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Lido Finance Now Holds 33% of All Staked Ethereum (ETH): Details

Mon, 03/06/2023 - 12:21
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Tomiwabold Olajide
Liquid Staking was developed to allow users to stake ETH
Lido Finance Now Holds 33% of All Staked Ethereum (ETH): Details
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On-chain analytics firm IntoTheBlock has shared a peek into the Ethereum (ETH) Liquid Staking Derivatives market. Lido Finance is the current leader in liquid staking. According to IntoTheBlock, 33% of all staked ETH — 5.675 million ETH — is settled on the platform.

Liquid Staking was developed to allow users to stake ETH with a liquid staking provider and receive a receipt token, also known as a liquid staked derivative, due to the lockup nature of ETH.

Ethereum (ETH) Staked on Lido Finance Sets New Milestone: Details

In the instance of Lido Finance, users deposit ETH on Lido's staking website and are given the receipt token stETH, which Lido uses to represent the ETH staked.

Coinbase comes in second after Lido Finance with a considerable margin and has a total staked share of 6.58%, which amounts to 1.145 million ETH staked on the platform.

Rocket Pool is the next largest ETH liquid staking protocol after Coinbase and has a total staked share of 2.3%, which amounts to 415,000 ETH staked.

Frax Finance recently launched an ETH liquid staking service to turn ETH into frxETH, an ETH LSD. According to IntoTheBlock, Frax accounts for 0.6% of the total staked ETH share, which is 106,000 ETH.

StakeWise, an open-source protocol for staking on Ethereum 2.0, accounts for 0.43% or 74,000 ETH staked.

In related news, Binance has announced a new promotion for all ETH 2.0 staking users. Eligible users would share a prize pool of $15,000 in BETH token vouchers in the promo, which runs until March 13.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.