Ethereum

Golem

Beacon

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Project Golem stakes over $124 million worth of ETH, boosting Ethereum’s staking frenzy.</li>
 <li>ETH staking surges ahead of possible U.S. spot ETH ETFs launch.</li>
</ul>
<p>Project Golem, a marketplace for distributed computing based on <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, has recently staked a significant amount of ETH.</p>
<p>The company reportedly staked 40,000 ETH, which is valued at over $124.6 million, on the 11th of July. This move was a departure from the company’s recent selling activities.</p>
<h2 id="staking-to-create-space">Staking to “Create Space”</h2>
<p>The Golem Network confirmed this move, stating that the purpose of the staking was to “create space” for network participants. This would allow developers, researchers, and entrepreneurs to bring their ideas to the network and contribute to the Golem ecosystem.</p>
<p>The staking frenzy has been particularly noticeable in Ethereum. This is likely due to the impending launch of U.S. spot ETH ETFs.</p>
<h2 id="increasing-eth-staking">Increasing ETH Staking</h2>
<p>In addition to Golem’s staking, an unmarked address also locked over 6,000 ETH. This has resulted in a total of 47.5 million ETH being locked on the Beacon Chain, Ethereum’s system for validating new blocks.</p>
<p>This increase in staking, particularly ahead of the U.S. spot ETH ETF debut, suggests a bullish sentiment. This is further reinforced by the fact that more ETH is being moved off exchanges.</p>
<p>However, from a short-term perspective, many addresses were at a loss at the $3.2K and $3.5K levels. Investors may try to take a profit if they break even, making these prices key levels to watch in the short term.</p>

Golem Project Embraces ETH Staking Hype by Securing 40K Tokens

Table of Contents

CoinEagle.com

Other articles published on Jul 13, 2024

Donald Trump survives assassination attempt at a campaign rally

The Bull Market Race: ADA, XRP, VET Aim High; PAW Poised for Unmatched 50x Returns

JP Morgan-backed blockchain firm ‘Partior’ closes $60M Series B funding

VeChain Poised for a Breakout, MA 50 Breakthrough Could Lead to Major Gains

VanEck, 21Shares File First Ever Spot Solana ETFs With The CBOE Ahead Of Spot Ethereum ETFs Trading

Coinbase Vs. SEC: Coinbase Pushes To Subpoena Gary Gensler Despite Recent Setback

Join our free newsletter for daily crypto updates!