This week has seen Ethereum achieve two significant benchmarks that underscore its evolving landscape. For the first time, the proportion of total ETH supply locked in staking contracts has surged past the 30% threshold. Concurrently, the Ethereum Foundation initiated a critical technical dialogue, hosting its inaugural Layer-1 zkEVM workshop on February 11, 2026. These parallel developments highlight profound shifts in both the network’s economic foundations and its long-term technical roadmap.
Corporate Accumulation and a $10 Billion Treasury
Institutional accumulation of Ethereum continues to gain momentum. On February 10, BitMine Immersion Technologies executed a purchase of an additional 40,000 ETH, valued at approximately $83.4 million. Blockchain data from Arkham Intelligence indicates this follows a similar acquisition of 40,000 ETH made the prior week.
The company has disclosed that the total value of its treasury holdings now exceeds $10 billion, with Ethereum serving as its primary reserve asset. Fundstrat’s Thomas Lee, who chairs BitMine’s board, commented during the Consensus Hong Kong 2026 conference on February 11 that ETH has historically demonstrated “V-shaped recoveries from major lows” following drawdowns of 50% or more.
Staking Participation Hits Record Levels
The network’s economic security reached a new peak on February 11, 2026, as the staking ratio climbed above 30% of the total ETH supply. Data from Token Terminal confirms this record level of participation, reflecting increased commitment from both institutional and private investors.
This upward trend signals a maturation in investment strategy, moving away from pure price speculation and toward yield generation through structured staking products. Major asset managers are increasingly facilitating this shift by offering customizable vaults and staking solutions, creating new channels for institutional capital to enter the ecosystem.
A Foundational Shift Toward Zero-Knowledge Validation
The technical milestone was marked by the Ethereum Foundation’s L1-zkEVM workshop, which formally kicked off plans for a fundamental architectural transformation. The core proposal, EIP-8025, envisions a future where network validators confirm block validity by verifying cryptographic proofs—known as zero-knowledge proofs—rather than re-executing every transaction.
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The workshop agenda focused on six key technical areas:
* Standardization of execution witnesses
* Defining zkVM client APIs
* Integration pathways with the consensus layer
This shift promises substantial network improvements, including significantly reduced hardware requirements for node operators, the potential for synchronization times measured in minutes instead of hours, and the ability to support a higher gas limit without compromising decentralization.
Implementation Timeline and Dependencies
The realization of this proof-based validation system is contingent upon the implementation of enshrined proposer-builder separation (ePBS), scheduled for the upcoming “Glamsterdam” hard fork. Following this, the roadmap targets an optional transition for validators in 2026, with a mandatory shift to the new proof-based model planned for 2027.
Broader Implications for the Layer 2 Ecosystem
The development of a native L1 zkEVM extends benefits beyond core protocol validators. Layer-2 rollup providers and zkVM projects—including ZisK, openVM, and RISC Zero—stand to gain from the resulting standardization efforts. These teams are already engaged in proving Ethereum blocks and will be able to leverage the same infrastructure being developed for Layer-1 validation.
The February 11 workshop serves as the starting point for the 2026 roadmap, which aims to make block validation optional, proof-based, and more efficient. The coming months will be crucial in determining whether the implementation remains on schedule for its targeted 2027 mandatory adoption.
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