Apr 25, 2023
District 9 Director’s Shooter, Decentraland Red-Light District Battle: Ethereum Staking Heats Up
The crypto-space is abuzz with activity as Ethereum staking withdrawals enter their third round. According to data from the analytics platform Nansen, the crypto exchange Kraken is responsible for a large portion of these withdrawals.
A “round” refers to the number of days taken to process partial withdrawals and rewards. Nansen says it currently takes just under four and a half days. The last large batch of withdrawals on April 24 was a total of 61,608 ETH in principal and reward withdrawals, while 63,009 ETH was deposited at the same time. This has resulted in zero change in the balance of staked ETH over the past 24 hours.
Kraken was forced to halt its Ethereum staking services in February following enforcement action and a fine by the United States Securities and Exchange Commission. As a result, much of the ETH withdrawn early on has been from Kraken wallets as assets get returned to stakers. According to Nansen, 2.3% of the total withdrawable ETH remains from Kraken.
Nansen currently reports there is a total of 632,651 ETH waiting in the pending withdrawal queue. At current prices, this is valued at around $1.16 billion.
The total amount of staked ETH hit an all-time high of 18,796,663 ETH valued at around $34.5 billion on April 24. This figure represents 14.5% of the total Ether supply. Due to the EIP-1559 burning mechanism, the total supply has declined by 114,077 ETH (around $209 million) since the Merge in September.
Concerns over a massive exodus of staked Ethereum following the Shapella upgrade have been quashed. Token Unlocks is reporting that a total of 1.66 million ETH has been withdrawn since April 12, but 1.07 million ETH has been deposited, signaling that there is still an appetite for staking Ether.
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