Ethereum and Solana Reach Major Staking Milestones by Q3 2023

Ethereum and Solana have achieved significant milestones in their staking activities, as reported by Bitwise. Ethereum's staking has surged to 43.8 million ETH, which accounts for 35.9% of its total supply. In contrast, Solana has seen 69% of its total supply staked by the end of the third quarter of 2023.

This uptick in staking participation indicates a growing interest in proof-of-stake networks, with Ethereum recording nearly 2 million ETH in net staking inflows during the quarter. However, Ethereum's annualized staking yield has declined from 2.81% to 2.63%, attributed to rewards being distributed over a larger base.

Solana's high staking percentage suggests increasing confidence in its network, which may influence market perceptions and valuations. Market participants are closely monitoring these developments, as they are seen as indicators of network strength and user confidence, potentially impacting the price dynamics of both Ethereum and Solana's native tokens.

Key Takeaways

• Ethereum's staking has reached a record 43.8 million ETH, locking up 35.9% of its supply.
• Solana has 69% of its total supply staked, suggesting increased confidence in its network.
• Market participants may view these developments as supportive for both Ethereum and Solana.

What to Watch

• Observers will pay attention to how network upgrades and staking developments influence market prices.
• Further increases in staking participation could indicate continued confidence in these networks.
• Regulatory developments and technological upgrades, such as Solana's Alpenglow activation, could shape market expectations.