Ethereum’s Liquid Staking Platforms Witness a $1 Billion Surge in 20 Days, Approaching the Milestone of 12 Million ETH

Ethereum's Liquid Staking Platforms Witness a $1 Billion Surge in 20 Days, Approaching the Milestone of 12 Million ETH


Ethereum Staking Platforms See Surge in Deposits

Ethereum-based liquid staking protocols are witnessing significant growth as they attract more deposits. Over the past 20 days, these platforms have added around 640,000 ETH, equivalent to approximately $1.04 billion. Among the 23 different decentralized finance (defi) protocols for liquid staking, the top five have reported gains over a 30-day period. Lido, for instance, experienced a 6.32% increase in that timeframe and currently holds 8.65 million ETH worth $13.97 billion.

Lido’s market share has slightly decreased from 73.98% to 72.26% due to other platforms attracting more deposits. Coinbase’s liquid staking protocol has seen a 5.57% increase and manages 1.27 million ETH, accounting for 10.65% of the market share. Rocket Pool follows closely with a growth of 5.91%, holding 935,568 ETH.

Binance’s liquid staking derivatives platform recorded the most substantial gain with an impressive 377% jump in the last month, now holding 445,316 ether or 3.72% of the total market share. Frax saw a 3.73% increase and currently has 259,733 locked ether.

Eigenlayer Shows Remarkable Growth

In sixth place is Eigenlayer, which experienced a remarkable rise of 554% in just one month. With holdings totaling 98,156 ether, Eigenlayer represents only 0.82% of the market share but amounts to $158.65 million based on the current ETH exchange rate. If this trend continues, it is plausible that the platforms could surpass the milestone of holding 12 million ETH by September 2023.

Hot Take: Ethereum Staking Platforms Gain Momentum

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Ethereum staking platforms are witnessing a surge in deposits, with several protocols experiencing significant growth in a 30-day period. Lido, Coinbase, Rocket Pool, Binance, and Frax are leading the pack with substantial increases in the amount of ETH they hold. This trend indicates growing interest in liquid staking as users seek to earn rewards on their Ethereum holdings. As these platforms continue to attract more deposits, it is plausible that they could surpass the milestone of holding 12 million ETH in the near future. The Ethereum staking ecosystem is evolving rapidly, offering opportunities for crypto enthusiasts to participate in staking and earn passive income.

Ethereum's Liquid Staking Platforms Witness a $1 Billion Surge in 20 Days, Approaching the Milestone of 12 Million ETH
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Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.