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Ethereum

How Lido Has Received 31% Of Staked Ethereum Surpassing Coinbase And Binance

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to data from BestBrokers, Ethereum staking solutions remain popular as the network gears up for “The Merge”. In the event that will complete this network transitions to Proof-of-Stake (PoS), users seem to be piling up for a shot at receiving a portion of the rewards for securing the network.

Related Reading: Metaverse Company Appoints Robot As Female CEO – Hasta La Vista Baby!

Currently, Ethereum operates with a Proof-of-Work (PoW) algorithm that requires users to participate in a process of solving mathematical problems to validate a group of transactions. This is process is known as “mining” and demands specialized hardware and technical knowledge.

Ethereum ETH ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Under the new consensus, users can simply stake a portion of their ETH and receive a reward for securing the blockchain, but this process is expensive. At the time of writing, users need 32 ETH or over $30,000 to become a validator.

Lido, and other top crypto exchange platforms offered their clients a solution. Rather than staking the required amount, they can stake a portion and still receive a portion of the rewards.

The study from BestBrokers shows that since the implementation of the Ethereum staking mechanism with the Beacon Chain, in 2020, there are 4,1 million ETH staked on Lido. This represents 31% of the total pool of ETH staked on the PoS blockchain or 129,754 validators on Lido alone.

In contrast, Coinbase holds 1,9 million ETH, Kraken 1,1 million ETH, and Binance 895,744 ETH which barely amounts to around 3 million. As seen in the chart below, Lido dominates the ETH staking market by far.

Ethereum ETH ETHUSDT largest-eth-stakeholders-to-date
Source: BestBrokers

Alan Goldberg, an analyst at BestBrokers said the following on the reason why people are looking for solutions such as Lido:

With the change from proof-of-work to proof-of-stake, many people predict a surge in Ethereum prices as staking Ether is supposed to bring great benefits and rewards. While such a surge is not certain, mainly because of the current market conditions and recession fears, it is definitely a big step towards the future of blockchain technology as a whole.

What’s In Store For Ethereum Ahead Of “The Merge”?

Additional data provided by Joshua Lim, Head of Derivatives for Genesis Trading, participants in the options markets have been taking long positions in ETH in preparation for “The Merge”. As the chart below shows, institutions are betting on ETH’s price moving north of $3,000.

Ethereum ETH ETHUSDT 1
Source: Joshua Lim via Twitter

However, many believe “The Merge” could operate as a “buy the rumor, sell the news event”. This could prompt the price of Ethereum until mid-September, only to see it retrace later in that month.

Related Reading: Bitcoin Going Bust? ‘Wolf of Wall Street’ Admits He’s Wrong About BTC Dropping To Zero

Analyst Ali Martinez records a decrease in the number of new ETH addresses. This metric has crashed into its March 2020 lows hinting at potential downside pressure for the second cryptocurrency by market cap. Martinez said:

Ethereum network growth hasn’t been this low in more than two years. The last time the number of daily new ETH addresses was 49,700 was back in March 2020. A steady decline in the number of new addresses created on the ETH blockchain tends to lead to a steep price correction over time.

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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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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