Ethereum staking has sparked debate after reports claimed more than 50% of its total supply is locked. However, analysts say the real active staking level is much lower, closer to around 31%.
Blockchain analytics firm Santiment said that 50.18% of Ethereum’s supply — about 80 million ETH — is recorded in the staking deposit contract. This would mark the first time staking crossed the symbolic 50% milestone.
But analysts at CoinShares challenged the claim. Researcher Luke Nolan said the figure is misleading because the deposit contract only tracks deposits and does not remove withdrawn funds.
This means the total shown includes ETH that may no longer be actively staked. According to CoinShares, the actual amount of ETH actively securing the network is closer to 37 million ETH, or about 30.8% of the total supply.
Other analysts using blockchain tracking tools also reported similar results, suggesting that active staking remains closer to 30% rather than 50%.
Staking is important because it helps secure the Ethereum network and allows users to earn rewards. Higher staking levels usually signal strong confidence from investors and long-term holders.
The disagreement highlights how crypto data can be interpreted differently depending on how it is measured. While Ethereum staking continues to grow, experts say the real active participation rate is still well below the headline 50% figure.
The debate also shows the need for clearer metrics as Ethereum continues to expand its role as one of the world’s largest blockchain networks.
