Ether Staking Deposits Boom as Traders Flock to Meme Coins

05/09 11:25

The recent surge in popularity of meme coins like pepecoin has led to a strain on the Ethereum network, causing transaction fees to reach a 12-month high. As a result, more than 200,000 ether have been deposited to the network this week, marking the first time deposits have exceeded withdrawals since the Shapella upgrade in April. This brings the total number of ether locked for staking purposes to over 19 million tokens, or approximately 15% of the total circulating supply. Lido Finance, a protocol that issues alternative tokens to depositors, currently holds over 6 million staked ethers. Stakers can earn rewards in the form of tokens, with some platforms offering up to 21% yield.

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