The total value of Ethereum ($ETH) staked on the Beacon chain is $16 million: only 13.4% is currently in circulation. Meanwhile, crypto exchanges and providers account for 70% of these reserves.
Glassnode has highlighted that out of the total stacked Ether, 11.4 million coins are staked via various staking service providers. This amount brings an equivalent of 70.86% of the total staked amount under the control of five entities. Lido DAO, a staking service provider, has garnered a margin lead dominance at 29.3%, followed by Coinbase at 12.8%, Kraken at 7.6%, and Binance at 6.3%.
The Beacon Chain helped introduce a proof-of-stake mechanism on Ethereum’s ecosystem for computers to authenticate transactions on the blockchain. In September 2022, it was integrated with the initial Ethereum proof-of-work chain. It also helped establish a consensus logic and the block gossip protocol presently used to secure Ethereum.
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The price of Ether emerged from a resistance level that was gradually declining. The upcoming Ethereum Shanghai update could be why momentum has changed for the better, and ETH’s price is expected to increase, currently $ETH is trading around $1,609 with Bitcoin price hovering around $23,430 per coin respectively as of Press time.
The next planned update is expected to enable phased unstaking of ETH that has been kept on the blockchain for over two years and phased withdrawals of the same. However, the upgrade will not enhance smart contracts or lower the high gas fees on the platform.
Ethereum is deflationary, provides high yields, has no sell pressure from miners anymore, is 99% more energy efficient and has a thriving layer two scene as well as massive dev activity’s all in a bear market, according to Lark Dark a serial Crypto Investor.
People keep coming up with the sell pressure from miners. ETH miners were also the biggest investors into new projects, allocating earned ETH into projects that effectively jumpstarted the DeFi and NFT booms.
Nonetheless, the main goal of the upgrade is to address the network’s scalability issue. The team wants to improve the blockchain’s ability to process large amounts of transactions by introducing various decentralized apps (dApps) on its platform.