- According to a new report from Tokeninsight, the volume of Ethereum staking increased. Apparently, this report represents the state of the Ethereum staking in Q2 of 2023.
- However, a current look at Ethereum staking shows a further surge. Many validators are not backing down as they continue staking more ETH tokens. The current data shows an increase to more than 25 million staked Ethereum tokens.
According to new data from Tokeninsight, the state of Ethereum staking is doing very well. The Ethereum Merge changed the future of the network. Hence, it transformed it from the old proof-of-work network to proof-of-stake. In fact, this merge was the turning point of the network. With that in mind, more reinforcements came with the Ethereum Shanghai upgrade. Apparently, validators could now withdraw their staked Ethereum with this upgrade. But then, the new report from Tokeninsight shows massive growth in staking.
Ethereum Stands Out in New Q2 Report
The Ethereum community went into a frenzy with the new Q2 report from Tokeninsight. This report analyzed the increase of staking in on the Ethereum network. Furthermore, the amount of growth between April and June was simply staggering.
In April, the Shapella upgrade went live on the Ethereum network. And within the same period, data shows Ethereum staking increased from 14.95% to 19.57%. So at the end of June, 23.54M staked ETH resided in the network.
Technical Details Behind the Q2 Ethereum Staking Increase
Much Details in the Q2 report show how much the Ethereum network is expanding. Besides the expansion, the overall market holdings remain largely the same. In the report, Lido maintains a dominant position as a staking services provider. In fact, it is still the largest staking provider.
The overall data shows validators were moving to decentralized protocols. In fact, CEX’s market share in the market reduced to 19.6%. Coinbase, the most prominent in CEX’s shares, was poor. Ultimately, its market share fell from 14.7% to 10.3%.
Staking Continues to Increase
Ethereum blockchain remains determined with staking. Although the Shanghai Upgrade went live to allow validators to withdraw their tokens, the opposite is the case. In fact, the amount of staked tokens from June to July increased to a new level. According to the staking report, June ended with 23.54M staked ETH.
Fast forward to the end of July, staking on the network continues to make massive progress. In fact, it exceeded the expectations of many expert analysts. According to data from Cryptoquant, more than 25 million Ethereum are staked. Apparently, this is a massive increase from last month’s data. Nearly 2 million ETH tokens were staked within this short period.
Wrapping up, the data around Ethereum staking is a beauty to behold. In fact, it shows the progress of the crypto project despite market situations. Within one month, staking increased by nearly two million ETH to reach over 25 million. For the Ethereum Community, this is a huge win for the project.
