Ethereum staking has been on the rise in 2024, defying market trends and showing robust growth. Despite the challenges faced by the asset’s price, over 60% of Ethereum stakers are currently in profit. This year, Ethereum staking has increased by 5.1%, with 28.89% of the total ETH supply now staked, up from 23.8% in January.
According to data from Dune Analytics, there are approximately 37.79 million ETH staked, valued at around $84.8 billion, contributed by over one million validators. A significant portion of this staked ETH, 15.3%, has been locked for at least three years, demonstrating strong investor confidence in Ethereum’s long-term potential.
Despite the growth in staked ETH, Ethereum’s price performance has been more conservative compared to competitors like Solana. While Ethereum’s price has increased by about 6% year-to-date to $2,447, Solana has seen a surge of 41% in the same period.
Staking has become a popular activity among institutional and retail investors, offering them the opportunity to earn rewards by locking up their ETH to validate transactions. Data from Dune Analytics shows that approximately 60% of stakers are currently profitable, with a profit margin of around 7%.
Lido, a leading liquid staking platform, holds the largest share of Ethereum staking, with 9.7 million ETH staked, valued at approximately $24 billion. Among centralized staking providers, Coinbase leads the pack with over 4 million ETH staked, followed by Binance with 1.6 million ETH. Other platforms like Ether.fi, Kiln, Figment, and Kraken also have significant market shares, with centralized exchanges accounting for 18.5% of the Ethereum staking market.
Recently, Ethereum co-founder Vitalik Buterin proposed lowering the minimum ETH requirement for solo staking, a move that could potentially attract more participants and contribute to further growth in Ethereum staking. Overall, the outlook for Ethereum staking in 2024 remains positive, with continued growth expected in the coming months.
