The Ethereum ecosystem has witnessed a remarkable surge in staking activity, despite the lackluster performance of the ETH price over the past year. Among the liquid staking protocols, one platform that stands out is Lido Finance, which has experienced a consistent increase in the amount of ETH being staked. Consequently, the total supply of staked ETH has reached an all-time high, crossing the impressive 25% mark. This milestone was proudly shared by Lido Finance through a screenshot of a Dune Analytics dashboard, which has now been verified. According to the latest data, a staggering 25.08% of the entire ETH supply is now locked in staking contracts.
To the surprise of many, the upgrade known as Shanghai has had an unexpected effect on staking trends. This upgrade enabled stakers to finally withdraw their ETH from the staking contracts. However, contrary to expectations, a wave of fresh ETH has flooded into these contracts, instead of mass withdrawals. Dune Analytics data reveals that over 10 million ETH has flowed into staking contracts following the Shanghai upgrade. With the total ETH supply now reaching 30.14 million staked, it is evident that this figure is rapidly growing.
Out of the overall staked ETH, a significant percentage is being staked through the Lido platform. Lido Finance holds an impressive 31.52% share of all staked ETH, clearly establishing itself as the leading Ethereum staking platform. Currently, Lido boasts the support of more than 297,000 validators operating on its protocol. Following closely behind is Coinbase, with a 14.4% share of the total staked ETH, supported by over 136,000 validators. Combined, Lido Finance and Coinbase, collectively control 45% of the staked ETH market, giving them a considerable advantage over other players.
While Lido Finance and Coinbase dominate the market, there are other players making their mark in Ethereum staking. Binance, a well-known cryptocurrency exchange, secures the third position with 4.3% of all staked ETH, supported by 41,000 validators. Kiln, Figment, and Rocket Pool follow as the 4th, 5th, and 6th largest Ethereum staking platforms, respectively, each controlling between 2.8% and 3.3% of the total staked ETH market.
Ethereum stakers have reaped significant rewards since the inception of this staking initiative. Notably, Lido stakers have earned an impressive 467,000 ETH, followed by 259,000 ETH earned by Coinbase stakers and 139,000 ETH earned by Binance stakers. Moreover, amidst this surge in staking activity, the price of ETH has defied expectations and turned bullish. Breaking through the resistance at $2,400, the ETH price has experienced a 2.22% rise in the last day and a remarkable 7% increase in the last week, as confirmed by data from CoinMarketCap.
Despite the unfavorable ETH price performance, the interest and participation in Ethereum staking have soared to new heights. Lido Finance and Coinbase have emerged as the dominant players in this rapidly evolving landscape. As the staked ETH market expands, the rewards for stakers continue to grow, incentivizing more participants to join the staking ecosystem.
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