Due to the increase in the staking rewards rate, Ethereum validators’ earnings increased to $46 million in the first week of May. This was primarily caused by the frenzied trading of Pepe (PEPE), a brand-new digital currency with a meme theme. The Ethereum network’s average fees have surpassed 100 gwei, which has resulted in higher fee income for validators who also receive regular validator rewards in addition to payment for processing transactions. Ethereum staking rewards reached an annual yield of 8.6% earlier this month, and validators are required to stake a minimum of 32 ETH, worth $58,000. In less than a month, PEPE experienced a remarkable boom that propelled it into the top 100 digital assets by market capitalization.
Ethereum ($ETH) Validators Earn $46 Million in a Week Thanks to Meme Coin Frenzy
