The total locked Ether in staking has reached a new record of 35 million tokens, influencing market liquidity.
Record Staked Ether Volume
This week, the total amount of staked ETH surpassed 35 million tokens, marking a new all-time high for the Ethereum network. This figure now accounts for over 28% of the cryptocurrency's total circulating supply, leading to a rapid contraction of the liquid supply on exchanges.
Who's Involved in ETH Staking
According to Dune Analytics, staking for ETH has been steadily increasing since the network transitioned to proof-of-stake at the end of 2022. In the first half of June alone, over 500,000 ETH was staked, pushing the total above 35 million. The liquid staking protocol Lido controls approximately 8.75 million ETH, or about a quarter of all staked tokens.
Corporations as ETH Accumulators
Corporate balance sheets are quietly becoming ETH accumulation vehicles. For instance, SharpLink Gaming purchased $463 million worth of ETH and announced it had staked over 95% of its total holdings for yield generation and network security. For companies like SharpLink, the logic behind buying and staking ETH is structural, as the token offers approximately 3% staking yield.
With the rise of Ethereum staking, market liquidity is diminishing as more companies choose to hold ETH as a long-term asset.
