<\/p>\n
Ethereum staking deposits have declined slightly in recent weeks due to increased regulatory pressure and the Shapella upgrade slated for April 12.<\/p>\n
On April 9, on-chain analytics provider Glassnode reported on the current state of the Ethereum staking ecosystem.<\/p>\n
The data revealed that deposit activities are currently low \u201cdue to regulatory pressure and the Shanghai upgrade.\u201d<\/p>\n
Financial regulators in the United States have been coming down hard on crypto this year. The Securities and Exchange Commission (SEC) is adamant that Ether (ETH) is a security and has cracked down on staking despite there being no official legislation from Congress classifying ETH as such.<\/p>\n
The Ethereum network will undergo a long-awaited upgrade on April 12. The Shapella hard fork, also known as the Shanghai hard fork, will enable the phased release of ETH staked on the Beacon Chain.<\/p>\n
These two factors have caused the dip in Ethereum staking deposits, according to Glassnode.<\/p>\n
The firm also noted that major centralized exchanges such as Coinbase, Binance, and Kraken have lost a lot of market share to the liquid staking platform Lido.<\/p>\n
\u201cAs the dust settled between the three giants, it was Lido who emerged victorious, continuing to dominate deposit inflows as of present,\u201d it noted.<\/p>\n
\nDeposit trends by staking providers have exhibited a clear shift over time with Kraken, Binance and Coinbase jousting for deposit allocations across the Beacon Chain’s early days.<\/p>\n
As the dust settled between the three giants, it was Lido who emerged victorious, continuing to\u2026 pic.twitter.com\/yp50NWQ5XJ<\/a><\/p>\n