🚀 ETH Staking Deposits Skyrocket: DeFi Week of May 7

The Defiant

Weekly Recap

Happy weekend Defiers! Here’s what we covered this week!

Ethereum activated staked ETH withdrawals for the first time just one month ago, and the number of ETH staked on the Beacon Chain is now the same as it was when Shapella was activated. Staked Ether deposits are up 500% since the upgrade went live, offsetting the gradually thinning queue for withdrawals.

Memecoin mania continued to dominate headlines this past week. The rocketing markets for fungible tokens leveraging Bitcoin’s (Ethereum-inspired) BRC-20 token standard inspired Litecoin to get in on the action, with its new LTC-20 tokens driving a 500% surge in on-chain activity.