🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
Gate has surpassed 30M users worldwide — not just a number, but a journey we've built together.
Remember the thrill of opening your first account, or the Gate merch that’s been part of your daily life?
📸 Join the #MyGateMoment# campaign!
Share your story on Gate Square, and embrace the next 30 million together!
✅ How to Participate:
1️⃣ Post a photo or video with Gate elements
2️⃣ Add #MyGateMoment# and share your story, wishes, or thoughts
3️⃣ Share your post on Twitter (X) — top 10 views will get extra rewards!
👉
New Era of Ethereum Stake Interest Rate Adjustment Average Annualized 5.45% Staking Amount Increased by 387,200 ETH
The Era of Ethereum Stake Interest Rate Regulation Has Arrived: Average Annualized 5.45%, Staking Amount Increased by 387,200 ETH After Upgrade
Ethereum successfully completed the Shanghai upgrade and opened staking withdrawals half a month ago. Although the total amount of staking withdrawals has exceeded 1.7 million ETH, the price of ETH continues to rise, staying above $2100 for several days, reaching a nearly one-year high. At the same time, the total locked value in Ethereum DeFi remains stable, with LSD and LSDFi protocols staying active.
This situation has raised new concerns that Ethereum's high staking interest rates may squeeze other on-chain activities, which is not conducive to long-term development. By analyzing the staking and withdrawal data of Ethereum as of April 26, as well as the current staking rates offered by various staking institutions/protocols and the main application markets for staking certificates, we found:
After the upgrade, the total amount of Ethereum stake withdrawals is approximately 1.7242 million ETH, with full withdrawals accounting for 44.23% and partial withdrawals accounting for 55.77%. The current total amount available for withdrawal is approximately 635,800 ETH.
Full withdrawals occur approximately every 5 days with a larger scale of withdrawals, with some withdrawals being larger in the first 5 days (from the 12th to the 16th), and then significantly decreasing thereafter.
The withdrawal structure shows that most institutions/protocols are primarily making passive withdrawals, and the staking expectations remain relatively stable. Passive withdrawals are also more likely to flow back, which may be a reason for the stable rise in staking amounts and coin prices.
After the upgrade, the total accumulated stake rose by 387,200 ETH, with an increase of approximately 2.13% and an average daily increase of about 0.15%, slightly higher than the average daily increase of 0.13% in the year prior to the upgrade. Overall, staking activities have become more active.
The average expected annual staking yield of 18 staking institutions/protocols is approximately 5.45%, higher than the "benchmark interest rate" of 4.27%. By category, the LSD protocols have the highest average expected annual staking yield, at around 6.17%.
LSDFi may threaten the negative feedback loop built into Ethereum staking. When circular staking becomes a more profitable option, the rise in staked amounts no longer leads to a decline in staking rewards, which could have profound implications for Ethereum's economic logic.
Stake Withdrawal Situation Analysis
Ethereum staking withdrawals are divided into full withdrawals and partial withdrawals. Data shows that during the 15 days from April 12 to April 26, the total amount of staking withdrawals was approximately 1.7242 million ETH, with full withdrawals accounting for 44.23% and partial withdrawals accounting for 55.77%.
The withdrawal mechanism has a cycle of about 2-5 days. Some withdrawals are larger in scale during the first 5 days (from the 12th to the 16th), and then decrease significantly. Full withdrawals occur approximately every 5 days with large-scale withdrawals, such as on the 15th, 20th, and 24th, where the single-day full withdrawals all exceeded 160,000 ETH.
From the withdrawal situation of various institutions/protocols, a certain trading platform has withdrawn 598,800 ETH due to regulatory requirements, making it the highest withdrawal amount. Next, the total withdrawals of Lido and a certain trading platform have also exceeded 230,000 ETH. In addition, the total withdrawals from a certain trading platform, stakefish, RocketPool, Staked.us, and Figment have all exceeded 10,000 ETH.
If partial withdrawals are considered passive withdrawals and full withdrawals are considered active withdrawals, the current withdrawal structure indicates that most institutions/protocols primarily engage in passive withdrawals, with staking expectations remaining relatively stable. Passive withdrawals are also more likely to return, which may be one reason for the stable rise in cryptocurrency prices.
As of April 26, the total withdrawable amount from various institutions/protocols and major token addresses is approximately 635,800 ETH. Among them, the total withdrawable amount from a certain trading platform is approximately 192,000 ETH, accounting for about 30.20%. Additionally, the total withdrawable amount from another trading platform is also relatively high, approximately 96,300 ETH, accounting for about 15.10%.
Analysis of Changes in Total Staked Amount
After the Ethereum upgrade, the overall network operation is stable, with the total amount of staked assets rising from 18.1659 million ETH on the day of the upgrade to 18.5531 million ETH, an increase of 387,200 ETH, which is approximately a rise of 2.13%. The average daily increase is about 0.15%, slightly higher than the average daily increase of 0.13% in the year prior to the upgrade. This indicates that after the upgrade, Ethereum's staking activities are generally more active.
From the daily month-on-month changes, the stake amount of Ethereum tends to stabilize, and the daily month-on-month change shows a downward trend. Only on the 15th, 20th, and 24th, the cumulative stake amount's daily month-on-month change was negative, and these three days correspond to the peak withdrawal period.
Specifically regarding the changes in the staking amounts of each institution/protocol, after the upgrade, Lido attracted the most staking amount, approximately 207,400 ETH, followed by Staked.us and stakefish, which attracted 122,800 ETH and 92,700 ETH respectively. Certain trading platforms attracted staking amounts of around 40,000 ETH.
Considering the net flow changes of the staked amount, apart from a certain trading platform, this trading platform is the institution with the largest net outflow after the upgrade, with a net outflow of about 198,200 ETH. Lido and a certain trading platform also had significant net outflows, approximately 57,500 ETH and 29,200 ETH, respectively. In contrast, Staked.us, stakefish, a certain trading platform, Frax, and RocketPool had significant net inflows, all exceeding 20,000 ETH, with the highest being Staked.us at nearly 100,000 ETH.
Stake Yield Rate Analysis
Currently, the expected annualized staking yield for Ethereum is approximately 4.27%, and the expected annualized staking yield after yield adjustment is about 3.86%. Furthermore, over time (with the rise in staking amount), the expected annualized staking yield shows an exponential decline trend.
In contrast, the staking products interest rates offered to users by various staking institutions/protocols are all higher than the "benchmark interest rate" mentioned above. The average expected annualized staking yield of the 18 staking institutions/protocols within the statistical range is approximately 5.45%. By category, the average expected annualized staking yield of LSD protocols is the highest at around 6.17%. Next is StakingPool, with an average expected annualized staking yield of about 5.81%. The average expected annualized staking yield of CEX is the lowest at approximately 4.63%.
Currently, a certain trading platform has the highest staking interest rate, as the marketing campaign additionally offers a 10% return and USDT rewards. In addition, institutions/protocols with returns exceeding 7% include Ankr, RocketPool, and stakefish, with the excess returns possibly coming from MEV.
Among the three different types of staking institutions/protocols, the most noteworthy is the LSD protocol. These protocols solve the liquidity issue of staked ETH by issuing staking certificates, and now these staking certificates offer users higher yield potential through DeFi "Lego".
For example, Lido, which has the highest staking amount, has 25.77% of its issued staking certificate stETH wrapped into wstETH. The main holding addresses of the latter include Aave, Balancer, Arbitrum Gateway, and Optimism Gateway, allowing users to participate in a wide range of DeFi activities through wstETH.
Currently, another "Lego" that is worth paying attention to is re-staking, such as EigenLayer, Aura, Pendle, Agility, unshETH, ether.fi, etc. These LSDFi integrate the liquidity of LSDs, providing users with high-yield mining pools or collateralized lending of stablecoins. However, these protocols also threaten the negative feedback paths built into Ethereum staking. When circular staking becomes a higher-yield use case, the rise in staking amounts no longer leads to a decrease in staking rewards, resetting the economic logic of Ethereum and potentially having more far-reaching effects.