Staked ETH surpasses 23 million in June — Nansen

Following the successful Shapella upgrade in April, the Ethereum network continues to witness a surge in staked Ether, with the total amount locked surpassing 23 million in June, according to analytics firm Nansen.

As of June 27, the data reveals that 23.3 million Ether, equivalent to approximately $43.1 billion, has been staked, constituting nearly 20% of the current supply of ETH, valued at $220 billion. In comparison, Solana boasts a staking ratio of 70.58%.

Staking plays a crucial role in the Ethereum blockchain, involving the process of validating transactions. Users stake their native ETH tokens to earn the status of a validator, thereby securing the network and receiving rewards in return.

The Shapella hard fork, implemented on April 12, introduced the ability for validators to withdraw their staked Ether from the Beacon Chain. Since then, the upgrade has fueled substantial growth in ETH staking.

Dave Weisberger, CEO of CoinRoutes, an algorithmic-trading platform, commented on the significance of the upgrade: “The Shanghai upgrade essentially eliminated this risk by allowing users to stake and unstake at will. As a result of this de-risking, we’re seeing a surge in staked ether — and, as expected, the network is quickly catching up to rival chains such as Solana in terms of the percentage of the native token being staked on the network. This is a very healthy sign for Ethereum.”

While Ethereum’s staking achievements attract attention and interest, regulatory uncertainties loom in the United States. The Securities and Exchange Commission (SEC) has been tightening rules for crypto firms providing staking services.

In February, Kraken, a cryptocurrency exchange, settled with the SEC for $30 million and ceased offering staking services to U.S. clients. The SEC deemed the service as a securities offering and required the exchange to obtain an appropriate license. More recently, the regulatory body initiated action against Coinbase’s staking program, claiming that it involved securities.

It is worth noting that the United States accommodates a significant portion of node operators on the Ethereum network, with 48% of all validators based in the country.

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