According to a recent report from the on-chain analytics startup Glassnode, Ethereum stakers have suddenly become more motivated, and more ETH deposits for staking have started to pour into the staking contract.
They have been motivated by the Ethereum team’s Shanghai hard fork, which was carried out on April 12 of this year.
The tweet demonstrates that on June 2, when about 14,000 fresh ETH deposits had been made, daily ETH staking deposit activity reached a new peak. They held close to 410,000 ETH. While this is going on, about 30,000 ETH is still being deposited to cryptocurrency exchanges, according to Glassnode, as opposed to inflows to the staking contract.
According to the Glassnode data, there were 2,627 average daily deposits in June.
Lido becomes leading ETH staking provider
Yesterday, Glassnode also released a report on the most recent ETH staking activity, demonstrating that Lido has been retaining “impressive dominance” since the Shanghai upgrade in April. Decentralised autonomous organisation (DAO) Lido gives stakers stETH tokens in return for their ethers that they lock in the DAO.
According to the Glassnode research, DeFi customers now choose stETH as a collateral asset.
After Shanghai, a significant amount of Ethereum was taken out of the ETH 2.0 staking contract, but investors later elected to stake their Ethers once more—this time into DeFi platforms. The number of ETH deposits increased from 460 to 8,108 per day following the aforementioned update in April.
