Ethereum had unlocked the staking a month and a half ago, in anticipation of its passage to the Proof-of-Stake. And the success is there: it has become the 4th largest staking network, even though investors have to wait two years before receiving their rewards.
The community stakes its ETHs
Dune Analytics data allows to see the progress of the ETHs sent on the Ethereum Code deposit contract, for users who wish to start staking. In total, nearly one billion dollars in ETH have been sent. This corresponds to 1.5 million ETH, or nearly 1.4% of the total Ether supply. This is a plebiscite for the project, which is of course motivated by the lure of profit. Currently, the ETH staking offers rewards estimated at around 13% – enough to tempt investors.
It should be noted that investors are sending their ETHs to the network even though the rewards are not released. It will take at least two years before the profits generated by ETH staking are paid out to the contributors. This shows the confidence that the contributors have in the future of the payment network.
Ethereum, the fourth largest staking network in the world today
Will Ethereum succeed in eclipsing its competitors in the long run? It is entirely possible. The biggest staking network today is Polkadot (DOT), which sees 691 million DOT staked at the moment. That’s 67% of the supply, and about $3.5 billion. It is followed by Cardano (ADA), whose supply is staked at 65.53%, for a value of 3.37 billion dollars.
Just ahead of Ethereum is Tezos (XTZ). The equivalent of 1.3 billion dollars in XTZ is currently staked on the network, which is also growing.
All this shows a certain craze around the ETH staking. If investors are willing to wait two years for their rewards, one can imagine that a much higher number of them will participate when the rewards are released.