Kraken Leads in ETH Staking Withdrawals, Nansen Analysis Shows
A recent analysis by Nansen has revealed that Kraken, a US-based cryptocurrency exchange, is leading the way in the amount of staked ETH waiting for withdrawal. According to the report, Kraken topped the list with 70.8% of the total ETH waiting for withdrawal. Coinbase and Huobi, a Seychelles-based cryptocurrency exchange, followed with 6.56% and 5.78% of total withdrawable ETH, respectively. “Others” and Cream, an open-source and blockchain-agnostic protocol, also made the list with 4.5% and 3.42% of the total withdrawable ETH, respectively.
However, some cryptocurrency proponents on Twitter claimed that the recent spike in ETH-staked withdrawals on Huobi was due to the handover of new and old shareholders. One user suggested that the creator of Huobi, Li Lin, was forced to perform a handover once the withdrawal was opened, which necessitated withdrawing some ETH from the exchange and depositing it back. This procedure could have produced more withdrawals and deposits than usual, which might have led to the platform’s recent spike in ETH withdrawals.
This news comes amid the Shanghai (Shapella) Upgrade, which combines changes to Ethereum’s execution layer (Shanghai upgrade), consensus layer (Capella upgrade), and the Engine API. The Shanghai upgrade for Ethereum, which is already live, will complete the transformation of Ethereum to a “proof of stake” blockchain, which uses over 99% less energy than the “proof of work” blockchain that runs the Bitcoin network.
Kraken’s dominance in ETH staking withdrawals could be attributed to its reputation as a reliable and secure cryptocurrency exchange. Kraken has been in operation since 2011 and has earned a reputation for being a safe and secure platform for trading cryptocurrencies. The exchange has also been proactive in implementing security measures to protect its users’ funds, such as two-factor authentication and cold storage for storing cryptocurrencies.
Moreover, Kraken has been expanding its offerings to attract more users. The exchange recently added support for Solana (SOL) and Serum (SRM) tokens, which are part of the Solana blockchain ecosystem. Kraken also launched a mobile app for trading cryptocurrencies on the go. These initiatives have helped Kraken to attract more users and increase its trading volume.
In conclusion, Kraken’s dominance in ETH staking withdrawals is a testament to its reputation as a secure and reliable cryptocurrency exchange. While other exchanges are also waiting to cancel their ETH staking, Kraken’s position at the top of the list is a reflection of its commitment to providing a safe and secure platform for trading cryptocurrencies. As the cryptocurrency market continues to grow, Kraken is well-positioned to take advantage of the opportunities that come with it.
