Distrust in the US banks expected to boost Ethereum staking
As reported by Cointelegraph, the number of Ether staked in May was valued at about 2.96 million ETH, which is almost 2.46% of the total supply, stated Cointelegraph.
It is expected that the total number of ETH staked in May had yet to include the number of withdrawals which is supposed to be equal to the amount withdrawn in February 2022, Cointelegraph added.
Sources revealed that this rise came due to the Shapella upgrade on April 12, 2023, eventually enabling users to withdraw their staked ETH after two years. The heavy unstaking of ETH could be a huge event for the Ethereum network. Supposedly, less than one percent of all staked ETH was sold after Shapella, Cointelegraph highlighted.
Furthermore, “The U.S. Debt ceiling saga and the earlier events with banks going bankrupt surely affected Ether’s popularity, and more and more users prefer to stake their money in ETH rather than keep them in the bank,” Brian McColl, a research analyst, told Cointelegraph.
(With insights from Cointelegraph)
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