Ethereum Staking Under Spotlight as Supply on Exchanges Hits 7-Year Low
2023 has been the year of change so far. The crypto industry witnessed the focus shift from Bitcoin [BTC] to BRC-20 tokens and Shiba Inu [SHIB] to PEPE. Similarly, the primary focus of the Ethereum [ ETH ] network seems to be limited to staking at the moment. Ethereum has propelled staking to the forefront of the crypto industry. As a result of this growing interest in staking, there has been a notable drop in the overall supply of ETH held on exchanges. According to recent data, the percentage of Ethereum’s supply on exchanges has reached 14%, marking the lowest level in seven years since July 2016. Source The current data suggested that about 16.04% of the total Ethereum supply is currently being staked. As reported by OKLink, the current staked amount of ETH stands at around 19.29 million. Since the Shanghai upgrade, only 3 million ETH have been unstaked. This indicated that most of the ETH has remained locked in the network. The decrease in the Ethereum balance ...