Ethereum transaction volumes see year-high amid SEC staking drama

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.

Read more