Staked ETH hits 20M milestone, doubling since start of year
Ethereum has reached another milestone , with over 23.5 million ETH deposited for staking. Staking is the process of locking up a cryptocurrency in a proof-of-stake blockchain to contribute to network security and earn rewards. Similar to depositing cash into high-yield accounts at big banks, staking enables token holders to earn passive income on their assets without having to sell or trade them. The more people who stake, the more secure the blockchain becomes. ETH price is heavily dependent on its value against the US dollar. In November 2021, when the price of ETH reached an all-time high of $4,400, there had only been 8.2 million staked ETH — which is roughly $15 billion — locked in the network. Currently, with ETH priced at $1,880, over $38 billion is being used to secure the network. Although validators have had the opportunity to stake ETH since the Ethereum Merge in September last year, staking didn’t grow dramatically in popularity until the Shapella upgrade, which...