Approximately 80 million ETH worth $160 billion is locked in the altcoin network
For the first time, more than half of the total supply of Ethereum has been staked, according to Santiment. Analysts report that 50.18% of the coins issued, or about 80.95 million ETH (approximately $160 billion at the current exchange rate), are locked in the leading altcoin network.
Staking is the locking of cryptocurrencies in networks running on the Proof of Stake (PoS) algorithm, such as Ethereum, Solana, Cardano, and many others. This process ensures the blockchain's operability, and users who lock their coins receive income similar to bank deposits.
Santiment's calculation takes into account the total number of ETH issued, including tokens already burned in recent years. Since 2021, some coins have been destroyed on the leading altcoin network to reduce their number in circulation.
Burning is used to combat inflation and increase the value of cryptocurrency. All coin burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.
There are currently 120 million Ethereum in circulation, with a total value of $236 billion.
At the beginning of autumn, the amount of Ethereum in staking was 36 million ETH.
Shortly before that, Ethereum hit a historic high of around $5,000, and stakers began actively withdrawing tokens to lock in profits.
A queue of $11.4 billion worth of Ethereum accumulated for withdrawal, and the waiting period reached 45 days. Ethereum co-founder Vitalik Buterin then compared the coins being withdrawn from staking to soldiers leaving the army.
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