According to new data from market intelligence platform Santiment, more than 33% of the total Ethereum (ETH) supply is currently staked.
In a new thread on social media platform X, Santiment said there are over 47 million Ether. – As of this writing, it is worth about $147 billion. – There is currently a lot of ETH staked on popular ETH staking platforms, which is 3x more than 2 years ago.
“The ETH2 Beacon deposit contract, used for staking deposits on Ethereum 2.0, currently holds an all-time high of 47.36 million ETH, representing 33.9% of the total supply and more than tripling from 10.9% two years ago.”
Staking is when cryptocurrency holders use their tokens to validate and secure the blockchain in exchange for rewards.
Ethereum will transition from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism in September 2022, allowing users to stake ETH to validate the blockchain and earn rewards.
Additionally, this transition reduced the number of ETHs being issued to the market, making the blockchain faster, cheaper to operate, and more environmentally friendly. At the time, the Ethereum Foundation announced that the number of ETHs issued would be reduced from 13,000 to 1,600 per day.
At the time of writing, Ethereum is trading at 3,143, which is up slightly over the last 24 hours.
Santiment has compiled the top 10 cryptocurrency gaming projects based on non-overlapping daily development activity over a 30-day period.
The list includes MultiversX (EGLD), Decentraland (MANA), Immutable X (IMX), Skale (SKL), and Root Network (ROOT).
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