This week, the staked supply of Ethereum (ETH) reached an all-time high, indicating increased investor confidence, while the liquid supply of the world's second-largest cryptocurrency has been compressed.
According to Dune Analytics, over 35 million Ethereum (ETH) have been staked under the proof-of-stake consensus model on the Ethereum blockchain.
More than 28.3% of the total supply of Ethereum is now locked in smart contracts, unable to be sold for a predetermined period, in exchange for generating passive income for investors.
The increase in staked supply also indicates that a significant portion of investors is prepared to hold their ETH rather than sell it at the current price.
In the first half of June, over 500,000 ETH have been staked, with anonymous CryptoQuant author Onchainschool stating in a post on Tuesday that this marks "a rise in confidence and a continued decline in liquid supply."
The number of Ethereum accumulation addresses, which are holders with no history of selling, has also reached a historic high of 22.8 million, indicating that Ethereum is "one of the strongest crypto assets in terms of long-term fundamentals and investor belief," according to the analyst.
The recent rise in staking coincides with a more favorable regulatory outlook in the U.S. According to Cointelegraph's report on May 30, this record was set nearly three weeks after the U.S. Securities and Exchange Commission (SEC) released new guidance on cryptocurrency staking, which is widely seen as a victory for crypto regulation.
The SEC's Division of Corporation Finance stated in a May 29 announcement that "protocol staking activities," such as staking cryptocurrencies on proof-of-stake blockchains, "do not require registration with the Commission under the Securities Act."
However, industry participants are still waiting for the approval of the first Ethereum staking ETF, as the SEC delayed its decision on Bitwise's application to add staking functionality to its Ethereum ETF on May 21.
Over 25% of the 35 million staked Ethereum tokens are deployed through the liquid staking protocol Lido. According to Dune data, Binance holds 7.5% of the staked Ethereum supply, while Coinbase holds 7.4%.
According to a Cointelegraph report on March 20, Coinbase has become the largest node operator for Ethereum, holding over 11.4% of the staked Ethereum supply through its validators.
Decentralized purists have previously criticized the increase in Ethereum supply staked through liquid staking protocols, arguing that it could pose centralization risks and create a single point of failure for the network.
Despite the criticism, institutional adoption has significantly increased due to the development of liquid staking infrastructure. Lido protocol founding contributor Konstantin Lomashuk told Cointelegraph that due to increased demand, "a considerable proportion of Lido's total value locked (TVL) comes from institutions."
Related: Lido Executive: ETH price drops, but institutions flock to participate in Ethereum staking
Original: “Staked Ethereum (ETH) Hits 35 Million New High, Liquid Supply Declines”
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