ETH stakes on Ethereum’s proof-of-stake Beacon Chain continue to rise ahead of the Shanghai upgrade expected in March. According to current on-chain data, 16.16 million ETH worth $26.41 billion has been deposited in the Beacon Chain.
Ethereum staked on Beacon Chain reaches over 16 million
According to Glassnode on-chain data, 16,101 million ETH has been staked on the Ethereum proof-of-stake Beacon Chain. Over 16 million ETH that has been staked makes up 13.4% of the circulating supply.
According to Etherscan data, 16.16 million ETH worth approximately $26.41 billion has been deposited into Ethereum’s Beacon Deposit Contract.
In addition, 11.408 million ETH has been wagered through staking service providers, representing 70.86% of the total wagered on the Beacon chain. Lido dominates the ETH stake with 29.3%, followed by Coinbase with 12.8%, Kraken with 7.6% and Binance with 6.3% of the total stake.
Ethereum (ETH) staked on the Beacon Chain. Source: Glassnode
Nansen data indicates that the number of unique strikers is approximately 93,800. Data from BeaconScan shows that the number of active validators is approximately 503,702.
While increasing ETH stakes on the Beacon Chain indicate signs of Ethereum security and adoption, Ethereum core developers must enable withdrawals to maintain balance on the network.
Meanwhile, several participants will also try to withdraw staked ETH after the Shanghai upgrade. However, the withdrawals will likely happen in stages and validators will be rewarded for redeploying. This ensures a balance in the network.
Developers are also working to make Ethereum less centralized as some staking providers like Lido dominate in ETH staking.
ETH price rises
The price of Ethereum (ETH) is currently trading at USD 1,636, trading sideways in the last 24 hours. The 24-hour low and high are at $1,612 and $1,658 respectively. In addition, the trading volume has decreased by 18% in the past 24 hours, indicating a decrease in interest among traders.
Ethereum staking has increased during the recent rise in ETH price. The ETH price is up nearly 40% since the beginning of the year. ETH price is likely to jump higher after the Shanghai upgrade.
Also Read: 5 Ethereum Stocks to Benefit Indirectly from Ether’s Surge
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