.

Overall, more than 16 million in ETH worth $25.6 billion at the time of writing have been deposited into Ethereum’s Beacon Chain staking contract, indicating the rapid adoption of the Ethereum network. 

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Ethereum Reaches Critical Inflection Point Against Bitcoin: What Happens Next?

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Ethereum Staking Withdrawal Testnet To Go Live Feb. 1

While the total ETH staked has only continued to increase, Ethereum developers also seem to be working so hard to enable the withdrawal of the ETH staked. According to an update from Parithosh Jayanthi, an Ethereum Foundation developer, the first public withdrawals testnet, dubbed the ‘Zhejiang public testnet, ’ is set to launch as soon as on February 1 at 3:00 pm UTC.

The Shanghai and Capella testnets will be triggered at epoch 1350 six days after the Zhejiang launch:

You can attempt to convert 0x00 credentials to 0x01 and set a withdrawal address. You can test partial and full withdrawals by exiting your validator. This is also a great opportunity for all tools to test out how they want to collect, display and use the withdrawal information.

Notably, Zhejiang is the first public testnet to launch after the Merge upgrade in September 2022. The much anticipated Shanghai hard fork has been hinted to take place in March 2023. 

ETH’s Price Continues To Rally

After the slight retracement seen from multiple altcoins, including Ethereum, yesterday, the crypto asset seems to be warmed up as it has shown a bullish trend on the price chart. Over the past weeks, ETH has rallied significantly, reaching a 12-week high in the early hours of January 30.

Related Reading

Ethereum (ETH)

Ethereum Staking Reaches 16.16 million ETH Ahead of Shanghai Upgrade

2 years ago

In the past 30 days, ETH has increased more than 30%, breaking out of the $1,300 zone seen late last year. ETH is following suit with the rest of the crypto market rally. The second crypto by market cap traded at  $1,593 at the time of writing, up by nearly 1%, with a 24-hour trading volume standing steadily above $8.5 billion.

ETH/USDT price chart on TradingView
ETH price is moving sideways on the 4-hour chart. Source: ETHUSDT on TradingView.com

While ETH has continued to rally, the blockchain has significantly improved recently. Yesterday, the Ethereum on-chain activity recorded a new high following the crypto market revival. 

The total number of ETH transferred daily on the network surpassed 1 million in recent years. In contrast, total unique addresses also surged roughly 10%, reaching an all-time high of 221 million.

Featured image from Shutterstock, chart from TradingView
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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