Coinbase is Second in ETH Staking Behind Dominant Lido

Coinbase is Second in ETH Staking Behind Dominant Lido

Coinbase, one of the leading cryptocurrency exchanges, now accounts for a significant 14.1% of all Ethereum (ETH) staking, as reported by Dragonfly data scientist hildobby. The report, sourced from Dune Analytics, notes that Coinbase currently has 3.873 million staked ETH.

Although Coinbase has a commanding presence in the ETH staking realm, it is overshadowed by Lido DAO, a liquid staking platform, which holds a staggering one-third of all staked ETH. Other notable platforms include exchanges like Binance and Kraken, which possess a 4.2% and 3.0% staking market share, respectively. Additionally, the Figment staking pool holds its own with a 4.9% market dominance.

Over the past six months, Coinbase has witnessed a remarkable 44% surge in ETH staking activity. This increase coincides with the time frame of the Ethereum Shanghai upgrade. Contrary to initial concerns that the latest Ethereum network update might lead to a decrease in staked ETH, due to the newfound capability to withdraw these staked assets, the Shanghai upgrade seems to have bolstered confidence among stakers. Since its implementation in April, there’s been a net influx of 7.84 million staked ETH.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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