Liquid Staking Platforms Surpass 12 Million Ether
As of September 25, 2023, the total amount of Ethereum (ETH) held in liquid staking derivative protocols has exceeded 12 million, reaching an impressive 12.31 million, according to data from defillama.com.
In comparison, on September 20, historical data shows that nearly two dozen of these protocols anchored 11.94 million ether. The clear leader among the contenders is Lido, which accounts for a massive 70.90% of the total value locked (TVL).
Lido and Coinbase Experience Incremental Growth
Lido’s decentralized finance platform had around 8.7 million ether secured on September 20. Since then, an additional 30,000 ether has been added to the protocol.
Meanwhile, Coinbase’s reserve of ether has also seen a modest increase from 1.29 million to the present 1.3 million over the past five days. Rocket Pool’s holdings have similarly grown from 940,496 ether to 945,402 during the same timeframe.
Binance’s WBETH Takes the Lead with 86% Growth
Among all the platforms, Binance’s liquid staking token platform experienced the most significant growth, adding a staggering 318,605 ether to its reserves. Initially supporting its WBETH token with 445,500 ETH, Binance now holds 764,105 ETH.
Dune Analytics’ metrics show that there are currently 161,124 WBETH on the Binance Smart Chain and a substantial 602,981 WBETH on Ethereum. Most of this WBETH growth occurred over the weekend of September 23 and 24.
Growth in Frax and Stakewise
Over the five-day period, the liquid staking protocol Frax saw its ether holdings increase from 260,557 to 261,323. Stakewise, another liquid staking platform, experienced a slight growth from 97,236 on September 20 to the current 97,272.
Remarkably, the top six liquid staking platforms dominate an overwhelming 98.24% of the entire arena. These platforms collectively oversee approximately 12,093,344 out of the 12,310,000 ETH locked in.
Hot Take: Liquid Staking Platforms Continue to Attract Significant ETH Holdings
The surge in Ethereum holdings in liquid staking derivative protocols showcases the increasing popularity and value of these platforms. Lido remains the dominant player with a commanding share of the total value locked. Binance’s WBETH token platform has also seen substantial growth and has become a significant contributor to the overall ETH reserves. As more investors recognize the benefits of liquid staking, it is likely that these platforms will continue to attract a larger portion of the ETH market.
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