ETH staking hits new highs as traders expect this outcome

ETH staking hits new highs as traders expect this outcome

July 11, 2023

By Suzuki Shillsalot

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The total ETH staked rose 18% since the Shapella upgrade.

More than 60% of the stakers were in losses since they staked their ETH.

The much-awaited Shapella Upgrade, which went live on the Ethereum [ETH] mainnet more than two months ago, has begun to advance towards its goal of boosting ETH staking.

According to on-chain analytics firm Glassnode, the total ETH locked on the largest proof-of-stake (PoS) network surged past 26 million at the time of writing. This represented an impressive 18% jump from the day Shapella Upgrade was executed.

New validators come onboard

Staking, which was considered to be a risky proposition owing to withdrawal ambiguity, got a boost after the Shapella Upgrade permitted users to unstake their ETH. This confidence led them to restake their ETH after an initial burst of withdrawals.