Ethereum strike grows explosively, will the ETH price rise?

The demand for strike on the Ethereum (ETH) network continues to grow explosively. If result there are record long wait times for users to be able to strike their coins on the network.

Waiting times are now sometimes even longer than 45 days and consist of more than 90,000 validators. Although users are not happy with the long queues, the strong demand for Ethereum strike is good for the network and possibly the ETH price.

Strike value is approaching $63 billion

Staking has been available on the network for a few years after the launch of ETH 2.0 and has been growing very fast ever since. From the on chain data from Glassnode clearly shows how Ethereum staking on the network is growing considerably (see Figure 1). Currently, the use of the staking protocols has grown to an impressive total of 25 million ETH. The current circulating supply of coins is about 120 million, which means that over 20% of the coins are in staking protocols.

From January 2021 to April 2023, the network is experiencing constant growth of approximately 7 million ETH added to staking protocols per year. In recent months, the growth has suddenly become more explosive, so we see that in the last 3 months alone, more than 7 million ETH has been added to the protocols. Striking, because this is as much as we would normally expect in a year. If this trend continues, the network is on track to have over 35 million staked ETH on the network by the end of this year. This is not nothing, with the current price this amounts to a total value of $ 63 billion.

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