Ethereum (ETH) Sets Major Staking Milestone: Details

As an experienced analyst, I see this latest milestone in Ethereum (ETH) staking as a positive development for the network. With over 47 million ETH now staked, representing nearly one-third of the entire supply, it’s clear that the Ethereum community is increasingly invested in securing the network and earning rewards.

Based on data from cryptocurrency analysis company Santiment, Ethereum (ETH), currently the second largest digital currency in terms of market value, has recently achieved a significant accomplishment through staking.

Activating as a validator in Ethereum requires depositing 32 ETH. However, participation isn’t limited to this amount; any Ethereum user can contribute any quantity of ETH towards securing the network and earning rewards proportional to their stake. While a 32 ETH deposit triggers validator status, smaller stakes are also acceptable.

In simpler terms, validators play a crucial role in maintaining the Ethereum blockchain by keeping data safe, handling transactions, and appending fresh blocks. This function enhances Ethereum’s security and offers users an opportunity to gain ETH remuneration.

Based on data from Santiment, the ETH2 Beacon Deposit Contract currently holds a record-breaking 47.36 million Ethereum (ETH) in staked deposits for Ethereum 2.0. This represents approximately 33.9% of the total Ethereum supply. According to Santiment, this increase is considered a positive sign.

The Ethereum 2.0 Staking Contract linked to the ETH2 Beacon Chain currently holds a record-breaking 47.36 million Ether tokens. This represents approximately one-third (33.9%) of the total Ethereum supply, marking a significant increase from the 10.9% it controlled two years ago. The staked ETH has more than tripled since then.— Santiment (@santimentfeed) July 10, 2024

As a researcher studying Ethereum (ETH) trends, I’ve observed an intriguing development: the amount of ETH staked has significantly increased. Specifically, this figure has more than tripled since it represented only 10.9% of the total two years ago in the ETH2 Beacon deposit contract.

Reaching this achievement is crucial since the network becomes more robust against assaults, with an increasing amount of ETH being locked up as collateral, thereby necessitating more ETH to command a majority control.

As an analyst, I’m excited to report that Blackrock’s BUIDL fund, which runs on the Ethereum network, is continuing to draw in new investors. To join this fund, investors need to invest a minimum of $5 million. The total assets managed by the fund are now approaching a significant milestone of $500 million.

Ethereum price action

As a crypto investor, I’m observing that Ethereum (ETH) is currently experiencing a 0.29% decrease in value over the past 24 hours, with its price standing at $3,079 at present. In the immediate future, the support level for ETH at $2,850 is worth keeping an eye on as it could significantly influence Ethereum’s price movement.

With a $2,850 support in place, there’s a strong possibility that selling pressure will intensify, potentially triggering a decline in Ethereum’s value towards the $2,200 mark. Bullish investors, however, are expected to put up a robust defense and try to keep the price afloat at this crucial level.

If the price of Ethereum (ETH) rebounds from its present position and climbs above $3,110, it could indicate the initiation of a rebound, potentially pushing the price beyond $3,200.

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2024-07-10 14:51