ETH Supply Surges Past 120 Million Driven by Staking Surge

IconCryptoNewsTerminal Staff15 Aug, 2024

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ETH Supply Surges Past 120 Million Driven by Staking Surge

ETH supply has surpassed the 120 million mark, a notable milestone driven by a surge in ETH staking and re-staking activities. Data from Ultrasound Money, cited by Cointelegraph, reveals that over the past 30 days, the ETH supply has increased by 77,091 ETH, while the burn amount was a mere 19,438 ETH. This substantial increase in supply has resulted in an annual supply growth rate of 0.58% and a 7-day growth rate of 0.69%. Experts attribute this supply surge to the recent surge in ETH staking and re-staking. As more investors recognize the benefits of staking, the amount of ETH locked in staking contracts has been steadily growing. This has significantly reduced the circulating supply of ETH, contributing to the overall supply increase. The implications of this supply expansion are significant for the ETH ecosystem. With a reduced circulating supply, it is expected that ETH will become more scarce, potentially driving up its price in the long run. Additionally, the increased staking activity strengthens the security of the Ethereum network and promotes its long-term stability.

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