Ethereum

Cardano

Mina

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Ki Young Ju, founder and CEO of CryptoQuant, leading on-chain analytical firm, shared his views on the Ethereum (ETH) staking progress. He admits he was wrong about Shapella hard fork's effects.
<h2 id="ethereum-eth-staking-ratio-surges-to-24-and-counting">Ethereum (ETH) staking ratio surges to 24% and counting</h2>
Ethereum (ETH) staking ratio, i.e., the percentage of ETH coins locked in staking, reaches 24% and keeps surging. Meanwhile, only 11% of the ETH supply is stored on centralized exchanges. The <a href="https://cryptoquant.com/analytics/dashboard/6318ed9d7b778d5aba125b43" rel="noopener noreferrer nofollow">data</a> was shared by Ki Young Ju on X today, on Jan. 18, 2024.
<blockquote>
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> staking now at 24% of total supply, with only 11% on exchanges.Tbh, I expected significant unstaking activities after the Shapella upgrade, but the staking rate is still increasing.<a href="https://t.co/igWBQsJW8e" rel="noopener noreferrer nofollow">https://t.co/igWBQsJW8e</a> <a href="https://t.co/w8VoBV54PW" rel="noopener noreferrer nofollow">pic.twitter.com/w8VoBV54PW</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1747937298040390090?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a>
</blockquote>
As such, it is safe to say that the overhyped Ethereum (ETH) upgrade Shapella that allowed stakers to withdraw their coins for the first time since December 2020 did not result in massive unstaking:
<blockquote>
 To be honest, I expected significant unstaking activities after the Shapella upgrade, but the staking rate is still increasing.
</blockquote>
Ethereum's (ETH) Shapella was activated in April 2023. As crypto markets were still dominated by bearish sentiment, analysts were expecting withdrawals and consecutive sell-offs of Ethereum (ETH).
The Ethereum (ETH) price also managed to go through this event without significant losses: as stakers withdrew 1 million Ethers (ETH) in first week post-Shapella, the ETH price was fluctuating between $2,000 and $2,100.
Staked Ethereums (ETH) are mostly profitable, Mr. Ki Young Ju adds. While the realized price for staking inflows is $2,014, the current ETH rate is $2,519. As such, the average Ether "stake" is being held with a significant 25% profit.
The aggregated volume of the Ethereum (ETH) staking ecosystem is estimated at a whopping $72 billion, with 4.25% in APY, Staking Rewards <a href="https://www.stakingrewards.com/assets/proof-of-stake" rel="noopener noreferrer nofollow">data</a> says.
<h2 id="ardano-ada-staking-close-to-surpassing-solana-sol">Сardano (ADA) staking close to surpassing Solana (SOL)</h2>
At the same time, the largest Ethereum (ETH) competitors might be close to a historic "flippening." The Solana (SOL) staking ratio is plummeting. The indicator lost over 20% in the last week and dipped below 67%.
Meanwhile, the Cardano (ADA) staking ecosystem added 0.06% in the last seven days and is getting closer to 64%. At the same time, the USD-denominated volume of Solana (SOL) staking is over 200% larger than that of Cardano (ADA).
Out of all mainstream altcoins, Mina Protocol (MINA) demonstrates the largest staking ratio: its stakers locked over 91% of the circulating supply.
Aptos (APT) and Sui (SUI) follow the Mina Protocol (MINA) with 85%-86% in staking ratio.

Ethereum (ETH) Staking Ratio Surprisingly Keeps Surging Despite Shapella

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