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Ethereum's staking rewards rate hits post-Merge record high, fueled by memecoin frenzy

Ethereum's staking rewards rate has reached a new post-Merge record of 8.6% this week, with validators earning a total income of $46 million in the first week of May. This increase in rewards is due to the recent memecoin frenzy driving up on-chain gas fees. As gas fees rise, validators benefit from higher fee income from processing transactions, in addition to their regular validator rewards. Currently, there are over 19 million ether staked on the network by 560,000 validator entities, which is valued at $34 billion.

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