Ethereum’s Latest Upgrade Spurs Record-Breaking Staking Trend

Ethereum’s Latest Upgrade Triggers Unprecedented Staking Surge

  • Ethereum staking has spiked to record-breaking levels, with nearly 27% of all ETH staked, indicating growing confidence in the network’s security.
  • EigenLayer, a leading platform for restaking, has amassed an impressive $13 billion in Total Value Locked (TVL).

In March, Ethereum successfully implemented the Dencun upgrade, boosting scalability and reducing gas fees on the network. This resulted in a significant increase in DeFi activity on the Ethereum mainnet.

According to Cryptoquant’s latest data, Ethereum staking has reached an all-time high, with almost 27% of all ETH being staked. The integration of DeFi protocols like EigenLayer and continuous improvements on Ethereum have contributed to the growing appeal of staking.

The surge in staking indicates a strong commitment to strengthening the network’s security and overall success. The collective value of all staked ETH has reached unprecedented levels, showcasing the increasing confidence and participation in Ethereum’s ecosystem.

Courtesy: CryptoQuant

As the demand for restaking services continues to rise, EigenLayer has emerged as a top player, securing over $13 billion in Total Value Locked (TVL) and occupying the second spot among Ethereum’s most sought-after applications. With the impending launch of its mainnet, EigenLayer’s success could potentially surpass that of the current TVL leader, Lido Finance.

The popularity of restaking can be attributed to the allure of airdrops that users anticipate receiving. The introduction of the restaking initiative in March exemplifies this trend, rewarding restakers with ETHFI tokens. Even before EigenLayer’s debut, the smallest allocation of ETHFI tokens, valued at over $1,000, showcased the potential gains. The anticipation of Ethereum’s largest airdrop through EigenLayer has fueled fervent trading activity, as reported by Crypto News Flash.

Ethereum Whales Accumulate, ETH Price Action Ahead

Data from the @lookonchain analytics account reveals that two large wallets recently acquired substantial amounts of Ethereum on centralized exchanges and proceeded to make significant purchases over the past three days. However, one of these wallets likely belongs to Jihan Wu’s company. Meanwhile, as these whales accumulate Ethereum, another sizable wallet has executed a substantial ETH sale on Binance today.

According to Lookonchain, two whales have amassed considerable amounts of Ethereum. One of these entities is likely to be Matrixport, the blockchain company founded by former Bitmain CEO Jihan Wu in 2019 as his second entrepreneurial venture.

Reportedly, Matrixport’s wallet has also transferred 22,251 ETH from cryptocurrency exchanges in recent hours, valued at an impressive $80.06 million. Moreover, over the past three days, the same wallet has withdrawn 33,925 ETH, worth $122.06 million at the time of acquisition.

Whales are accumulating $ETH!

0xACc7(probably #Matrixport) withdrew 22,251 $ETH($80.06M) from exchanges in the past 1 hour and has withdrawn 33,925 $ETH($122.06M) from exchanges in the past 3 days.

Whale”0x4359″ withdrew 3,092 $ETH($11.12M) from #Binance…

— Lookonchain (@lookonchain) April 11, 2024

Currently, Ethereum has surpassed the $3,500 mark and the 100-hourly Simple Moving Average. The initial significant barrier lies around the $3,620 mark. Subsequently, a crucial resistance level happens to be at $3,650, beyond which the price could potentially aim for the $3,720 threshold. If this level is crossed, it could trigger a rally towards $4,000 for ETH.