In lower than two weeks, the entire worth locked (TVL) in liquid staking derivatives has elevated by 441,110 ether, price roughly $793 million. While Lido Finance dominates the market with 74.35% of the TVL, competing liquid staking protocols Rocket Pool and Frax Ether have recorded double-digit positive factors of 34% to 42% previously 30 days.
Number of Ethereum Locked in Liquid Staking Derivatives Nears 9 Million
Liquid staking protocols proceed to develop, with the highest decentralized finance (defi) protocols recording a further 441,110 ethereum (ETH). As of May 12, 2023, the entire worth locked (TVL) in liquid staking derivatives (LSDs) stands at 8,872,715 ether, equal to $16.101 billion. This marks a major enhance from the 8,431,605 ethereum locked in liquid staking protocols on April 30. In simply 12 days, the variety of ether deposits surged by a formidable 5.23%.
Despite the current addition of 441,110 ethereum, the TVL in LSDs is at the moment price lower than it was on April 30, owing to ethereum’s decline in market worth. Back then, the TVL held in LSDs was valued at $16.139 billion, making at the moment’s numbers a 0.235% loss, standing at $16.101 billion. Notably, Lido dominates the market with a 74.3596% share, accounting for six.59 million ETH of the 8,872,715 ether locked in at the moment. The second-largest LSD protocol is Coinbase Wrapped Staked Ether, with 1,145,137 staked ether.
This week, Lido’s TVL jumped by 4.87%, whereas Coinbase’s staked ETH worth dipped by 1.47%. Rocket Pool witnessed a rise, with its TVL leaping by 5.27%. Frax Ether and Stakewise additionally noticed positive factors, recording a 5.21% and 0.48% enhance, respectively, in simply seven days. Looking on the 30-day metrics, Lido’s worth locked rose by 11.10%, whereas Coinbase’s staked ETH TVL noticed a 3.95% discount. Frax and Rocket Pool emerged because the 30-day leaders, with Rocket Pool surging by 34.37%, and Frax recording a 42.55% enhance.
Rocket Pool is closing in on Coinbase by way of the variety of staked ETH, with 622,633 ETH locked, whereas Frax Ether solely has 187,551 ETH locked. However, Rocket Pool’s deposits must develop by 84%, or greater than 523,000 ETH, to surpass Coinbase’s variety of staked ETH locked into the protocol.
What do you assume the longer term holds for liquid staking protocols? Share your ideas within the feedback part beneath.