After a significant dip across the board, Ethereum 2.0 staking statistics show an exciting rebound. While the Eth value fluctuates, the overall staking percentage keeps rising steadily. Additionally, the Ether balance on exchanges keeps plummeting rapidly.
Ethereum 2.0 Staking Rebounds
Many different statistics exist to determine how eager users are to partake in Ethereum 2.0 staking. Judging by the total value staked, there has been a recent dip. Not surprising, as the Ether price keeps fluctuating wildly every day. Despite dipping below $2 million, there is currently nearly $2.5 million in the Phase 0 smart contract.
Based on these statistics, one would think there is little further interest in Ethereum 2.0 staking. That is incorrect, as more and more users and balances are deposited into the contract regularly. The massive “growth spurt” is a thing of the past, but users can keep contributing funds for some time to come.
When looking at the Ethereum 2.0 staking rate as a percentage, there is still ongoing growth. At press time, 2.22% of the circulating ETH supply is used for staking purposes. Some people may expect this number to be higher, but that is not the case. Staking ETH is not a requirement to become part of the ongoing Ethereum 2.0 upgrade. Moreover, most users want to keep their Ether balance on hand to benefit from potential price swings.
All of this data confirms there is still a growing interest in Ethereum 2.0 staking. The growth curve is flattening a bit, but the current uptrend remains visible. Whether there will be significant changes in the coming months is impossible to determine. Anything can happen in the cryptocurrency space.
ETH Exchange Balances Keep Dropping
As more funds are put into the staking smart contract, exchanges note a substantial decrease in overall reserves. A remarkable trend, although Bitcoin is going through similar exchange reserves momentum lately. Less liquidity in trading platforms is a healthy sign overall.
What is interesting is how the exchange reserves are dropping partially due to Bitfinex. The exchange has moved 2.3 million ETH to the Gnosis Safe Wallet. As such, it is not difficult to explain this drop by almost $3 million ETH over the past few days.
Another potential explanation is how more exchange users now begin staking for the Ethereum 2.0 launch. Even with the Bitfinex move, there is still nearly 700,000 ETH unaccounted for. Where those funds are now, remains a mystery.