Over 1 / 4 of the ETH provide is now staked, with 1.5M ETH ($4.2B) added this yr alone.
As better-than-expected Bitcoin ETF inflows buoy crypto markets, the second-largest digital asset might lastly be waking up.
ETH has surged 16% up to now seven days and is buying and selling above $2,800 for the primary time since Could 2022, simply earlier than the $40B implosion of Terra.
The ETH/BTC ratio is on the rise after hitting its lowest degree in almost three years in January. Ether has typically underperformed Bitcoin for the reason that Merge transitioned the community to proof-of-stake in September 2022.
On Feb. 7, the quantity of Ether staked to safe the community crossed 30M ETH for the primary time, pushing the staking fee above 25%, an all-time excessive. Greater than 10M ETH ($28 billion) has been staked since Ethereum’s Shanghai improve went stay in April 2023.
After remaining comparatively flat in December, deposits accelerated in 2024 as a result of ongoing EigenLayer restaking increase. DeFi traders have plowed over $6 billion into the extremely anticipated protocol, main it to amass greater than 10% of all liquid staking tokens (LSTs) in circulation.
DeFi TVL Approaches $50 Billion
The overall worth locked (TVL) in DeFi protocols on Ethereum stands at $49 billion, a nine-month excessive. In ETH phrases, TVL is up 20% up to now month alone, primarily pushed by EigenLayer and linked protocols like Pendle and ether.fi.
Surging on-chain exercise pushed by ERC404 tokens has resulted in elevated transaction charges, which sit at a two-month excessive. ETH has slipped again into deflationary territory, with 28,600 ETH – $80 million – burned up to now seven days.
