The volume of Ether\u00a0staked keeps reaching new heights since the Shapella upgrade in April, crossing 23 million Ether locked in June.\u00a0<\/p>\n
According to data from analytics firm Nansen, a total of 23.3 million Ether (ETH<\/a>)\u00a0was staked<\/a> as of June 27, amounting to $43.1 billion at the time of writing and representing nearly 20% of the current $220 billion supply of ETH. In comparison, Solana (SOL<\/a>) currently has a\u00a0staking ratio<\/a> of 70.58%.<\/p>\n In the Ethereum blockchain network, staking<\/a> refers to the process of validating transactions. In order to earn validator status and secure the network, users lock in (stake) its native ETH token and earn rewards as a result. <\/p>\n The Ethereum blockchain completed its\u00a0Shapella hard fork on April 12<\/a>, allowing validators to withdraw their staked Ether from the Beacon Chain. In the first week of withdrawals, validators unstaked more than a million ETH. The upgrade has led to ETH stake growth since then.<\/p>\n \u201cThe Shanghai upgrade essentially eliminated this risk by allowing users to stake and unstake at will. As a result of this de-risking, we\u2019re seeing a surge in staked ether \u2014 and, as expected, the network is quickly catching up to rival chains such as Solana in terms of percentage of the native token being staked on the network. This is a very healthy sign for Ethereum,” Dave Weisberger, CEO of algorithmic-trading platform CoinRoutes, told Cointelegraph.\u00a0<\/p>\n Ether\u2019s staking is also catching the attention of regulators, with its future uncertain in the United States, where the Securities and Exchange Commission (SEC) is tightening rules for crypto firms offering staking services. <\/p>\n In February, crypto exchange Kraken\u00a0settled with the SEC for $30 million<\/a> and closed its staking services for U.S. clients. According to the SEC, the service qualified as a securities offer and the exchange should have obtained an appropriate license to operate the service. Most recently, the regulator\u00a0took action against Coinbase’s staking program<\/a>, claiming it was offering securities. <\/p>\n The U.S. is\u00a0home to the majority of node operators on the Ethereum blockchain, housing<\/a> 48% of all validators.<\/p>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/bd622744-6140-4fcf-893d-14c0729fc88b.png\" "\\"\\"")