{"id":248139,"date":"2024-02-16T01:07:27","date_gmt":"2024-02-15T19:37:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=248139"},"modified":"2024-02-16T01:07:27","modified_gmt":"2024-02-15T19:37:27","slug":"ether-hits-19-month-high-amid-restaking-boom-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ether-hits-19-month-high-amid-restaking-boom-crypto-news\/","title":{"rendered":"Ether Hits 19-Month High Amid Restaking Boom – Crypto News"},"content":{"rendered":"

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Over a quarter of the ETH supply is now staked, with 1.5M ETH ($4.2B) added this year alone.<\/p>\n

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As better-than-expected Bitcoin ETF inflows<\/a> buoy crypto markets, the second-largest digital asset may finally be waking up.<\/p>\n

ETH has surged 16% in the past seven days and is trading above $2,800 for the first time since May 2022, just before the $40B implosion<\/a> of Terra.<\/p>\n

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ETH Price<\/figcaption><\/figure>\n

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The ETH\/BTC ratio is on the rise after hitting its lowest level in nearly three years in January. Ether has generally underperformed Bitcoin since the Merge<\/a> transitioned the network to proof-of-stake in September 2022.<\/p>\n

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On Feb. 7, the amount of Ether staked to secure the network crossed 30M ETH for the first time, pushing the staking rate above 25%, an all-time high. More than 10M ETH ($28 billion) has been staked since Ethereum\u2019s Shanghai upgrade went live in April 2023.<\/p>\n

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ETH Staking Flows<\/figcaption><\/figure>\n

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After remaining relatively flat in December, deposits accelerated in 2024 due to the ongoing EigenLayer restaking<\/a> boom. DeFi investors have plowed over $6 billion into the highly anticipated protocol, leading it to amass more than 10% of all liquid staking tokens<\/a> (LSTs) in circulation.<\/p>\n

DeFi TVL Approaches $50 Billion<\/h2>\n

The total value locked (TVL) in DeFi protocols on Ethereum stands at $49 billion, a nine-month high. In ETH terms, TVL is up 20% in the past month alone, mainly driven by EigenLayer and linked protocols<\/a> like Pendle and ether.fi.<\/p>\n

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\"Ethereum
Ethereum DeFi TVL<\/figcaption><\/figure>\n

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Surging on-chain activity driven by ERC404 tokens<\/a> has resulted in elevated transaction fees, which sit at a two-month high. ETH has slipped back into deflationary territory, with 28,600 ETH \u2013 $80 million \u2013 burned<\/a> in the past seven days.<\/p>\n

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