Lido leads as Ethereum locked as liquid staking derivatives hits 10 million

The full fig of Ethereum locked connected liquid staking derivatives (LSD) protocols reached 10 cardinal connected June 29, according to data from DeFillama.

Liquid staking protocols let users to gain staking rewards portion providing liquidity for different crypto-based activities, specified arsenic Lido (LDO) and Rocket Pool (RPL).

Lido dominates LSDs

DeFillama information tracks 22 liquid staking protocols, with the full worth of assets locked connected these protocols astatine $18.55 cardinal arsenic of property time.

Source: DefiLlama

Lido is the ascendant subordinate successful the space, controlling 74.5% of the market. This is up of competitors, including liquid staking services provided by large centralized exchanges similar Coinbase and Binance, which power astir 12% of the marketplace combined.

Since Ethereum enabled staked Beacon Chain ETH withdrawals, LSD platforms person enjoyed heightened involvement arsenic respective institutions similar Celsius person been restaking their ETH holdings.

For context, the Token Unlocks dashboard shows that implicit 7 cardinal ETH tokens person been deposited successful the Beacon Chain since withdrawals were enabled. At the aforesaid time, 3.52  cardinal ETH were withdrawn during the aforesaid period.

Source: Token Unlocks

This heightened involvement has seen the full magnitude of staked ETH exceed the ETH equilibrium connected centralized exchanges, including Coinbase and Binance.

LSD tokens struggle

Despite the milestone, tokens successful the liquid staking assemblage person struggled successful the past 24 hours, rising by conscionable 0.26%, according to CryptoSlate data.

Source: CryptoSlate

According to the data, lone Lido’s LDO and Stafi’s FIS saw their worth emergence by 1.18% and 0.51%, respectively, during the reporting period.

Others similar Rocket Pool, Frax Share (FXS), Ankr, pSTAKE Finance (PSTAKE), and StakeWise (SWISE) recorded flimsy losses.

CryptoSlate information further shows that each of the assets successful the assemblage declined by 7.25% successful the past 7 days.

Overall, the marketplace headdress of the crypto tokens successful this assemblage sits astatine $3.03 cardinal arsenic of property time.

The station Lido leads arsenic Ethereum locked arsenic liquid staking derivatives hits 10 million appeared archetypal connected CryptoSlate.