IntoTheBlock, an on-chain analytics company, reports that the Ethereum staking participation rate has surpassed 25%. A trustworthy way to find out how many people are contributing to the security of the Ethereum network in exchange for rewards is to look at the Ethereum staking participation rate. An increase in this rate signifies growing confidence in the Ethereum blockchain’s proof-of-stake consensus mechanism as well as increased interest in the blockchain.
As of February 11, the total ETH staked, or the total amount of ETH staked cumulatively by participants, was 38.69 million ETH.
This shows the total ETH allotted to the Ethereum staking contract over the course of time.
An increasing amount of ETH staked may indicate how impervious the consensus mechanism is to outside financial assaults. A sizeable portion of the total staked amount would need to be owned and staked by the potential attackers. Because of this, the Ethereum blockchain is more secure the more staking there is.
Ethereum Nears Significant Update Milestones
A number of technological updates are on the horizon for Ethereum, the most significant being the upcoming Dencun upgrade.
The upgrade, which is slated for March 13, aims to provide major scaling upgrades like proto-danksharding in order to improve network efficiency and layer-2 support.
CryptoCaster Quick Check:
Over the past week, there has been a noticeable increase in Ethereum’s native token, ETH, with a rise of over 10%. The successful upgrade of the Holesky testnet to Deneb last week marked a significant development for the ETH blockchain.
As of this writing, ETH had increased by 0.58% to $2527 over the previous day. Michael Van de Poppe, a cryptocurrency analyst, claims that this phase is a “waiting game until Ethereum starts to pick up pace.” Ethereum has “flipped the $2,150 level for support, currently waiting for a breakout for continuation to $3,500,” he continued, referring to the platform.
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