In a recent revelation by Ki Young Ju, founder and CEO of on-chain analytics firm CryptoQuant, the Ethereum (ETH) staking ratio has surged to an impressive 24%, defying expectations following the Shapella hard fork. The data, shared on January 18, 2024, also reveals that only 11% of the total ETH supply is currently stored on centralized exchanges.
The Shapella hard fork, activated in April 2023, was initially anticipated to lead to massive unstaking and subsequent sell-offs of Ethereum (ETH) as crypto markets grappled with bearish sentiment. However, despite stakers withdrawing 1 million ETH in the first week post-Shapella, the ETH price fluctuated between $2,000 and $2,100, avoiding significant losses.
Ki Young Ju emphasizes that staked ETH has proven to be mostly profitable, with a realized price for staking inflows at $2,014 and the current ETH rate standing at $2,519. This results in an average Ether “stake” held with a significant 25% profit. The aggregated volume of the Ethereum staking ecosystem is estimated at a substantial $72 billion, boasting a 4.25% APY according to Staking Rewards data.
In a potentially historic development, Ethereum’s largest competitors might be on the verge of a “flippening.” Solana (SOL) sees a drastic decline in its staking ratio, plummeting by over 20% in the last week to dip below 67%. Meanwhile, Cardano (ADA) inches closer to a 64% staking ratio, adding 0.06% in the last seven days. The USD-denominated volume of Solana staking remains over 200% larger than that of Cardano.
Among mainstream altcoins, Mina Protocol (MINA) boasts the highest staking ratio, with stakers locking over 91% of the circulating supply. Following closely are Aptos (APT) and Sui (SUI) with staking ratios between 85% and 86%.
