{"id":554533,"date":"2023-10-08T13:40:37","date_gmt":"2023-10-08T13:40:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=554533"},"modified":"2023-10-15T10:09:22","modified_gmt":"2023-10-15T10:09:22","slug":"coinbase-ranks-as-second-largest-eth-staking-entity-as-lidos-dominance-raises-concerns","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/coinbase-ranks-as-second-largest-eth-staking-entity-as-lidos-dominance-raises-concerns\/","title":{"rendered":"Coinbase Ranks As Second Largest ETH Staking Entity As Lido\u2019s Dominance Raises Concerns"},"content":{"rendered":"

Prominent crypto exchange Coinbase has emerged as the second largest ETH staking entity based on a recent scoop<\/a> by Chinese reporter Colin Wu.\u00a0<\/span>This development comes amidst growing concerns about network centralization in regard to Lido\u2019s dominance in the ETH staking market.\u00a0<\/span><\/p>\n

Related Reading: Is Ethereum\u2019s Staking Boom A Ticking Time Bomb? JPMorgan Weighs In<\/a><\/div>\n

Coinbase Accounts For 14.1% Of ETH Staking Activity – Report<\/strong><\/h2>\n

According to Wu, a report<\/a> from Dragonfly data scientist hildobby, using data from Dune analytics, reveals that Coinbase presently has 3.873 million staked ETH, representing 14.1% of all staked ETH.\u00a0<\/span><\/p>\n

Coinbase dominance in the ETH staking sphere is only superseded by that of the liquid staking platform, Lido DAO, which accounts for one-third of all staked ETH.\u00a0<\/span><\/p>\n

Other platforms with a significant staking percentage include the Binance and Kraken exchanges, with a 4.2% and 3.0% market share, respectively. Meanwhile, the Figment staking service comes third with a 4.9% market dominance.\u00a0<\/span><\/p>\n

Notably, Coinbase experienced a 44% increase in ETH staking activity over the last six months. Coincidentally, this development falls within the period during which the Ethereum Shanghai upgrade has been active.<\/a><\/span><\/p>\n

Contrary to fears that the last Ethereum network update may induce a decline in staked ETH due to the ability to finally withdraw staked assets, the Shanghai upgrade has so far boosted<\/a> stakers confidence, resulting in a net positive flow of 7.84 million ETH since its implementation in April.<\/span><\/p>\n

At the time of writing, the total amount of staked ETH stands at 27.42 million ETH, representing 22.81 of ETH\u2019s circulating supply.\u00a0<\/span><\/p>\n

Related Reading: SSV Network Unveils Plan For Decentralized ETH Staking Infrastructure<\/a><\/div>\n

Lido\u2019s Growing Dominance Sparks Centralization Concerns<\/strong><\/h2>\n

In other news, Wu stated there are community concerns about centralization in regard to Lido\u2019s ETH staking dominance. Due to the Proof-of-Stake Consensus model, a higher amount of staked ETH translates to a higher voting power during governance processes.\u00a0<\/span><\/p>\n

Data from Dune Analytics shows that Lido accounts for 8.80 million staked ETH, representing 32.11% of the ETH staking market. Notably, the liquid staking platform experienced a 55% rise in staking activity over the last six months.\u00a0<\/span><\/p>\n

According to information from Ethereum’s official blog<\/a>, concerns about centralization are quite valid, as any validator controlling a minimum of 33% of staked ETH can prevent the network from finalizing any block, even in the presence of a 66% majority.<\/span><\/p>\n

Moreover, if a validator acquires 55% of the staked ETH, they could theoretically split the Ethereum chain into two forks. All these are speculations, as there is no evidence indicating that Lido DAO has any malicious intentions toward the Ethereum network.\u00a0<\/span><\/p>\n

At press time, ETH trades at $1,620.18, with a 1.36% decline in the last day, based on data from CoinMarketCap.<\/a> In tandem, the token\u2019s daily trading volume is down by 36.41% and valued at $2.86 billion.<\/span><\/p>\n

\"ETH<\/p>\n

ETH trading at $1,619.24 on the hourly chart | Source: ETHUSDT chart on Tradingview.com<\/a><\/pre>\n
\n
Featured image from Ebunker, chart from Tradingview<\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Prominent crypto exchange Coinbase has emerged as the second largest ETH staking entity based on a recent scoop by Chinese reporter Colin Wu.\u00a0This development comes amidst growing concerns about network centralization in regard to Lido\u2019s dominance in the ETH staking market.\u00a0 Related Reading: Is Ethereum\u2019s Staking Boom A Ticking Time Bomb? JPMorgan Weighs In Coinbase Accounts For 14.1% Of ETH Staking Activity – Report According to Wu, a report from Dragonfly data scientist hildobby, using data from Dune analytics, reveals that Coinbase presently has 3.873 million staked ETH, representing 14.1% of all staked ETH.\u00a0 Coinbase dominance in the ETH staking sphere is only superseded by that of the liquid staking platform, Lido DAO, which accounts for one-third of all staked ETH.\u00a0 Other platforms with a significant staking percentage include the Binance and Kraken exchanges, with a 4.2% and 3.0% market share, respectively. Meanwhile, the Figment staking service comes third with a 4.9% market dominance.\u00a0 Notably, Coinbase experienced a 44% increase in ETH staking activity over the last six months. Coincidentally, this development falls within the period during which the Ethereum Shanghai upgrade has been active. Contrary to fears that the last Ethereum network update may induce a decline in staked ETH due to the ability to finally withdraw staked assets, the Shanghai upgrade has so far boosted stakers confidence, resulting in a net positive flow of 7.84 million ETH since its implementation in April. At the time of writing, the total amount of staked ETH stands at 27.42 million ETH, representing 22.81 of ETH\u2019s circulating supply.\u00a0 Related Reading: SSV Network Unveils Plan For Decentralized ETH Staking Infrastructure Lido\u2019s Growing Dominance Sparks Centralization Concerns In other news, Wu stated there are community concerns about centralization in regard to Lido\u2019s ETH staking dominance. Due to the Proof-of-Stake Consensus model, a higher amount of staked ETH translates to a higher voting power during governance processes.\u00a0 Data from Dune Analytics shows that Lido accounts for 8.80 million staked ETH, representing 32.11% of the ETH staking market. Notably, the liquid staking platform experienced a 55% rise in staking activity over the last six months.\u00a0 According to information from Ethereum’s official blog, concerns about centralization are quite valid, as any validator controlling a minimum of 33% of staked ETH can prevent the network from finalizing any block, even in the presence of a 66% majority. Moreover, if a validator acquires 55% of the staked ETH, they could theoretically split the Ethereum chain into two forks. All these are speculations, as there is no evidence indicating that Lido DAO has any malicious intentions toward the Ethereum network.\u00a0 At press time, ETH trades at $1,620.18, with a 1.36% decline in the last day, based on data from CoinMarketCap. In tandem, the token\u2019s daily trading volume is down by 36.41% and valued at $2.86 billion. ETH trading at $1,619.24 on the hourly chart | Source: ETHUSDT chart on Tradingview.com Featured image from Ebunker, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":554542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1393,8323,83939,1946,78803,87675],"class_list":["post-554533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-coinbase","tag-eth","tag-eth-staking","tag-ethereum","tag-ethusdt","tag-shanghai-upgrade"],"acf":[],"yoast_head":"\nCoinbase Ranks As Second Largest ETH Staking Entity As Lido\u2019s Dominance Raises Concerns<\/title>\n<meta name=\"description\" content=\"Coinbase has emerged as the second largest ETH staking entity amidst growing concerns about centralization in regard to Lido\u2019s dominance.\" 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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