The total value of ethereum (ETH) staked on the Beacon chain is $16 million – only 13.4% is currently in circulation. Meanwhile, cryptocurrency exchanges and providers account for 70%.
Glassnode has highlighted that out of the total ETH staked, 11.4 million coins are staked through various betting service providers. This amount contributes an equivalent to 70.86% of the total amount bet under the control of five entities. Lido DAO, a staking service provider, had a margin lead dominance with 29.3%, followed by Coinbase with 12.8%, Kraken with 7.6%, and Binance with 6.3%.
Beacon Chain helped introduce a proof-of-stake mechanism into the Ethereum ecosystem for computers to authenticate transactions on the blockchain. In September 2022, it was integrated with the initial Ethereum proof-of-work chain. He also helped establish consensus logic and the block gossip protocol currently used to secure Ethereum.
ETH Price Expected to Rise Amid Shanghai Update
Ethereum (ETH) price emerged from a resistance level that gradually fell. The upcoming Ethereum Shanghai update could be why the momentum has changed for the better, with the ETH price expected to rise.
The next planned upgrade is expected to allow for the phasing out of ETH that has been sitting on the blockchain for over two years and phasing it out. However, the update will not improve smart contracts or reduce the high gas fees on the platform.
However, the main goal of the update is to address the network scalability issue. The team wants to improve the blockchain’s ability to process large amounts of transactions by introducing various decentralized applications (dApps) on its platform.
