Ethereum (ETH) Staking Ratio Surprisingly Keeps Surging Despite Shapella
U.Today – Ki Young Ju, founder and CEO of CryptoQuant, leading on-chain analytical firm, shared his views on the (ETH) staking progress. He admits he was wrong about Shapella hard fork’s effects.
Ethereum (ETH) staking ratio surges to 24% and counting
Ethereum (ETH) staking ratio, i.e., the percentage of ETH coins locked in staking, reaches 24% and keeps surging. Meanwhile, only 11% of the ETH supply is stored on centralized exchanges. The data was shared by Ki Young Ju on X today, on Jan. 18, 2024.
As such, it is safe to say that the overhyped Ethereum (ETH) upgrade Shapella that allowed stakers to withdraw their coins for the first time since December 2020 did not result in massive unstaking:
Ethereum’s (ETH) Shapella was activated in April 2023. As crypto markets were still dominated by bearish sentiment, analysts were expecting withdrawals and consecutive sell-offs of Ethereum (ETH).
The Ethereum (ETH) price also managed to go through this event without significant losses: as stakers withdrew 1 million Ethers (ETH) in first week post-Shapella, the ETH price was fluctuating between $2,000 and $2,100.
Staked Ethereums (ETH) are mostly profitable, Mr. Ki Young Ju adds. While the realized price for staking inflows is $2,014, the current ETH rate is $2,519. As such, the average Ether “stake” is being held with a significant 25% profit.
The aggregated volume of the Ethereum (ETH) staking ecosystem is estimated at a whopping $72 billion, with 4.25% in APY, Staking Rewards data says.
Сardano (ADA) staking close to surpassing (SOL)
At the same time, the largest Ethereum (ETH) competitors might be close to a historic “flippening.” The Solana (SOL) staking ratio is plummeting. The indicator lost over 20% in the last week and dipped below 67%.
Meanwhile, the (ADA) staking ecosystem added 0.06% in the last seven days and is getting closer to 64%. At the same time, the USD-denominated volume of Solana (SOL) staking is over 200% larger than that of Cardano (ADA).
Out of all mainstream altcoins, Mina Protocol (MINA) demonstrates the largest staking ratio: its stakers locked over 91% of the circulating supply.
Aptos (APT) and Sui (SUI) follow the Mina Protocol (MINA) with 85%-86% in staking ratio.
This news is republished from another source. You can check the original article here