How much ETH has been staked?
As of April 30, 2023, an all-time high of 19.2 million ether (ETH) has been staked. This represented a 24.2% increase from the end of 2022, which had 15.9 million ether staked.
On an annual basis, the end of 2022 saw an annual growth rate of 79.4% from 2021 which recorded 8.8 million of ether staked. This was a 307.0% increase from the year prior, which recorded 2.1 million of ether staked.
Ethereum staking has seen steady and consistent growth since its inception in 2020, with an average 4.2% month-on-month (MoM) growth rate in the past twelve months and a 13.3% MoM growth rate since November 2020. Despite staked ETH being withdrawable now, inflows have outpaced outflows.
What percentage of ETH supply is staked?
15.6% of total ETH circulating supply was staked, as of April 30, 2023. This represented an 18.6% increase from the end of 2022, which had 13.1% of circulating supply staked.
While the number of ether staked has risen since 2020, so has the circulating supply of ether. In November 2020, there was 113 million ether in circulation and that has increased to 120 million. This represented a 6.2% growth in circulating supply.
As the growth of staked ETH outpaces growth in circulating supply, the percentage of ETH staked has grown steadily. On average, staked share of supply has increased at a 12.7% MoM growth rate over the past 12 months and at a 8.4% MoM growth rate since November 2020.
Which are the largest ETH stakers?
Lido continues to be the largest ETH staker with a market share of 31.7%, and had staked a total of 5.9 million ether as of April 30, 2023. This represented a 5.3% MoM growth, having staked 5.6 million as of March 31, 2023.
The second largest staker was Coinbase, with a market share of 12.0% having staked a total of 2.3 million ether at the end of April 2023. This marked a 1.7% drop between March and April 2023.
Binance was the third largest with 5.2% market share with 0.9 million ETH staked, followed by Kraken at 4.0% market share with 0.8 million ETH staked. Kraken has seen its dominance drop after discontinuing its staking services for US customers in February 2023. The US-based exchange had a -37.8% MoM drop in April 2023.
The remaining competitors hold less than 5.0% market share each, with Staked.US at 2.9%, Figment at 2.4% and Bitcoinsuisse at 2.3%.
Methodology
The study examined the amount of Ethereum (ETH) staked in the top 12 ETH staking validators, using Dune Analytics data from November 3, 2020, to May 1, 2023.
The top 12 ETH staking validators are: Lido, Coinbase, Kraken, Binance, Staked.us, Figment, Bitcoinsuisse, Rocket Pool, Stakefish, OKEx, Huobi, Others.
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Curious to know more about the state of crypto in the first quarter of 2023? Check out our comprehensive 2023 Q1 Crypto Industry Report, that extensively covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, DeFi and NFT ecosystems, and more!
Shaun is a Research Associate at CoinGecko with a fondness for memes and farming on the blockchain. Follow the author on Twitter @ShaunPaulLee
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