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ETH The Ethereum pledge ratio hit a record high of 33.9%, and 40.7 million ETH have been locked. Although the annualized rate of return has dropped to approximately 1.74%, the pledge participation rate continues to rise. While expanding the threshold for participation, liquidity pledge services also reduce the tradable supply of Ethereum.
The Ethereum pledge ratio continues to climb despite declining rewards
According to data shared by Token Terminal, the Ethereum pledge ratio has climbed to a record 33.9%, the highest level in network history. BMNRBullz also highlighted the milestone in a tweet, pointing out that more than one-third of ETH's are currently locked in pledge contracts. The increase in Ethereum pledge ratio comes as ETH is trading at a price ranging from $1,940 to $2,000, reflecting the undiminished confidence in the network despite the decline in pledge yields.
The pledge ratio of Ethereum will continue to grow steadily in 2026. It rose from 30% in January to 32.4% in early June, and then reached the current 33.9% in mid-July. 
Data shared by Token Terminal
Interestingly, even though the annualized rate of return has dropped to about 1.74%, the pledge participation rate is still expanding. The time for validators to enter the queue is extended from time to time, while exit operations are relatively limited, indicating that the market demand for ensuring Ethereum network security continues.
Liquidity pledge services also lower the threshold for participation. Users can participate in the pledge without running the verification node or holding 32 ETH pieces, which allows more users to participate in the pledge of ETH.
Ethereum pledge ratio highlights supply and security trends
The increase in the proportion of Ethereum pledges has reduced the amount of ETH that can be used for transactions at any time, resulting in a tightening of circulation supply. In a post posted on the X platform, BMNRBullz pointed out that record levels of pledge mean shrinking circulation supply, enhanced network security, and accelerated growth in institutional demand.
ETH pledge reaches record high
Ethereum pledge ratio has reached a historical record of 33.9%.
More than one-third of ETH's have been locked out for network security.
Circulation supply continues to decrease.
More ETH pledged means less ETH available for transactions.
Institutional demand is still there...
Lido remains the largest pledge service provider, controlling approximately 19.4% of pledged ETH. Centralized exchanges, including Binance and Coinbase, as well as decentralized platforms such as ether.fi and Figment, also account for a significant share of verifiers.
