Crypto
Ethereum Staking Surge Pushes 36 Million ETH into Protocol
Ethereum's staking surge has seen an increase in demand for validators, pushing more than 36.1 million ETH into the protocol, accounting for nearly a third of the total supply.
This influx of ETH has brought the entry queue to its highest level since July 2023, reaching 2.6 million ETH, while exit queues have dropped to zero.
Lido remains the largest provider, controlling about 25% of all staked ETH, with its stETH token functioning as a rebasing token where balances increase as rewards accrue.
Some node operators are opting for direct deposit contracts instead of liquid staking pools, with BitMine Immersion Technologies contributing to this momentum by staking over 1.25 million ETH.