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Cryptogambling / Staking Rewards for Ethereum Validators Reach All-Time High of $46M

Staking Rewards for Ethereum Validators Reach All-Time High of $46M

Publish Date: 11/05/2023
Key Points
  • Ethereum staking reached an all-time high of 8.6% post-merge, with validators earning $46 million.
  • The earnings for validators are linked to the increase in gas prices on the Ethereum network caused by the recent trading of the new memecoin called Pepe (PEPE).
  • The recent Shapella upgrade, which allows validators to withdraw funds for the first time, has led to a large increase in institutional interest in ETH staking.

Ethereum staking hit a new record of 8.6% post-merge with validators earning $46 million in the first week of May.

The earnings are linked to an increase in the staking rewards rate, which is a metric for the validator’s annualized yield.

According to the data, validators earned close to 24,997 Ether in the week, which represents a 40% increase, quite above earnings for the previous week’s income of $33 million. The data further shows that 18,339 ETH was given out as a reward.

What caused these Increased Earnings?

The cause of this increased earning is due to the recent trading case of a new memecoin called Pepe (PEPE). The average costs on the Ethereum network surpassed 100 gwei during the previous week, which is the highest amount since May 2022. End users pay more than $30 for each exchange as gas prices rise, which boosts validators’ fee income from processing transactions and their regular validator incentives.

According to Beaconcha.in the annualized return for validators is indicated by the current stake rate. Validators on Ethereum are required to stake a minimum of 32 ETH, or about $58,000, in order to participate in the network’s consensus process.

There are two types of rewards identified by ETH Store, a company that measures reward rates: consensus rewards for proposing and attesting blocks, and transaction fees for processing transactions on the Ethereum network.

Is it Worth it? Trader Goes All-In on Memecoin, Spends $120K on Gas

On May, 8, according to an update from the renowned blockchain tracking website Whale Alert, the lone trader paid an amazing $119,157 in ether to complete a Uniswap trade that exchanged 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens.

Whale Alert
2023-05-11 07:03
💸 A fee of 64 #ETH (119,121 USD) has just been paid for a single transaction! https://t.co/3w4UD0AZbw
1470 360

It seems that the trader consciously increased their gas fee to shorten the time needed to complete the transaction to buy the memecoin. The trader in issue is holding 133 ETH ($245,667) in unrealized profit on their investment in the memecoin, claims fictitious Twitter account FlurETH.

Flur
2023-05-11 07:03
@MinisterOfNFTs fam i’ll explain what happened in your screenshot so nft influencers aren’t made fun of later like bitboy is now a sniper paid 64 eth in tx fees to speed up his transaction and be the second buy on $four 13.7 billion $four is now worth 281e 281 – (64 +84) = 133 eth profit 💰 https://t.co/9hbp8JTQYd
133 15

Why Shapella Upgrade might be giving this a Push

With the Merge in 2022, the Ethereum network switched to a proof-of-stake consensus process. More recently, the Shapella upgrade allowed validators to withdraw funds for the first time, which has led to a large increase in institutional interest in ETH staking.

Conclusion

With the recent surge in the price of ETH, coupled with the growing adoption of decentralized finance (DeFi) applications and non-fungible tokens (NFTs), the demand for transactions on the Ethereum network has increased dramatically. This has led to a corresponding increase in the number of validators participating in securing the network, as well as the amount of ETH being staked.  It is safe to say that as the network continues to mature and new use cases emerge, it is likely that the rewards for validators will continue to increase, making staking an attractive option for those looking to earn passive income from their ETH holdings.

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