Ethereum Staking Surpasses 23.5 Million ETH, Signalling a Shift Towards Decentralization

The number of staked ETH has surpassed 23.5 million tokens, a new all-time high. This milestone highlights the growing interest in Ethereum staking and signals a shift towards decentralization.

Staking involves locking up cryptocurrency in a proof-of-stake blockchain, such as Ethereum, to support the network’s security and earn rewards.

This process is akin to depositing funds in high-yield accounts at traditional banks. By staking their ETH, token holders can generate income without selling or trading their assets. Additionally, a higher number of participants staking their ETH strengthens the overall security of the blockchain.

The value of staked ETH has surged in recent months, reflecting Ethereum’s growing prominence. Back in November 2021, when ETH hit an all-time high of $4,400, the total staked ETH was around 8.2 million, equivalent to approximately $15 billion.

Presently, with ETH priced at $1,880, over $38 billion worth of ETH is locked in the network, illustrating the increased security and trust in Ethereum.

The Shapella upgrade, which introduced withdrawal capabilities for participants, boosted staking significantly. Since the upgrade, there has been a net inflow of 3.6 million staked ETH ($6.9 billion), highlighting sustained interest in the Ethereum blockchain.

This demonstrates the community’s confidence in Ethereum’s future prospects and the benefits of staking as a reliable investment strategy.

Staked ETH currently represents approximately 19.4% of the total circulating supply of 120.2 million ETH. With 23.5 million ETH staked, it accounts for about 6.4% of Bitcoin’s market capitalization, further solidifying Ethereum’s position in the crypto space.

In fact, the amount of ETH staked is on the verge of surpassing the total quantity of ETH held on all cryptocurrency exchanges, underscoring the increasing popularity of staking among ETH holders.