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Ethereum (ETH) Sets Major Staking Milestone: Details

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Wed, 10/07/2024 - 11:36
Ethereum (ETH) Sets Major Staking Milestone: Details
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According to on-chain analytics firm Santiment, Ethereum (ETH), the second largest cryptocurrency by market capitalization, has just set a major milestone - this time in staking.

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Staking refers to the act of depositing 32 ETH to activate validator software. However, there is some flexibility, as any user with any amount of ETH can help secure the network, while earning rewards based on how much they want to stake. While 32 ETH might be required to activate being a validator, it is possible to stake less.

Validators are responsible for storing data, processing transactions and adding new blocks to the Ethereum blockchain. This helps to secure Ethereum, while also allowing users to earn ETH rewards.

According to Santiment, the ETH2 Beacon Deposit Contract, used for staking deposits for Ethereum 2.0, now holds an all-time high of 47.36 million ETH. Santiment regards this as positivity, with this figure accounting for 33.9% of the entire ETH supply.

Santiment noted a trend of growth in ETH staked, pointing out that this has more than tripled from the 10.9% the ETH2 Beacon deposit contract held two years ago.

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This milestone remains significant as the network gets stronger against attacks, as more ETH is staked because it requires more ETH to control a majority of the network.

In another significant milestone, Blackrock's BUIDL fund operating on the Ethereum network continues to attract new investors. The fund requires a minimum entry of $5 million, and its total assets have nearly reached $500 million.

Ethereum price action

At the time of writing, ETH was trading down 0.29% in the last 24 hours at $3,079. In the short term, the $2,850 level is being eyed as a solid support for ETH's price action.

The $2,850 support cracks, the selling may increase and Ethereum may begin a downward trend to $2,200. The bulls are likely to strongly defend this level.

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Alternatively, if the ETH price bounces off its current level and goes above $3,110, it might signal the beginning of a relief rally above $3,200.

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