Ethereum Staking Is Losing Its Appeal–Here's Why
The queue for adding new staking validators on Ethereum briefly hit zero yesterday.
It's now risen again to 996 validators, but it's still a far cry from its peak on June 10, when over 96,500 validators faced a waiting period of over 45 days, per Beaconcha.in data.
Importantly, the reward has also dropped from its June peak of 5.2% yield–doled out in ETH–to 3.5% today, per Beaconcha.in.
Currently, 27,779,142 ETH, representing 23.1% of Ethereum’s circulating supply, is staked to the contract across 864,898 validators, per Nansen data.
Currently, short-term U.S. treasury notes are yielding 5.35%, per Ycharts data.
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