Ethereum staking revenue drops ahead of the Shanghai upgrade
Data shows that the Ethereum (ETH) staking revenue has dropped by 13.6% in just a week. The fall comes hours ahead of the highly anticipated Shanghai upgrade, scheduled for April 12 at around 22:27 UTC.
According to data provided by Staking Rewards, Ethereum’s validator revenue plunged from $2.43 billion on April 5 to $2.1 at the time of writing. Per the chart, the earnings have constantly been dropping over the past week.
Moreover, the fall of the blockchain’s staking revenue comes with the ETH price drop. Ether is down by 2.74% in the past 24 hours and trading at roughly $1,870 at the time of writing, per data provided by TradingView.
According to a report on April 11, ethereum’s price drop has been expected with the Shanghai upgrade, since validators will finally be allowed to withdraw their funds from the network.
While the seven-day data shows a revenue drop, Ethereum’s stakers have witnessed a massive surge since the start of 2023. The validator earnings have risen by 97% over the past 90 days, per data provided by Staking Rewards.
Per the data, Lido Finance still has the largest share of the second-largest blockchain, accumulating roughly 31% of the total staked ETH alone.
As the Shanghai upgrade approaches, the number of Ethereum’s validators is highly expected to rise.