Ethereum Surpasses 23 Million Ether Staked In June
The price of Ethereum has continued to rise since the network upgrade in April. The volume of Ether staked has been climbing to new highs since Shapella's promotion in April, expanding from 23 million Ether staked in June.
According to data from the research company Nansen, a total of 23.3 million Ether was deposited on June 27, which amounted to $ 43.1 billion at the time of writing and represents almost 20% of the current $ 220 billions of ETH. In comparison, Solana currently has a bet ratio of 70.58%.
In the Ethereum blockchain network, staking refers to the process of supporting transactions. In order to achieve a level of support and secure the network, users lock (stake) its underlying ETH token and earn its reward. The Ethereum block completed the Shapella hard fork on April 12, allowing contributors to withdraw their staked Ether from the Beacon Chain. In the first week of launch, supporters withdrew more than one million ETH. The promotion has led to an increase in ETH participation since then.
“The Shanghai promotion eliminated this risk by allowing users to bet and withdraw at will. As a result of this risk reduction, we see an increase in ether staked - and, as expected, the network is quickly catching up with competing chains like Solana in terms of percentage of a local flag placed on the network. This is a good sign for Ethereum,” Dave Weisberger, CEO of algorithmic trading platform CoinRoutes.
Ether staking also attracts the attention of regulators, and its future is uncertain in the United States, where the Securities and Exchange Commission (SEC) closes the rules for crypto companies that offer staking services.
In February, Kraken exchanged crypto with the SEC for $30 million and closed its service for US customers. According to the SEC, the service qualifies as a security offering and the exchange needs to obtain the appropriate license to perform the service. Recently, the regulator took action against Coinbase's staking program, saying it provides security. The United States is home to the largest number of people working together on the Ethereum blockchain, home to 48% of all supporters.