Golden Finance reported that according to data from data tracking company Stake Rewards, about 20% of the Ethereum currently in circulation (worth approximately US$41.5 billion) has been pledged. If the current pace continues, this number will increase to 50% by May 2024 and 100% by December, according to one paper.


Driving demand is the fact that staking has become one of several reliable ways to earn returns on cryptocurrencies. Most coin prices are still less than half of the all-time highs set in late 2021. Ethereum owners can currently earn around 4% by staking.
On September 14, developers agreed to limit the number of new validators running staking wallets, allowing them to join the network every six minutes. This change will be marked as the next major Ethereum software upgrade later this year. The paper states that with so-called churn changes, Ethereum will not reach the theoretical point where 100% of all circulating Ethereum is pledged for several years.
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