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According to a recent report published by Glassnode on-chain analytics company, Ethereum stakers have become quite motivated recently, and more staking ETH deposits have begun flowing into the staking contract.
What has been driving them is the Shanghai hard fork implemented by the Ethereum team, which took place on April 12 this year.
The tweet shows that daily ETH staking deposit activity hit a new high on June 2, by which time around 14,000 new ETH deposits were made. They contained nearly 410,000 ETH. In the meantime, Glassnode added, if you look at ETH deposit transfers to crypto exchanges, those now remain as they were before – roughly 30,000 ETH compared to inflows to the staking contract.
Overall, per the report shared by Glassnode, average daily deposits in June constituted 2,627.
The Shanghai hardfork has motivated a fresh wave of #Ethereum staking deposits, as stakers find confidence in this new flexibility.
— glassnode (@glassnode) July 4, 2023
Deposit activity🔵reached a peak on 2-June, recording over 13,595 new deposits (worth over 408k ETH). For comparison, we can compare this to ETH… pic.twitter.com/Z0nubl0M4r
Yuri MolchanLido becomes leading ETH staking provider
Yesterday, Glassnode also published a report on the recent ETH staking activity, showing that after the Shanghai upgrade took place in April, Lido has been maintaining "an impressive dominance." Lido is a DAO (decentralized autonomous organization) that provides stakers with stETH tokens in exchange for Ethers they lock in the DAO.
According to the Glassnode report, stETH has become a preferred collateral asset with DeFi users by now.
Since the #Ethereum Shanghai upgrade, a very clear market preference for liquid staking tokens has emerged.
— glassnode (@glassnode) July 3, 2023
Lido's stETH maintains an impressive dominance, with DeFi capital flows suggesting it has become a preferred collateral asset.
Discover more in the latest Week… pic.twitter.com/PAGcdyqh0D
After Shanghai, a lot of Ethereum was withdrawn from the ETH 2.0 staking contract, but then investors decided to stake their Ethers again - into DeFi platforms this time. After the aforementioned upgrade in April, the amount of ETH deposits rose from 460 to 8,108 per day.
Godfrey Benjamin
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