Ethereum rates are rising despite the low ETH price performance over the past year. Liquid staking protocols such as Lido Finance have seen the amount of ETH staked continue to rise, and as a result of this continued interest in ETH staking, the total supply locked has reached a new all-time high.
25% of all ETH is now staked
In an interesting turn of events, the total percentage of ETH staked has surpassed the 25% mark. This was reported by Lido Finance, which shared a screenshot of Dashboard Dune Analytics showing it had reached the 25% mark.
Looking at the Dashboard Dune Analytics, this figure continues to rise after this, with 25.08% of the total ETH now at stake. This figure is contributed by a total of 924,023 Ethereum validators currently operating on the network.
Net flows also fell short of expectations and were positive following the rating upgrade in Shanghai. This update allowed stakers to finally withdraw their staked ETH. But instead of mass withdrawals, more ETH flowed into staking contracts.
Dune data shows that more than 10 million ETH has been staked in contracts since the Shanghai update. There are currently over 30.14 million ETH at stake, and this figure appears to be growing rapidly.
Lido dominates Ethereum staking
Of the total 30.14 million ETH staked so far, a large percentage is currently being staked through the Lido platform, as the Dune Analytics platform accounts for 31.52% of all ETH staked. This strengthens Lido's position as the largest staking platform on Ethereum with over 297,000 protocol validators.
Coinbase follows Lido, accounting for 14.4% of total ETH staking with over 136,000 validators. This means that Coinbase and Lido Finance together currently control 45% of the ETH market, giving them an edge over others.
Binance, another cryptocurrency exchange, is in third place with 4.3% of all ETH bids and 41,000 confirmations. Kiln, Figment and Rocket Pool occupy the 4th, 5th and 6th positions respectively, controlling between 2.8% and 3.3% of the total supply of ETH.
Looking at the rewards, Ethereum participants have earned quite a lot since the initiative began. The total amount of ETH earned by Lido stakers exceeded 467,000 ETH, with 259,000 ETH earned from Coinbase and 139,000 ETH earned by Binance stakers.
ETH price also turned bullish during this time, breaking through the resistance at $2,400. It is up 2.22% over the past day and 7% over the past week, according to CoinMarketCap.
ETH price is $2,400 |Source: ETHUSD on Tradingview.com.