Ethereum Staking Update: Over 41 Million ETH Locked
Since the successful implementation of “The Merge”—Ethereum’s transition to a proof-of-stake (PoS) mechanism—on September 15, 2022, the amount of staked ETH has continued to rise.As of September 20, 2026, the total amount of ETH locked in Ethereum staking contracts has reached approximately 41 million, accounting for roughly 33.5% to 34% of Ethereum’s total supply.This figure is significantly higher than any previous record set by early staking contracts, such as the 6.59 million ETH reached on August 9, 2021.
The “Merge” upgrade merged the original Proof-of-Work (PoW) mainnet with the Beacon Chain, marking a significant reduction in Ethereum’s energy consumption. Subsequently, the Shapella (Shanghai + Capella) upgrade, completed in April 2023, further enabled the withdrawal of staked ETH, providing stakers with greater flexibility.
Strong Staking Demand and Enhanced Network Economic Security
Currently, demand for staking on Ethereum remains strong. As of September 20, 2026, staking demand exceeded withdrawal requests by 13.6 times, with approximately 2.48 million ETH awaiting entry into the validator set and a wait time of about 50 days for new deposits to be activated.This strong staking demand not only reflects investors’ long-term confidence in the Ethereum ecosystem but also significantly enhances the network’s economic security.
The Ethereum Foundation has also begun staking a portion of its treasury ETH to strengthen network security, optimize fund management, and support future development through protocol-native revenue. As of March 21, 2025, the Foundation had staked approximately 30,000 ETH.Currently, the annualized yield (APY) for Ethereum staking—based on the base consensus yield—is close to 2.7%. When combined with MEV (Miner Extractable Value) and priority fees, the actual total yield ranges between 3.1% and 3.3%.
Major Staking Service Providers and the Validator Ecosystem
Running an Ethereum validator node requires staking 32 ETH. As the staking ecosystem has matured, numerous centralized and decentralized staking service providers have emerged. Among them, Lido is the largest liquid staking protocol, with a market share of approximately 23% as of June 2026.Other major staking platforms include Coinbase, Kraken, Binance, OKX, Rocket Pool, and Ether.fi. As of mid-June 2026, the number of active validators on the Ethereum network had exceeded 1.24 million.
Discussions and Controversy Surrounding Issuance Policy Adjustments
As the proportion of staked ETH continues to grow, some Ethereum researchers and developers—including Justin Drake of the Ethereum Foundation—have proposed the EIP-8363 draft.The proposal recommends adjusting the issuance policy to reduce validator rewards more significantly as the proportion of staked ETH rises. This move aims to address potential centralization issues arising from the growing share of staked ETH and to ensure that ETH remains a neutral, trustless store of value.
However, the EIP-8363 proposal has also sparked widespread backlash within the community. Critics worry that cutting rewards could squeeze out independent validators, weaken institutional demand for ETH, and potentially disrupt the DeFi markets built around staking yields, thereby affecting Ethereum’s level of decentralization.
