Today, I contributed to Spencer Noon’s excellent crypto analytics newsletter, Our Network. I provided coverage on Ethereum and wanted to share my portion with the Delphi community. Be sure to check out the full Our Network post on Ethereum, Bitcoin, Cosmos, and Decred here.


  • Total ETH sent to the ETH 2.0 Deposit contracts totals 1.37m ETH ($774m), signaling strong demand for participation in Proof of Stake. Since the launch of Phase 0 on Dec 1, ETH deposits as a supply sink have outweighed ETH supply issuance 3.7 to 1. Since the deposit contract was enabled, total ETH deposited as % of newly issued supply has reached 262%. These strong inflows are also driven by higher staking yields, currently at 16% annualized, that are given early on to incentivize validators. As more staking services come on board, whether it be centralized exchanges or liquid staking platforms, this democratizes access to staking. This dynamic coupled with incentives offered by services to attract users will keep ETH deposits flowing even as yields gradually lower. (Source 1 , 2).

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