Staking has emerged as one of the most popular decentralized financial services in the blockchain space. As more users recognize the power of compounding returns, staking is increasingly becoming a modern form of digital savings. With both Cardano (ADA) and Ethereum (ETH) operating on proof-of-stake (PoS) consensus mechanisms, millions of users are participating in network validation to earn passive income. But just how many people are staking ADA and ETH?
While exact figures remain elusive due to data obfuscation by centralized exchanges, we can analyze available metrics to estimate participation levels and compare decentralization across both networks.
Understanding ADA and ETH Staking Ecosystems
Cardano introduced staking in mid-2020, while Ethereum transitioned from proof-of-work (PoW) to PoS in September 2022. Both networks allow token holders to earn rewards by delegating or directly validating transactions.
However, their architectures differ significantly:
- Cardano supports native delegation without minimum requirements. Users can delegate any amount of ADA from their personal wallets to stake pools.
- Ethereum requires 32 ETH to run a validator node, creating a high barrier for solo stakers. Most users rely on liquid staking derivatives (LSDs) or centralized providers.
These structural differences shape user behavior, accessibility, and ultimately, network decentralization.
Estimating ADA Stakers: Accessibility Meets Decentralization
Over 23 billion ADA—approximately 80% of the circulating supply—is currently staked. This high participation rate reflects Cardano’s user-friendly staking model.
Native Delegation Without Barriers
Unlike Ethereum, Cardano does not require users to use third parties. ADA holders can delegate directly from non-custodial wallets like Daedalus or Yoroi. This promotes self-sovereignty and reduces reliance on centralized entities.
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Despite this advantage, centralized exchanges still play a role:
- Binance operates multiple stake pools with around 950 million ADA staked (~4.1% of total).
- Coinbase and eToro also offer ADA staking services.
- Estimated combined exchange share: 10–30% of total staked ADA.
Given Binance’s ~130 million registered users and assumed crypto adoption rates, we estimate 25–50 million users may hold ADA across major exchanges. However, only about 1.3 million unique staking addresses appear on-chain—suggesting many users delegate through pooled exchange accounts.
Still, the majority of ADA staking likely occurs via decentralized stake pools (SPOs). Assuming 70% of staked ADA is controlled by independent operators, there could be around 1 million individual participants in Cardano’s decentralized staking ecosystem.
ETH Staking: Scale vs. Centralization Risks
Approximately 23 million ETH—about 19% of the circulating supply—has been staked, enabling over 720,000 active validators. The number grows daily.
High Entry Barrier Drives Third-Party Reliance
Ethereum’s 32 ETH requirement (over $100,000 at current prices) forces most users to depend on intermediaries:
- Liquid Staking Providers (LSDs): Services like Lido and Rocket Pool issue derivative tokens (e.g., stETH) that represent staked ETH and remain tradable.
- Centralized Exchanges: Binance, Coinbase, and Kraken operate validator nodes on behalf of users.
Key Players in ETH Staking
| Provider | Share of Staked ETH | Validators | Depositors |
|---|---|---|---|
| Lido | ~32% | 229K | ~155K |
| Rocket Pool | ~3.2% | 23K | ~13K |
| Top 3 CEXs | ~18.5% | 133K | Unknown |
Lido alone holds nearly one-third of all staked ETH, raising concerns about centralization. If Lido surpasses 33.3%, it could theoretically halt block production—a critical single point of failure.
Rocket Pool shows higher decentralization per depositor, with an average deposit of 56 ETH compared to Lido’s 47 ETH.
The remaining ~28% (6.5M ETH) is staked individually or through smaller providers. If all were solo validators, this would imply up to 203,000 individuals. Realistically, many operators run multiple nodes, so actual unique participants likely number between 20,000 and 200,000.
With tens of millions of potential ETH holders using exchanges, total staker counts could reach 80–120 million, though most are indirect participants relying on custodial solutions.
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Decentralization Comparison: ADA vs ETH
When measuring true decentralization—defined as the number of independent actors directly influencing consensus—Cardano outperforms Ethereum significantly.
- ADA: Only 10–30% of staked tokens are held by centralized exchanges. The rest are distributed among thousands of independent stake pools.
- ETH: Over 70% of staked ETH is controlled by the top 50 providers, with the top 10 holding over 63%.
This makes Ethereum more vulnerable to coordinated control. In contrast, Cardano’s minimal attack vector (MAV) stands at 36, meaning an attacker would need to compromise at least that many pools to disrupt consensus. Ethereum’s MAV could drop to 1 if Lido crosses the 33.3% threshold.
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Frequently Asked Questions (FAQ)
How many people actually stake ADA?
Estimates suggest around 1 million independent participants stake ADA directly through wallets or decentralized pools. Millions more may participate indirectly via exchanges like Binance or Coinbase.
Is staking ETH safer than staking ADA?
Security depends on custody and decentralization. While both networks are cryptographically secure, ADA offers better resistance to centralization due to its native delegation model and lower reliance on large intermediaries.
Can I stake small amounts of ETH?
Directly, no—you need 32 ETH to run a validator. However, liquid staking services like Lido allow fractional participation using derivatives such as stETH.
Why is Lido a concern for Ethereum’s decentralization?
Lido controls nearly 32% of all staked ETH. If it exceeds 33.3%, it could collude to halt block finalization, posing a systemic risk to the network.
Does Cardano have liquid staking?
Cardano supports native delegation but lacks full liquid staking (where staked assets are represented by tradable tokens). Some DeFi protocols are building LSD-like solutions, but adoption is still early.
Which network has more stakers overall?
In terms of total participants—including indirect stakers via exchanges—Ethereum likely has more, possibly double or triple the number of ADA stakers. However, Cardano leads in decentralized participation, with far more individuals directly involved in consensus.
Final Thoughts: Participation vs. Sovereignty
While Ethereum boasts higher total staking volume and potentially more users involved through custodial platforms, Cardano excels in decentralization and user sovereignty. Its design empowers individuals to participate without intermediaries, fostering a more resilient network.
For users prioritizing control and long-term network health, non-custodial staking on Cardano offers a compelling alternative. Meanwhile, Ethereum’s scale brings mainstream adoption—but also growing centralization risks.
As both ecosystems evolve, the balance between accessibility and decentralization will define their sustainability in the next decade of blockchain innovation.
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