There are 14.9 million ETH left on exchanges. The lowest in five years, and down from more than 33 million at the 2021 peak.
There are 43.3 million staked. More than a third of every ethereum in existence.
In 2021 the exchanges held close to four times what the chain did. Today the chain holds nearly three times what the exchanges do.
The market has already moved. If your ETH is still sittiing idle, staking is where you start.
$ETHx · staderlabs.com/eth
There is $13.1 billion of ETH supplied to Aave's core Ethereum market right now.
59% of it is not ETH. It is a liquid staking or restaking token.
The collateral base of the largest lending market on Ethereum is now, mostly, staked. 🧵
The borrowing side is the reverse of it.
Of the $4.4 billion borrowed there, 99.8% is plain ETH. The staked and restaked tokens account for roughly $7.5 million against the $7.8 billion supplied. About one dollar borrowed for every thousand posted.
The collateral goes in. It does not come back out.
There is $13.1 billion of ether supplied to Aave's core Ethereum market right now.
59% of it is not ether. It is a liquid staking or restaking token.
The collateral base of the largest lending market on Ethereum is now, mostly, staked.
The borrowing side is the reverse of it. Of the $4.4 billion borrowed there, 99.8% is plain ETH.
The staked and restaked tokens account for roughly $7.5 million against the $7.8 billion supplied. About one dollar borrowed for every thousand posted.
The collateral goes in. It does not come back out.
The ETH/ETHx pool on Curve is currently yielding approximately 7.3%.
Liquidity providers earn trading fees and CRV incentives, while the ETHx side of the position continues to accrue staking rewards throughout.
$ETHx
Your ETHx balance never changes.
1 ETHx is 1.096 ETH today. A little less yesterday, a little more tomorrow. That's the design: the number in your wallet sits still, the value behind it doesn't.
Nothing to claim, nothing to compound.
$ETHx
HBARx Update
Effective today, the HBARx commission has been updated to 12%.
Everything else remains unchanged. Same staking, same liquidity, same rewards flowing through your HBARx exchange rate.
No action needed.
34.73% of all the ETH in existence is now staked.
42.4 million ETH. The highest it has ever been.
And the base rate everyone earns on it is about 2.5%. 🧵
That rate is roughly the same wherever the ETH sits.
A fund, a treasury, an exchange, someone staking from a laptop. Same protocol, same block rewards, same base rate.
So the rate isn't what separates one staked position from another any more. It hasn't been for a while.
$SD just keeps giving!
ETHx node operators earned 5.5% $SD rewards for the last cycle (8 Jul – 5 Aug '26).
Every one of them posts their own bond and runs their own hardware. The rewards are what that work pays.
staderlabs.com/eth
Ethereum's researchers publish something called the strawmap. Straw as in strawman, a roadmap that shows up expecting to be argued with.
It sets five north stars for 2029. Finality in seconds. A gigagas a second on L1, which is somewhere around 10,000 transactions a second. Cryptography that survives quantum computers. Shielded transfers on L1. Far more data availability for rollups. Underneath all of it, recursive STARK verification doing the job re-execution does today.
Vitalik went through it goal by goal and put the scale of it next to the Merge.
Here is the part worth sitting with. The document refuses to call itself a schedule. It says plainly that it is not a prediction, that it is a coordination tool, and that you should be skeptical of its own timelines.
And then it got exactly what it asked for. Dankrad Feist read three to four years, called it "very slow", and argued it could be done in about one.
If you stake, that argument is the good news. The chain you are helping secure is not finished. It says so in writing. And the people building it are arguing about how fast to change it, not whether to.
Same crowd that swapped Ethereum's entire consensus mechanism while it was live. Network running, no downtime.
strawmap.org
Vitalik published the Lean Ethereum strawmap last month: rebuild the L1 around STARK verification instead of re-execution, over three to four years.
The targets are 1 gigagas a second on L1, which is roughly 10,000 transactions per second at the base layer, full quantum resistance, native private transfers, and finality in one or two rounds. He compared the scale of it to the Merge.
Then came the part most of the coverage skipped. Core devs backed the direction and went straight at the timeline, not for being reckless but for being slow. Dankrad Feist called three to four years "very slow" and argued it could be done in about one.
So the objection to the biggest rebuild since the Merge is that it is not happening fast enough.
If you stake, that is the useful part. The chain you are securing is not finished, and nobody working on it is pretending otherwise.
We would file that under reassuring. Ethereum has already swapped its entire consensus mechanism while live, network running, no downtime. The people who pulled that off are the ones now asking for a shorter deadline.
Your staked ETH does not have to sit still.
$ETHx works as lending collateral, as one side of a liquidity pair, and as a vault deposit - while the
staking rewards keep accruing underneath.
One position. Two jobs.
Your HBARX balance never changes. The rate does.
1 HBARX = 1.4194 HBAR today.
Staking rewards accrue into the exchange rate - nothing to claim, nothing to re-stake.
You hold the same number. It just buys more HBAR.
staderlabs.com/hedera
200+ independent node operators run ETHx validators.
Every one of them posts their own bond, runs their own hardware, and answers to the same standard.
Decentralization is a number you can count.
staderlabs.com/eth
The 2024 basis trade paid 40%+. Today: 4-5%. Lending: under 4.
Crowded yields decay: more capital, same trade, thinner spread.
Staking is paid by the network for securing it - no crowd required.
And with LSTs it stays liquid, composable, restakeable.
$ETHx
The biggest staker on Ethereum is a Nasdaq-listed company.
BitMine holds 5.77M ETH - about 4.8% of every ETH in existence - with 4,917,189 ETH staked. That’s more than Lido’s entire book.
It gets there through a private stack of institutional operators: the kind of bespoke setup an $11B balance sheet can go out and negotiate, and almost nobody else can.
A liquid staking token is that same capability, made permissionless. Professional operators, staked ETH that stays liquid, at any size - with no custody desk or treasury team of your own.
BitMine had to build its way to a validator set. An LST is how everyone else gets there without building anything at all.
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