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ETH · 4w

Just 100,000 Addresses Have Enough ETH to Stake

Ethereum is scaling and soon it will be staking with the question in everyone’s mind being just how many eths might be locked for staking, and therefore what might be the returns.

A new data analytics website says that only 118,382 wallets have more than 32 eth, the amount required to solo stake.

They claim this data is derived from EthereumETL, a somewhat cool project that allows you to parse blockchain data into spreadsheet readable form or for databases.

If these circa 100,000 wallets had precisely 32 eth, then many ethereans would be vary happy as it would mean only 3,788,224 eth can stake. Thus the returns would be huge:

Staking returns estimates by Vitalik Buterin

So at less than 5 million staking eth, you’d get a 10% return, or 3.2 eth a year, which beats even stocks.

However, they do not provide the amount of eth held by these wallets. When we look at that, the picture is quite different:

Top eth holders, June 2020

There appears to have been a very big increase in the eth holdings of exchanges since the last time we looked in June 2018 just as the bear market was beginning with some speed.

Back then the top address had just 1.5 million eth and it probably was an exchange’s cold wallet. The reason probably being that more and more were sitting on fiat.

Now it appears more and more are accumulating and holding, with Bitfinex alone having an astonishing 5 million eth.

So the top 10,000 addresses probably have at least 30 million eth, with the smallest holding among those addresses having fallen a bit to 746 eth from about ◊800 two years ago.

With 30 million eth staked the returns are about 3%. Quite a bit more than what you can get on Compound which gives only 0.01% because there’s too much supply and not enough eth borrowing demand.

That’s presumably because with some risk you can get a one off 50% of your eth holdings in DAI, which you can then margin up and hope you don’t ge...

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