Ethereum’s 50% staking milestone triggers backlash over 'misleading' supply data
Researchers criticized Santiment's claim that over 50% of Ether is staked, arguing the actual figure is closer to 30% due to withdrawal mechanics.Summary
Santiment claimed that over 50% of all historically issued Ether (ETH) is now in the proof-of-stake (PoS) deposit contract, marking a symbolic milestone. However, this figure drew criticism from researchers like Luke Nolan of CoinShares and Aleksandr Vat of Ethplorer.io, who labeled the data 'materially misleading.' They clarified that the 50% figure reflects cumulative deposits since staking began, not the amount currently locked or actively staked, as withdrawals enabled since the 2023 Shanghai upgrade allow ETH to exit the validator set and re-enter circulation.
Nolan stated that the amount actively staked is closer to 37 million ETH, representing about 30% of the current circulating supply, because the deposit contract balance does not decrease upon withdrawals. Despite the controversy over metrics, some analysts, like Vineet Budki of Sigma Capital, view the high participation as evidence of Ethereum maturing into a 'digital bond' by securing its network through yield-bearing assets, which creates a structural supply crunch.
(Source：CoinDesk)