Since the network’s launch in December 2020, Ethereum stacking deposits have experienced their highest one-day increase. On Tuesday, more than 200,000 ETH worth $550 million were transmitted to the Beacon chain, as shown below.
This is 4 times increase from 50,000 ETH or less every day. As a result, someone may have sent 150,000 ETH all at once. That would likely be ConsenSys, they raised $450 million and stated that the profits would be turned into ETH for Staking and DeFi.
150,000 ETH is almost $400 million, so everything fits. However, there could also be a boost in staking confidence as a result of theMerge testnet. It is starting to make it all feel a little more genuine, and long-term investors may be more confident in obtaining some staking yield at 5% a year, rather than just simply holding.
This has its own dangers of slashing, but the Beacon chain has been functioning extremely smoothly since launching with no issues. It will soon be running the whole Ethereum network, including DeFi Dapps and NFTs, with 10% of Ethereum’s total supply at stake to safeguard the network.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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