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ethereum

Ethereum Staking Drops From November 2024 Peak – Is Interest In ETH Fading?

Ash Tiwari
by Ash Tiwari
6 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The percentage of Ethereum (ETH) supply staked on the network has dropped to 27.6%, a level last seen in July 2024. This decline has raised questions about Ethereum’s long-term appeal among investors and whether staking remains a preferred option.

Staked Ethereum Percentage Drops From November Peak

According to data from Dune Analytics, the proportion of ETH staked on the network has declined to 27.6%, a pullback from its peak of 29% recorded in November 2024. At press time, a total of 33.5 million ETH is staked on the Ethereum network.

Related Reading: Crypto Analyst Identifies ‘Most Important’ Ethereum Support Level – Where Is ETH Headed?

Ethereum staking was introduced alongside the launch of the Beacon Chain in December 2020, enabling investors to earn rewards while securing the network. Over time, ETH staking has gained traction, with major cryptocurrency exchanges such as Binance, Kraken, and others offering staking services to their users.

Additionally, staking led to the rise of a new market vertical known as liquid staking derivatives (LSDs). Currently, the LSD market is dominated by Lido (LDO), which commands nearly 69% of the total market share. Binance Staking follows, holding approximately 15% of the LSD sector. 

However, since Donald Trump’s victory in the November 2024 US presidential election, the regulatory landscape has shifted, creating an environment that may encourage the entry of new staking protocols, intensifying competition in the LSD space.

That said, there are concerns about the high concentration of the LSD market commanded by Lido, which is likely to rise even more if the ETH staking percentage continues to dwindle. A single LSD protocol having so much influence on the staking ecosystem could run against Ethereum’s decentralization ethos.

Is ETH Losing Its Charm?

Despite being the second-largest digital asset with a market capitalization exceeding $327 billion, Ethereum appears to be losing favor among large investors who may be seeking better returns in alternative blockchain ecosystems.

Related Reading: Ethereum Eyes $4,000 Breakout With Bullish Inverse Head-And-Shoulders Setup – Details

For instance, data from DeFiLlama shows that the total value locked (TVL) in Solana’s (SOL) decentralized finance (DeFi) ecosystem surged from approximately $4.5 billion in September 2024 to as high as $11.3 billion in January 2025. This rapid growth was largely fuelled by the memecoin frenzy that took over the Solana ecosystem throughout 2024.

Meanwhile, Google Trends data indicates a notable decline in Ethereum-related search interest, dropping from 87 in November 2024 to 41 at the time of writing. This trend suggests that ETH may be losing traction, particularly when compared to competitors such as SOL, SUI, and XRP, which have experienced more dynamic price movements over the past year.

google trends
Source: Google Trends

Recent on-chain data also suggests that ETH may be falling out of favour among crypto ‘whales.’ At press time, ETH trades at $2,712, up 2.8% in the past 24 hours.

ethereum
ETH trades at $2,699 on the daily chart | Source: ETHUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Google Trends and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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