New data from market intelligence platform Santiment finds that more than 33% of Ethereum’s (ETH) overall supply is now being staked.
In a new thread on the social media platform X, Santiment says that over 47 million Ether – worth about $147 billion at time of writing – are now being staked on a prominent ETH staking platform, a figure 3x higher than two years ago.
“The ETH2 Beacon Deposit Contract, used for staking deposits for Ethereum 2.0, now holds an all-time high 47.36 million ETH. This is good for 33.9% of the entire supply, and more than tripling since the 10.9% it held two years ago.”
Staking is when a crypto holder uses their tokens to validate and secure a blockchain as a means of earning rewards.
Ethereum switched from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one in September 2022, allowing users to stake ETH to validate the blockchain and earn rewards.
Furthermore, the switch caused the number of ETH hitting the market to drop and made the blockchain faster, cheaper to operate and more eco-friendly. At the time, the Ethereum Foundation said that the number of ETH issued would drop from 13,000 to 1,600 per day.
Ethereum is trading for 3,143 at time of writing, a fractional increase during the last 24 hours.
Santiment goes on to note the top 10 crypto gaming projects in terms of non-redundant 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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