Ethereum Staking Address Now Holds Over Half ETH Supply For First Time Ever: Santiment

Ethereum’s proof-of-stake contract address now holds over half of the Ether supply “for the first time in the coin’s eleven-year history,” reported on-chain analytics provider Santiment on Wednesday.

This appears somewhat misleading, as approximately 37 million ETH are currently staked, representing approximately 30% of the total supply of 121.4 million tokens. However, Santiment explained that there is often confusion about how the proof-of-stake address works. It described the address as a “one-way vault that temporarily locks ETH to help secure the network.”