Ethereum transaction volumes see year-high amid SEC staking drama
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Transactions on the Ethereum network have hit yearly highs as the SEC deliberates on how to classify liquid staking protocols.
Transactions on the Ethereum network have reached a one-year high as the US Securities and Exchange Commission issues new guidance on staking.
This comes amid historical highs in Ether staked on the network; according to Dune Analytics, over 36 million Ether (ETH) is now staked on Ethereum, representing nearly 30% of the total token supply.
A large number of tokens locked into smart contracts indicates that Ether holders are hunkering down, preferring to render their ETH unsellable for the time being in exchange for staking rewards.
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