Latest Ethereum Upgrade Sparks Record Staking Trend
At the same time, Ethereum staking hit a record high, with almost 27% of all ETH staked, indicating a rise in trust in the security of the network.
With leading platform EigenLayer accumulating $13 billion in TVL, Ethereum is also witnessing a surge in activity as it takes over protocols.
The Dencun upgrade was successfully deployed on the Ethereum blockchain during the month of March, opening the door for increased network scalability and lower petrol prices. According to Crypto News Flash, this has caused DeFi activity on the Ethereum mainnet to spike.
As of right now, about 27% of all ETH is staked, which is a record high according to recent data from Cryptoquant. Staking has become more attractive due to Ethereum's ongoing development and expansion, especially with the addition of DeFi protocols like EigenLayer.
A greater level of investor involvement demonstrates their dedication to enhancing the security of the network and, consequently, its general prosperity. Notably, the total value of all ETH staked has increased to previously unheard-of heights, demonstrating rising confidence and involvement in the Ethereum network.
The rising demand for repossession services is reflected in the rise in stake registrations. With over $13 billion in total value locked (TVL) and a second-place ranking among Ethereum's most popular apps, resto pioneer EigenLayer has hit a new peak.
EigenLayer has the ability to overtake current TVL leader Lido Finance with the mainnet debut approaching.
The reason why resttaking has remained popular over time is because users look forward to receiving airdrops. This trend is demonstrated by the launch of the Ether.fi Restoration Initiative in March, which rewards restakers with ETHFI tokens.
The smallest allotment of ETHFI tokens, worth over $1,000, demonstrated the potential advantages even prior to EigenLayer's launch.
According to the Crypto News Flash report, intense trade activity has been generated in advance of EigenLayer's launch, which is anticipated to be Ethereum's largest airdrop.
Two sizable wallets have recently bought a sizable quantity of Ethereum on centralised exchanges and have made major purchases over the last three days, according to data from the analytical account @lookonchain.
Still, Jihan Wu's organisation most likely owns one of these wallets. As these whales are hoarding Ethereum, another sizable wallet sold a sizable amount of ETH on Binance today.
Lookonchain reports that two whales have accumulated substantial Ethereum holdings.
Probably one of these will be Matrixport, the blockchain startup that Jihan Wu, the former CEO of Bitmain, created in 2019 as his second business endeavour.
Matrixport's wallet is said to have additionally transferred 22,251 Ethereum from cryptocurrency exchanges in the last several hours, for a total estimated value of $80.06 million.
The same wallet has also taken out 33,925 ETH over the last three days, which was worth $122.06 million when it was acquired.
Ethereum has crossed both the $3,500 threshold and the 100 hourly simple moving average at this time. Around $3,620 is where the first major obstacle is located.
After that, $3,650 is a critical resistance level, above which the price may attempt to reach the $3,720 mark. Beyond that, a spike in the price of ETH might reach $4,000.