Breaking Down Ethereum’s Staking Milestone
The Ethereum network has reached an incredible new milestone, with staked Ethereum (ETH) reaching an all-time high of 36 million ETH, representing about 30% of the total supply. This achievement signals a strong vote of confidence by investors in the long-term viability of the network. But is this bullish signal really that straightforward? Let’s dive in.
What the Numbers Say
Key on-chain metrics illustrate Ethereum’s growing maturity: a validator queue brimming with 2.4 million ETH and exchange reserves shrinking to 16.44 million ETH as around 140k ETH move off centralized exchanges. This paints a picture of decreasing supply and increasing long-term holder confidence – ingredients for a looming supply shock. The result? A 7% price uptick in ETH is already evident.
Rising Layer-1 (L1) Competition
However, Ethereum is not alone in shattering records. Rivals such as Solana (SOL) are also making waves, with the value of tokenized real-world assets (RWA) on its blockchain surpassing $1 billion for the first time. Similarly, Monero (XMR) has climbed to $800 per coin, achieving a 28% weekly gain. This intense competition among Layer-1 networks points to a larger battle for dominance that extends beyond staking metrics.
Ethereum’s Dominance: A Volatile Setup
Ethereum’s dominance (ETH.D) metric reflects a seesaw pattern, currently ranging between 12%-13%. While a breakout above 13% would signify a major shift, the current resistance and Ethereum’s competitors’ gains make this a critical metric to watch. Solana, for instance, has already gained 16% in 2026, highlighting how the broader Layer-1 market is positioning itself.
What This Means for Investors
While Ethereum’s staking numbers are impressive, they alone do not guarantee sustained bullish momentum, especially with increasing market activity from other Layer-1 networks. Monitoring Ethereum dominance and assessing the competitive landscape will be key for investors looking for clarity in this evolving market.
Our Recommendation
If you’re an Ethereum holder or investor exploring staking opportunities, consider Ledger’s Ledger Stax, a premium cryptocurrency hardware wallet designed for secure staking and investment management. With its user-friendly interface and robust security features, Ledger ensures your cryptocurrency investments remain safe in such a dynamic market.
Conclusion
The record-breaking 36 million ETH staked signals growing trust in Ethereum. However, with rival Layer-1 networks achieving record milestones of their own, the competitive landscape remains a pivotal factor. Whether Ethereum can maintain its dominance hinges on how it adapts to this era of fierce competition.
