Since Shapella, more than 20% of the ETH supply is now locked in the beacon chain, including the activation and exit queues. Also, there has been a net deposit of 4M ETH into the staking contract.
However, the daily average of new ETH deposits has slowed down considerably since May.
- In April, 80K ETH per day;
- in May, 123K ETH per day; but
- for this month, it has dropped to 36K ETH per day.
This makes sense, as Shanghai was a significant catalyst for staking adoption. Many investors had to see how the upgrade would function before putting in their funds, causing the huge influx in May.
Currently, more than 80K validators are in line to join the network, which means a delay of at least 30 days. Compared to other PoS blockchains, ETH still has much room to grow its staking rate.
This is why LSD and restaking platforms such as @eigenlayer are seeing a higher influx of LSDs.
It’s bullish for now.
If we exclude Ethereum, the average staking rate for the top ten PoS chains by staked value and market cap is ~54%.
But for Ethereum, will that be a sustainable course of action?
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