Will Canny is CoinDesk's finance reporter.
The Ethereum blockchain validator queue has emptied for the first time since the Shanghai upgrade in May, a signal investor demand for ether staking is leveling off, Coinbase said in a research report Friday.With the validator entry at peak capacity in recent months, staking yields have dropped to 3.5% from more than 5%, the report said.
“The yield on staked ether provides a floor for the crypto ecosystem,” wrote analysts David Duong and David Han, “providing a benchmark for alternative crypto investments.” If underlying activity and transaction fees remain consistent on the network, Coinbase says it expects the staking yield to remain flat now that validator growth has slowed.
Activity on the Ethereum mainnet held steady during the third quarter, while its total rollup transactions increased, the note said. “With no major Ethereum protocol upgrades until Dencun, which is likely to occur in the first half of 2024, we see no major technical drivers that would meaningfully impact onchain activity – barring major new protocols or egregious hacks,” the report added.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a.
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