Ethereum’s Latest Upgrade Spurs Record-Breaking Staking Trend

  • Ethereum staking has concurrently reached an all-time high, with nearly 27% of all ETH staked, reflecting growing confidence in the network’s security.
  • Ethereum is also seeing heightened activity by restaking protocols with leading platform EigenLayer amassing $13 billion in TVL.

In the last month of March, the Ethereum blockchain successfully implemented the Dencun upgrade ushering in greater scalability and reducing gas fees on the network. This resulted in a strong surge in the DeFi activity taking place on the Ethereum mainnet, as reported by Crypto News Flash.

As per the current data from Cryptoquant, Ethereum staking has surged to a new all-time high level with nearly 27% of all ETH staked at this point. The continuous enhancements and expansion of Ethereum, notably with the integration of DeFi protocols like EigenLayer, have bolstered the appeal of staking.

Heightened investor engagement underscores their commitment to fortifying the network’s security and, consequently, its overall prosperity. Notably, the collective value of all staked ETH has surged to unprecedented levels, indicating growing confidence and participation in Ethereum’s ecosystem.

Courtesy: CryptoQuant

The surge in staking records mirrors the escalating demand for restaking services. EigenLayer, a pioneer in restaking, has soared to a new pinnacle, amassing over $13 billion in Total Value Locked (TVL) and securing the second spot among Ethereum’s most sought-after applications. With its mainnet launch on the horizon, EigenLayer’s potential success could potentially dethrone the current TVL leader, Lido Finance.

The enduring popularity of restaking can be attributed to the allure of airdrops, which users anticipate receiving. The introduction of the restaking initiative in March exemplifies this trend, rewarding restakers with ETHFI tokens. Even before EigenLayer’s debut, the smallest allocation of ETHFI tokens, valued at over $1,000, showcased the potential gains. EigenLayer, anticipated as Ethereum’s largest airdrop, has sparked fervent trading activity in anticipation of its launch, per the Crypto News Flash report.

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Ethereum Whales Accumulate, ETH Price Action Ahead

Data from the @lookonchain analytics account reveals that two large wallets recently acquired substantial amounts of Ethereum on centralized exchanges and proceeded to make significant purchases over the past three days. However, one of these wallets likely belongs to Jihan Wu’s company. Meanwhile, as these whales accumulate Ethereum, another sizable wallet has executed a substantial ETH sale on Binance today.

According to Lookonchain, two whales have amassed considerable amounts of Ethereum. One of these entities is likely to be Matrixport, the blockchain company founded by former Bitmain CEO Jihan Wu in 2019 as his second entrepreneurial venture.

Reportedly, Matrixport’s wallet has also transferred 22,251 ETH from cryptocurrency exchanges in recent hours, valued at an impressive $80.06 million. Moreover, over the past three days, the same wallet has withdrawn 33,925 ETH, worth $122.06 million at the time of acquisition.

Currently, Ethereum is surpassing the $3,500 mark and the 100-hourly Simple Moving Average. The initial significant barrier lies around the $3,620 mark. Subsequently, a crucial resistance level happens to be at $3,650, beyond which the price could potentially aim for the $3,720 threshold. crossing this, the ETH price could trigger a rally to $4,000.

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