Ethereum Transactions Reach Record 1.74 Million Amid Staking Surge
Ethereum network transactions reached a record high as staked ether (ETH) levels increased, following positive regulatory developments for liquid staking.
- The seven-day average of daily transactions hit 1.74 million, surpassing the previous record of 1.65 million from May 2021.
- The SEC stated that certain liquid staking activities do not qualify as securities under the 1933 Securities Act, reducing legal uncertainties.
- More than 36 million ETH, approximately 30% of supply, is locked in staking contracts, indicating holders are prioritizing yield over liquidity as prices approach $4,000.
- ETH's price is bolstered by public crypto treasury companies holding substantial amounts, totaling $11.77 billion in ETH, with major holders including BitMine Immersion Technologies and SharpLink Gaming.
- Vitalik Buterin emphasized the value of ETH as a treasury asset but warned against excessive leverage leading to potential market issues.
- ETH has surged 163% since April, trading near $3,909, narrowing its gap with bitcoin and solana.
- Over 500,000 ETH, valued at about $1.8 billion, was staked in the first half of June, reflecting rising confidence and declining liquid supply.