According to market intelligence platform Santiment, over 33% of Ethereum’s total supply is now being staked.
In a recent update on X, Santiment revealed that more than 47 million Ether – valued at approximately $147 billion currently – are being staked on a prominent ETH staking platform, a significant increase from two years ago.
“The ETH2 Beacon Deposit Contract, used for staking deposits for Ethereum 2.0, now holds a record high of 47.36 million ETH. This represents 33.9% of the total supply, a significant jump from the 10.9% held two years ago.”
Staking refers to the process where a cryptocurrency holder uses their tokens to validate and secure a blockchain in exchange for rewards.
In September 2022, Ethereum transitioned from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) system, allowing users to stake ETH for blockchain validation and rewards.
This switch led to a decrease in the supply of ETH entering the market, resulting in a faster, more cost-effective, and eco-friendly blockchain. The Ethereum Foundation projected a reduction in daily ETH issuance from 13,000 to 1,600.
Currently, Ethereum is trading at $3,143, showing a slight increase in the past 24 hours.
Santiment also highlighted the top 10 crypto gaming projects based on non-redundant daily development activity over a 30-day period, including MultiversX (EGLD), Decentraland (MANA), Immutable X (IMX), Skale (SKL), and Root Network (ROOT).
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