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Cryptocurrency News Articles
Almost a Third of All Ether Has Been Staked as Tokenholders Show Long-Term Interest in the Crypto Asset and the Rewards They Can Reap
Oct 08, 2024 at 07:55 pm
On Oct. 8, onchain data provider IntoTheBlock said that 28.9% of all Ether (ETH) had been staked.
As tokenholders continue to show long-term interest in Ether ( ETH ) and the rewards available through staking, nearly a third of the total ETH supply has been staked.
On Oct. 8, onchain data provider IntoTheBlock reported that 28.9% of all Ether had been staked. According to the data platform, the percentage of ETH staked was 23.8% in January, indicating that an additional 5.1% of all ETH was staked over the past 10 months.
Source: IntoTheBlock
IntoTheBlock also noted that 15.3% of the staked ETH had been staked for over three years, which the data provider highlighted as a strong signal of “long-term confidence” in the future of Ethereum.
ETH price declines despite increase in staking
The prices of many crypto assets have declined despite the growing interest in staking ETH. Even though ETH showed great strength in the first half of 2024, the token’s price faced challenges in October.
ETH reached a yearly high on March 12, trading above $4,000. However, the token’s price has faced challenges since then, with a 40% drop as its price hovered around $2,400.
Ether’s yearly price chart. Source: Cointelegraph Markets Pro
According to analysts, the recent decline could be attributed to sell pressure from participants in the initial coin offering and a lack of demand for the spot Ether exchange-traded funds.
After failing to cross the $2,650 resistance level, ETH’s price dropped by 12% between Oct. 1 and Oct. 3. The bearish sentiment erased the gains made by the asset over the previous two weeks.
Related: Ethereum blob count is ‘uncomfortably close to a ceiling’ — Vitalik Buterin
Lowering solo-staking requirements
In other news, Ethereum co-founder Vitalik Buterin recently supported lowering the requirements for solo staking.
On Oct. 3, Buterin joined a discussion on X about solo staking. The Ethereum co-founder acknowledged the need to reduce the minimum ETH requirements for investors to earn solo staking rewards.
While staking pools are available for users with less capital, holders who want to stake on their own would need 32 ETH, which is valued at nearly $80,000. In a post, Buterin noted that this could hinder broader participation in staking.
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