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Ethereum Staking Reaches 16.16 million ETH Ahead of Shanghai Upgrade
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Staking Reaches 16.16 million ETH Ahead of Shanghai Upgrade

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

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According to Glassnode on-chain data, Ethereum staking has reached an all-time high of over 16.16 million ETH which has been deposited into the beacon chain. 

The 16.16 million ETH figure consists of over 13.28% of the total Ether supply and represents $26.13 billion at current prices.

As per the data, out of the 16 million ETH staked, about 11.408 million ETH  have been staked through staking services providers such as Lido, Coinbase, and Kraken, among others – representing 70.86% of the total staked on the Beacon chain. According to the data, Lido dominates ETH staking with 29.3%, Coinbase controls 12.8%, while Kraken holds 7.6%, and Binance controls 6.3% of total staked.

BeaconScan data shows that the number of active validators stands at about 503,702 while Nansen data shows that the number of unique staking depositors is about 93,800.

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The Upcoming Shanghai Upgrade

The rising number of staked ETH is an indication of the promising signals of Ethereum adoption and security. However, this may create pressure on the network’s core developers to speed up work to enable withdrawals to maintain balance on the network.

While the staked funds are locked up within the network and get accrued yield, it will be impossible to withdraw until the network’s Shanghai upgrade, which is expected to take place in March.

Many participants are expected to withdraw their staked ETH after the Shanghai upgrade. However, the withdrawals are anticipated to happen in stages and validators are to be rewarded for re-staking. The mechanism is expected to ensure a balance in the chain.

The increasing amounts of staked ETHs are important as it makes it more difficult for an individual actor to attack the Ethereum chain. But since the majority of staked ETH currently belongs to large wallets, the phenomenon has drawn concerns that the chain is becoming too centralized.

Developers are reported to be working on making the Ethereum network less centralized as some staking providers such as Lido appear dominating in ETH staking.

Related Reading

Bitcoin vs Ethereum

If Any Crypto Will Reach $1 Trillion, It’s Ethereum, Not Bitcoin: Dragonfly Capital

2 years ago

The amount of staked ETH has risen 16.68% since the Merge upgrade in September when Ethereum transitioned to today’s favorite staking system (proof-of-stake consensus mechanism) from its old proof-of-work energy-intensive crypto mining process.

ETH Price Seeing Uptrend                                     

At the time of writing, ETH’s trading price is at $1,634.98 USD, up 0.65%, with a decrease of its trading volume by 18% to $6,947,406,035 USD in the last 24 hours.

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

While this shows a slight reduction in interest among traders, ETH’s price analysis shows a bullish market, which has been favoring the buyers as the price currently sees significant improvements.

The buyers have been able to recover the price above $1,600. The recovery has been slow as there is still selling pressure within the market. The bulls and bearish are trying to capitalize on opportunities in the market.

Featured image from Unsplash, 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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Reason to trust

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