, wallets that hold stETH are categorized based on the amount of stETH they have. Wallet addresses with over 10,000 stETH are referred to as whales.
Those that hold between 3,000-10,000 are Orcas, while those with 1000-3,000 stETH tokens are known as dolphins.stETH tokens can be obtained in a variety of ways. It can be obtained through staking Ether coins, buying on a decentralized exchange , or by receiving from an Externally Operated Address and a centralized exchange .
According to Dune Analytics, staking Ethereum remains the most preferred mode of acquiring stETH by these aforementioned wallet categories.Furthermore, the market is dominated by players who stake their ETH so as to sell the stETH tokens they receive on DEXes. There are others who provide stETH/wstETH liquidity to DEX pools, use stETH as collateral for ETH & non-ETH loans, or hold the tokens passively.According to data from OKLink, at 11.3%, the ETH staking rate has grown by 2% in the last three months.
In addition, the total number of addresses that have pledged ETH coins towards the ETH 2.0 Merge has grown by 5% within the same window period.While the cumulated value of ETH coins pledged towards the Merge has grown considerably, on a day-to-day basis, there has been a consistent decline since November 2021.Impacted by severe macroeconomic conditions and the general downturn of the cryptocurrency market, the price per ETH has declined by 8% in the last month.
yea its going to go down lol
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