Ethereum transitioned to Proof-of-Stake (PoS) in September 2022, introducing a staking structure where validators deposit 32 ETH and receive rewards. In April 2023, the Shapella upgrade activated withdrawal functionality. With the emergence of liquidity staking platforms like Lido and Rocket Pool, small-scale participation became possible, and the practicality expanded to asset liquidity and DeFi utilization. The staking trend serves as a key indicator of Ethereum's security and value creation structure, which is examined through ▲deposit amount and withdrawal trends ▲number of validators ▲reward rates. [Editor's Note]
According to Dune Analytics (@hildobby), as of 4:45 PM on the 12th, the total staking amount on the Ethereum network was 34,519,050 ETH, accounting for 28.08% of the total Ethereum circulation.
From the 12th to the 18th, 322,012 ETH was newly deposited. During the week, 17,773 ETH in rewards were withdrawn, and 332,315 ETH in principal was withdrawn.
Since the 'Shanghai Upgrade' that implemented withdrawal functionality, the net staking inflow is currently 13.43 million ETH, with a net inflow of 16.35 million ETH excluding rewards.
According to Validatorqueue, the annual staking yield (APR) dropped to 2.95% and is currently indicating around 3.06%.
Staker Status
The current number of active validators is 1,056,464. In the Entry Queue waiting to start staking, 1,263 validators are waiting, with an expected waiting time of about 32 minutes.
In the Exit Queue waiting to unstake (withdraw), 4,577 are waiting, with a waiting time of about 1 hour and 54 minutes. The sweep delay before funds actually move to the withdrawal address averages 9.2 days.
Withdrawals have two types: ▲full withdrawal (validator termination) ▲partial withdrawal (rewards only). Full withdrawal must pass through the exit queue.
As of May 12th, 'Liquid Staking', which improved liquidity and accessibility, occupied the largest proportion of Ethereum staking participation at 29.7%. Staking through centralized exchanges (CEX) followed at 24.7%.
▲Unidentified validators: 19.7% ▲Staking pools: 18.3% ▲Liquid restaking: 7% ▲Individual validators: 0.5%.
In the single staker ranking, the liquidity staking protocol 'Lido' has deposited about 9,106,000 ETH, recording the highest market share of 26.3%. Following are Coinbase with about 2,654,600 ETH (7.7%), and Binance with 2,500,700 ETH (7.2%).
▲Liquidity restaking protocol ether.fi: 2,037,800 ETH (5.9%) ▲Staking pool Kiln: 1,503,100 ETH (4.3%) ▲Kraken: 1,162,700 ETH (3.4%) are ranked 4th to 6th.
In the weekly absolute inflow/outflow record, Binance (76,800 ETH), ether.fi (53,320 ETH), and Blockdaemon (17,500 ETH) recorded the highest net inflow for the week. In contrast, Bitcoin Suisse showed the largest decrease with 39,552 ETH net outflow, followed by Upbit (14,304 ETH) and Lido (13,984 ETH).
On a one-month basis, Binance (about 251,700 ETH), Blockdaemon (about 90,000 ETH), and Kraken (about 84,000 ETH) increased their deposits, while Lido (about 165,700 ETH) and Coinbase (about 82,000 ETH) showed outflow trends.
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