Staking interest in $ETH is surging, with more than 4.4 million coins locked since the Shapella upgrade. This trend, driven by Ethereum's deflationary forces, is expected to persist despite a waiting time of more than a month.
Currently, more than 50,000 perspective validators are in the queue. At press time, staking ether offers an annualized yield of 4% to 5%.
Validators are entities tasked with processing transactions and storing data on the blockchain and need to deposit at least 32 ETH. Ether owners continue to establish themselves as network validators, enticed by an annual yield of around 4-5 percent through token staking.Staking, as a way of passive investing, began gathering traction after Ethereum's Beacon Chain went live in December 2020. But for three years, stakers were unable to withdraw locked coins at will, which exposed them to ether price gyrations.
The increased demand for staking has yet to translate into a sustained ether bull run. The cryptocurrency rose by 11.5% to $2,140 in four days following the Shapella upgrade but has since retreated to trade at $1,850 at press time.
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