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On-chain company Santiment’s announcement regarding Ethereum ($ETH) has sparked a new debate in the market.
In a recent analysis, Santiment reported that Ethereum staking volume has exceeded 50% of the total supply.
Conversely, some analysts have claimed that the $ETH staking rate is around 30%, not 50%.
According to CoinDesk, CoinShares analysts countered Santiment’s analysis, which claimed Ethereum staking volume had exceeded 50% for the first time, stating that the figure was misleading.
Analysts have pointed out that this figure does not accurately reflect the amount of active staking.
Accordingly, CoinShares analysts noted that although Santiment reported that 50.18% of the total $ETH supply was in its staking deposit contract, this contract only recorded deposits and did not reflect withdrawal data.
Luke Nolan, a senior research fellow at CoinShares, stated, “This data is inaccurate or at least significantly misleading. The Ethereum staking deposit contract only accumulates deposit records and does not process withdrawal data. The approximately 80 million $ETH offered by Santiment is closer to accumulated deposit records than to the actual balance. This data does not account for withdrawals.”
Nolan added that they estimate the active staking volume that actually contributes to network security is 37 million $ETH, or 30.8% of the supply.
*This is not investment advice.