According to the latest data from Token Terminal, Ethereum's (ETH) staking ratio has climbed to 32.4%, reaching a new all-time high. The staking ratio represents the percentage of the total circulating supply that is locked in staking contracts for proof-of-stake (PoS) consensus, commonly used as an indicator of network security participation. Since Ethereum completed its transition from proof-of-work (PoW) to proof-of-stake through the Merge in September 2022, the staking ratio has shown a steady upward trend.
The breakthrough to 32.4% reflects the widespread adoption of liquid staking derivatives (LSDs). Protocols like Lido Finance allow users to stake ETH while receiving derivative tokens such as stETH, enabling them to participate in network security while maintaining asset liquidity. This mechanism lowers the technical and capital barriers for individual staking, attracting more ETH holders to deposit their tokens into staking contracts and further driving up the overall staking ratio.