Despite initial expectations surrounding the Shapella hard fork, Ethereum’s (ETH) staking ratio has surprisingly surged to 24%, showcasing resilience in the staking ecosystem. Ki Young Ju, the founder and CEO of CryptoQuant, a leading on-chain analytical firm, shared insights into the latest developments in Ethereum’s staking landscape.
The current Ethereum (ETH) staking ratio stands at 24%, with a continuous upward trajectory. In contrast, only 11% of the total ETH supply is currently stored on centralized exchanges. These statistics, revealed by Ki Young Ju, challenge earlier assumptions about the impact of the Shapella hard fork on staking behavior.
Shapella, activated in April 2023, allowed stakers to withdraw their coins for the first time since December 2020. Initial expectations were that this upgrade might lead to significant unstaking and subsequent sell-offs, especially in a market dominated by bearish sentiment.
However, the data presented by Ki Young Ju indicates that the Ethereum (ETH) price weathered the event well. Despite stakers withdrawing 1 million ETH in the first week post-Shapella, the price fluctuated between $2,000 and $2,100, avoiding substantial losses.
Staked Ethereum (ETH) continues to be a profitable venture, with an average 25% profit on the current ETH rate of $2,519 compared to the realized price for staking inflows at $2,014. The aggregated volume of the Ethereum staking ecosystem now sits at an impressive $72 billion, boasting a 4.25% Annual Percentage Yield (APY), according to Staking Rewards data.
In the midst of Ethereum’s staking success, potential competition arises as Cardano (ADA) inches closer to Solana (SOL) in staking ratio. SOL’s staking ratio experienced a significant decline, losing over 20% in the last week and falling below 67%. Meanwhile, ADA’s staking ecosystem added 0.06% in the same period, nearing a 64% staking ratio.
Notably, Mina Protocol (MINA) leads the pack among mainstream altcoins, boasting the highest staking ratio of over 91% of the circulating supply locked in staking. Following closely are Aptos (APT) and Sui (SUI) with staking ratios of 85%-86%. As the staking landscape evolves, these dynamics provide valuable insights into the changing preferences and strategies of cryptocurrency investors.