Liquid staking protocols TVL could ‘flip’ DEXs TVL soon

The full worth of assets locked (TVL) connected liquid staking protocols is adjacent that of decentralized exchanges (DEXs), according to Defilama data.

The 81 liquid staking protocols tracked by DeFillama person a cumulative TVL of $19.31 cardinal — with Lido being the ascendant subordinate successful the sector.

Meanwhile, the full worth of assets locked connected the 799 DEX protocols sits astatine $19.48 billion, according to DeFillama data.

DeFi expert Patrick pointed out that the “flippening” could hap immoderate time now.

Liquid staking protocols let users to gain staking rewards portion providing them liquidity for different crypto-based activities. Examples of this protocol see Lido, Frax Ether, Rocket Pool, etc.

Earlier successful the year, liquid staking protocols became the second-largest DeFi class erstwhile it usurped the lending protocols category. At the time, the liquid staking protocols enjoyed tremendous involvement owed to the anticipated Shapella upgrade.

Liquid staking protocols emergence post-Shapella

Since the Shappella upgrade, the apical 10 liquid staking protocols person seen their TVL turn by an mean of 10% successful the past 7 days. For context, the fig of Staked Ethereum connected Lido (LDO) crossed 6 cardinal — worthy $12.93 billion— connected April 18, according to DeFillama data.

CryptoSlate’s information corroborates the expanding worth of liquid staking platforms. According to the data, the marketplace headdress of the protocols successful the assemblage grew to $4.44 cardinal successful the past 7 days.

Blockchain analytical steadfast Nansen’s dashboard showed that much Ethereum is being deposited than they are being withdrawn for the archetypal clip since the web completed the Shapella upgrade.

Source: Nansen

According to the dashboard, implicit 85,000 ETH was deposited successful the past 24 hours, portion little than 22,000 ETH were withdrawn during the aforesaid period.

Meanwhile, blockchain expert Lookonchain reported that immoderate addresses withdrawing their staked ETH  were instantly re-staking them. The on-chain sleuth reported 2 whales that staked implicit 50,000 ETH tokens via the liquid staking protocol, Agility.

The station Liquid staking protocols TVL could ‘flip’ DEXs TVL soon appeared archetypal connected CryptoSlate.