The full variety of Ethereum locked on liquid staking derivatives (LSD) protocols reached 10 million on June 29, in keeping with knowledge from DeFillama.
Liquid staking protocols permit customers to earn staking rewards whereas offering liquidity for different crypto-based actions, resembling Lido (LDO) and Rocket Pool (RPL).
Lido dominates LSDs
DeFillama knowledge tracks 22 liquid staking protocols, with the full worth of property locked on these protocols at $18.55 billion as of press time.
Lido is the dominant participant within the house, controlling 74.5% of the market. That is forward of rivals, together with liquid staking companies offered by main centralized exchanges like Coinbase and Binance, which management roughly 12% of the market mixed.
Since Ethereum enabled staked Beacon Chain ETH withdrawals, LSD platforms have loved heightened curiosity as a number of establishments like Celsius have been restaking their ETH holdings.
For context, the Token Unlocks dashboard exhibits that over 7 million ETH tokens have been deposited within the Beacon Chain since withdrawals have been enabled. On the similar time, 3.52 million ETH have been withdrawn throughout the identical interval.
This heightened curiosity has seen the full quantity of staked ETH exceed the ETH stability on centralized exchanges, together with Coinbase and Binance.
LSD tokens wrestle
Regardless of the milestone, tokens within the liquid staking sector have struggled within the final 24 hours, rising by simply 0.26%, in keeping with CryptoSlate knowledge.
In accordance with the info, solely Lido’s LDO and Stafi’s FIS noticed their worth rise by 1.18% and 0.51%, respectively, throughout the reporting interval.
Others like Rocket Pool, Frax Share (FXS), Ankr, pSTAKE Finance (PSTAKE), and StakeWise (SWISE) recorded slight losses.
CryptoSlate knowledge additional exhibits that the entire property within the sector declined by 7.25% within the final seven days.
Total, the market cap of the crypto tokens on this sector sits at $3.03 billion as of press time.
The publish Lido leads as Ethereum locked as liquid staking derivatives hits 10 million appeared first on CryptoSlate.