With the transition of Ethereum, one of the largest known cryptocurrencies, to the proof-of-stake mechanism, a total of more than 16 million ETH has been staked.
After Ethereum Update
Since ETH switched from proof-of-work to proof-of-stake, a total of 16 million ETH has been staked to the Beacon Chain staking contract, according to data from Etherscan. The 16 million ETH units account for more than 13.28% of ETH total supply, amounting to approximately $22.38 billion. In addition, ETH staking increased by 16.68% after the Ethereum Merged update.
22.38 billion dollars worth of staked ETH will not be able to be withdrawn until Ethereum’s next Shanghai upgrade. The high ETH stake is good news for Ethereum’s security and adoption, but the inability to withdraw staked ETH until the next upgrade could frustrate users. In addition, the fact that the majority of ETH stakes are currently held by very few people raises rumors that control over ETH is becoming too centralized.
About 4.65 million of the 16 million ETH belong to Lido Finance. Other enormous stakeholders are Coinbase, Kraken, and Binance. These four companies have a total of 55.88% of the staked 16 million ETH.
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