Golem Project Embraces ETH Staking Hype by Securing 40K Tokens

Key Points

• Project Golem stakes over $124 million worth of ETH, boosting Ethereum’s staking frenzy.
• ETH staking surges ahead of possible U.S. spot ETH ETFs launch.

Project Golem, a marketplace for distributed computing based on Ethereum (ETH), has recently staked a significant amount of ETH.

The company reportedly staked 40,000 ETH, which is valued at over $124.6 million, on the 11th of July. This move was a departure from the company’s recent selling activities.

Staking to “Create Space”

The Golem Network confirmed this move, stating that the purpose of the staking was to “create space” for network participants. This would allow developers, researchers, and entrepreneurs to bring their ideas to the network and contribute to the Golem ecosystem.

The staking frenzy has been particularly noticeable in Ethereum. This is likely due to the impending launch of U.S. spot ETH ETFs.

Increasing ETH Staking

In addition to Golem’s staking, an unmarked address also locked over 6,000 ETH. This has resulted in a total of 47.5 million ETH being locked on the Beacon Chain, Ethereum’s system for validating new blocks.

This increase in staking, particularly ahead of the U.S. spot ETH ETF debut, suggests a bullish sentiment. This is further reinforced by the fact that more ETH is being moved off exchanges.

However, from a short-term perspective, many addresses were at a loss at the $3.2K and $3.5K levels. Investors may try to take a profit if they break even, making these prices key levels to watch in the short term.