Ethereum Staking in 2023: A Year of Growth and Transformation

The Merge upgrade, which effectively brought the Proof-of-Stake (PoS) mechanism to Ethereum, was activated almost a year ago. The subsequent Ethereum Shapella upgrade, which allowed staked ETH withdrawals, is about six months old. With these two monumental changes, we saw the rise of the Ethereum staking industry, which already counts more than $40 billion worth of staked assets and has generated over $1.6 billion in total staking rewards, a proxy for total revenue.

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