Ethereum Staking Rate Hits 34.30%, Indicating Structural Rebalancing
The Ethereum network has been experiencing a structural rebalancing process rather than a sudden breakout. This conclusion is drawn from several key indicators, including declining network usage, tightening stablecoin liquidity, and a staking rate that has risen to 34.30%. According to CryptoQuant data, Ethereum's price trended sideways in the narrow range of $1,871 on August 10, failing to break out.
The on-chain activity showed a cooling of mainnet activity and a shift in capital at the exchange layer. A significant sign of this shift is observed in network costs. Median transaction fees, tips paid to accelerate transactions, and base fees decreased by 64-73% on a 90-day basis.
The median transfer value of Ethereum's native tokens and smart contract-based assets also dropped by more than 50%. This data revealed that the median fee ultimately stood at approximately 5,674.23 Gwei.