New data from market intelligence platform Santiment reveals that over 33% of Ethereum’s total supply is currently being staked. According to Santiment, more than 47 million Ether, valued at approximately $147 billion, are being staked on a leading ETH staking platform. This figure is three times higher than it was two years ago.
Staking involves crypto holders using their tokens to validate and secure a blockchain in order to earn rewards. Ethereum transitioned 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 receive rewards. This transition led to a decrease in the amount of ETH entering the market, resulting in a faster, more cost-effective, and eco-friendly blockchain. The Ethereum Foundation stated that the issuance of ETH would decrease from 13,000 to 1,600 per day.
At the time of writing, Ethereum is trading at $3,143, showing a slight increase over the past 24 hours. Santiment also highlighted the top 10 crypto gaming projects based on non-redundant daily development activity over a 30-day period. Some of the projects on the list include MultiversX (EGLD), Decentraland (MANA), Immutable X (IMX), Skale (SKL), and Root Network (ROOT).
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