Data shows Ethereum (ETH) staking revenue fell 13.6% in just one week. The drop comes hours before the highly anticipated Shanghai update, scheduled for April 12 at around 22:27 UTC.
According to data provided by Staking Rewards, revenue from the Ethereum validator plummeted from $2.43 billion on April 5 to $2.1 billion at the time of writing. According to the chart, earnings have been falling steadily over the past week.
Furthermore, the drop in blockchain staking revenue comes with the drop in the price of ETH. Ether is down 2.74% in the last 24 hours and is trading at approximately $1,870 at the time of writing, according to data provided by TradingView.
According to a report on April 11, the ethereum price was expected to drop with the Shanghai update, as validators will finally be able to withdraw their funds from the network.
While the seven-day data shows a drop in revenue, Ethereum participants have witnessed a massive increase since the beginning of 2023. Validator earnings increased 97% in the last 90 days, according to data provided by Staking rewards.
According to the data, Lido Finance still holds the lion’s share of the second largest blockchain, amassing only about 31% of the total ETH staked.
As the Shanghai update approaches, the number of Ethereum validators is expected to increase.
