The founder and CEO of CryptoQuant, a well-known on-chain analytics company, Ki Young Ju, discussed his thoughts on the development of Ethereum (ETH) staking. He acknowledges his error concerning the consequences of the Shapella hard fork.
Ethereum (ETH) staking ratio surges to 24% and counting
The proportion of Ethereum (ETH) tokens that are locked in staking, or the Ethereum staking ratio, continues to rise, reaching 24%. Only 11% of the total quantity of ETH is now kept on centralised exchanges. Ki Young Ju posted the information on X today, January 18, 2024.
https://x.com/ki_young_ju/status/1747937298040390090?s=20
Therefore, it is reasonable to conclude that there was not a significant unstaking reaction to the much-talked-about Ethereum (ETH) update Shapella, which let stakers to withdraw their coins for the first time since December 2020:
Since the Shapella improvement, I must admit that I did not anticipate a great deal of unstaking, yet the pace of staking is continuously rising.
In April 2023, Ethereum’s (ETH) Shapella went live. As long as gloomy mood pervaded the cryptocurrency markets, experts anticipated withdrawals and a string of Ethereum sell-offs (ETH).
The price of Ethereum (ETH) was also able to weather this incident without suffering large losses; in the first week following Shapella, stakers withdrew one million ETH, with the price of ETH ranging from $2,000 to $2,100.
The majority of steered Ethereums (ETH) are lucrative, Mr. Ki Young Ju continues. The current rate of ether is $2,519, even if the realised price for staking influx is $2,014. The average Ether “stake” is therefore being held with a substantial 25% profit.
According to Staking Rewards statistics, the total estimated value of the Ethereum (ETH) staking ecosystem is $72 billion, of which 4.25% is in APY.
Сardano (ADA) staking close to surpassing Solana (SOL)
Meanwhile, the biggest rivals of Ethereum (ETH) might be on the verge of a historic “flippening.” Staking ratio for Solana (SOL) is drastically declining. Over the past week, the indicator dropped below 67% and lost more than 20%.
The Cardano (ADA) staking environment, meantime, has increased by 0.06% over the past seven days and is approaching 64%. In addition, Solana (SOL) staking volume in USD is nearly 200% more than Cardano (ADA) staking volume.
Mina Protocol (MINA) has the highest staking ratio of any popular cryptocurrency, with its users having locked up more than 91% of the total supply.
Following the Mina Protocol (MINA), Aptos (APT) and Sui (SUI) have a staking ratio of 85%–86%.
