ETH Staking Activity Surges to New All-Time Highs on Shanghai Upgrade News

• ETH staking activity witnessed a surge as the total value staked in ETH 2.0. deposit contract reached a new all-time high.
• The number of validators on the ETH network increased by 0.61% over the seven-day period, and the revenue from transaction fees also shot up by almost 24%.
• Whale transactions on the ETH network also surged, indicating a renewed interest in the king of altcoins.

The Ethereum network has been witnessing a remarkable surge in staking activity, with the total value staked in the ETH 2.0. deposit contract recently reaching an all-time high. According to data from Glassnode, the total amount of ETH staked in the deposit contract reached 16,042,407 ETH, surpassing the previous ATH of 16,042,391 ETH on 14 January 2023. A further drill down of the chart revealed that the value had experienced a substantial increase since 6 January, when developers announced that the Shanghai Upgrade, which will enable the withdrawal of staked ETH, will go live in March 2023.

This bullish cycle has also been reflected in the number of validators on the ETH network, which has steadily increased by 0.61% over the seven-day period, according to data from Staking Rewards. This increase in stakers has also positively impacted the revenue from transaction fees, which shot up by almost 24%. The annualized reward rate, which is the reward that validators can expect to earn per year, was estimated at 3.8%.

Furthermore, whale transactions on the ETH network have also surged, indicating a renewed interest in the king of altcoins. Despite the slight 1.3% drop in ETH’s price witnessed at the time of writing, Ethereum has managed to make a remarkable recovery since the FTX contagion hit the crypto markets. This has enabled ETH to sprint towards its pre-FTX market cap levels.

Overall, the surge in ETH staking activity is a positive indication of the growing interest in the Ethereum network. With the Shanghai Upgrade set to go live in March, investors can look forward to more opportunities to get involved.