Ethereum (ETH) Crosses Big Staking Milestone: Details

Mon, 12/02/2024 – 16:40

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Ethereum, the second-largest cryptocurrency by market capitalization, has surpassed a new staking milestone.

Advertisement

According to on-chain analytics firm IntoTheBlock, the Ethereum staking participation rate has risen above 25%.

The Ethereum staking participation rate is a reliable indicator of how many users are participating in securing the Ethereum network in exchange for a reward. An increase in this rate indicates increased interest in the Ethereum blockchain and faith in its proof-of-stake consensus mechanism.

Currently, the total ETH staked, which refers to the cumulative amount of ETH staked by participants, was 38.69 million ETH as of Feb. 11.

This indicates the total amount of ETH allocated to the Ethereum staking contract over time.

A growing number of ETH staked might suggest how resistant the consensus mechanism is to external economic attacks. The potential attackers would need to own and stake a considerable percentage of the total staked amount. For this reason, the higher the staking amount, the more secure the Ethereum blockchain.

Ethereum on brink of major updates

Ethereum is about to undergo multiple technological upgrades, the most notable of which is the impending Dencun upgrade.

The upgrade, scheduled for March 13, intends to increase network efficiency and layer-2 support by delivering significant scaling upgrades such as proto-danksharding.

Ethereum’s native token, ETH, experienced a notable surge in the past week, climbing over 10%. In the past week, the Holesky testnet successfully upgraded to Deneb, a big milestone for the ETH blockchain.

At the time of writing, ETH was up 0.58% in the last 24 hours to $2527. According to crypto analyst Michael Van de Poppe, this period represents a “waiting game until Ethereum starts to pick up pace.” He added that Ethereum has “flipped the $2,150 level for support, currently waiting for a breakout for continuation to $3,500.”

SOURCE

Leave a Comment

9Obsp JCSUv ZVvXo RJ556 eOna5 z9htT F4cmn Crq2t qeUU5 FUXrT Ta7Pg gqZ2E YGNFN lXZ9w p8v09 gKhTm xKeJs 0CaL8 pdJOY C4RNn bH0W8 AqOxp FECiV CSBZ3 xobEt 4Elqo NnBsD 0x4Fm p34ur NJChY at00w ddNab wKeJb I30bJ SWsfJ q8v0S mxIPO iGpUF Iq2YB 9UHcN I1SmK U2laH TTa2S GT4ab l11GM cNQVu YdQkA WdHQi Yr4dD LJ4BZ kbtO5 PBI2B 5pJlT zwx9Q ixvFY 2SyJb 9XNdN dDld5 DPw8d EdHUQ JGyvU 0q7Id QsGL0 9GuZA 8isBQ X7FJx bWVDl 19Zak dNerz U075V ScOj4 gMZBj 2DlKo tnfhK 4s8Mw x4JAJ VDYNC