Ethereum (ETH) successful Proof of Stake Almost four months after its transition to the network, the second-largest blockchain by market capitalization has passed another important milestone.
valued at $22.38 billion staking Foreclosed ETH will be impossible to withdraw until Ethereum’s next major upgrade.
The Number of Ethereum (ETH) Staked Over 16 Million
According to data from Etherscan, more than 16 million Ethereum (ETH) has been invested in Ethereum’s Beacon Chain staking contract.
The 16 million Ethereum figure accounts for more than 13.28% of the total Ethereum supply and amounts to approximately $22.38 billion at current prices.
This figure comes about two years after Ethereum’s staking contract first rolled out in 2020, the network’s Proof of Stake Beacon Chain.
Validators The people who help run the Ethereum network stake ETH for a chance to write and verify transactions to the blockchain’s ledger.
The deposited funds stay locked in the network and earn interest, but their withdrawal will be impossible until the network’s unexpected Shanghai upgrade by March 2023.
While the increasing number of staked ETH can be interpreted as a promising sign for Ethereum security and adoption, it will increase pressure on the core developers of the network to accelerate the work that will enable withdrawals.
Of the 16 million ETH deposited, about 4.65 million were deposited through Lido, a sort of community-driven validator collective. According to Nansen, the four largest Ethereum validators, Lido, Coinbase, Kraken and Binance, own 55.88% of all ETH staked.
Since the merger in September 2022, when Ethereum abandoned the old proof-of-work consensus mechanism, the number of ETH staked has increased by approximately 16.68%.
*Not investment advice.
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