Fun

Ethereum Liquid Staking Trend Continues to Swell; 5 Platforms Control 97% of Market

News Feed - 2023-02-08 12:02:54

Ethereum Liquid Staking Trend Continues to Swell; 5 Platforms Control 97% of Market


As of Feb. 7, 2023, the value locked in 11 Ethereum-based liquid staking protocols has risen above $11 billion, with Lido, Coinbase, and Rocket Pool recording 4-10% gains over the past month. Lido holds more than 73% of the total value locked (TVL) out of the 6.87 million ether held by the 11 liquid staking platforms. More than 15% of the liquid staking TVL is being staked with Coinbase’s wrapped ether. Lido Leads the Pack With 73% of Total Value Locked in Ethereum Liquid Staking Industry


Staking Ethereum has become a highly sought-after trend since its introduction on the network’s Beacon chain. The Beacon chain contract has 16.47 million ether locked, worth $26 billion, that cannot be withdrawn until the upcoming March hard fork. A significant portion of this locked ether is held within liquid staking protocols, as 11 decentralized finance (defi) protocols hold 41% of the total, or 6.87 million ether. Total value locked on Ethereum-based liquid staking platforms on Feb. 7, 2023.


Liquid staking involves exchanging ether for tokenized versions of ether. This allows holders to earn rewards while still having a liquid form of the coin that they can sell at any time without relying on a custodian. The staked ether is held within various protocols, and the platforms handle the exchange for minting and redemption processes. Out of the 41%, which is valued at more than $11 billion, Lido holds 73% of the total value locked (TVL). Lido’s TVL saw a 4.27% increase last month, and its value locked is around $8.18 billion today. Top five liquid staking platforms on Feb. 7, 2023.


Coinbase’s wrapped ether has 1,081,304 ethereum (ETH) locked into the platform and the TVL has gained 5.74% last month. The Coinbase wrapped ether platform TVL is 15.72% of the market share and the stash is worth $1.76 billion. The next two largest liquid staking platforms saw the biggest gains over the last month out of the top five projects. Rocket Pool’s TVL climbed 10.71% in 30 days and during the same time frame, Frax Ether’s TVL increased by 76.73%. Rocket Pool has around 387,016 ETH locked and Frax Ether has a total of 87,134 ether.


Stakewise is the fifth-largest liquid staker, with 84,481 ether locked on Feb. 7, 2023, valued at $136 million. Frax Ether holds a 1.27% market share, while Stakewise holds 1.23% of the 6.87 million ether. The other six decentralized finance liquid staking platforms hold a mere 2.6% of the $11 billion in value, while the top five liquid stakers control 97.4%. Tags in this story 2.6% Market, Beacon Chain, Coinbase, custodian, decentralized finance, Decentralized Finance Liquid Staking, ETH, ether, Ethereum, Ethereum (ETH), Ethereum staking, Exchange, Frax Ether, Gains, growth, Lido, Liquid form, Liquid Staking, March hard fork, Market Control, Market Share, minting, Platforms, Protocols, redemption, Rocket Pool, Stakewise, staking, Stash, Top Five Liquid Stakers, total value locked, trend, value locked, withdrawn


What do you think about the continued growth of Ethereum Liquid Staking protocols? Share your thoughts in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum DEFI | 4 days ago Smart Contract Token Market Soars to $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse DEFI | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEtherMail Integrates With Unstoppable Domains to Expand Web3 Communication Network Next articleBiggest Movers: GRT Hits Highest Point in 9 Months, LTC Snaps Losing Streak Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals


A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Jesse Coghlan5 hours agoGala Games founders biff over $130M theft, corporate waste allegationsGala co-founder Eric Schiermeyer allegedly enriched himself, says his founding peer Wright Thurston, while Schiermeyer says Th
Prashant Jha12 hours agoXRP tops Bitcoin on Upbit with $2.6B of trading volume in 24 hoursFollowing a partial win in its long-running court battle with the SEC, Ripple’s XRP token surged over 90% on July 13, reaching a
Lucas Kiely2 hours agoFutures will be the best crypto game in town even after a Bitcoin spot ETFA spot Bitcoin ETF will bring fresh money to the market, but it will not change a fundamental reality: Bitcoin liquidity is
Alice Ivey12 hours ago5 strategies to mitigate side channel attacks on cryptocurrency hardware walletsExplore strategies to prevent side-channel attacks on cryptocurrency hardware wallets, ensuring your digital investmen
Bitcoin’s Total Network Hashrate Hits an All-Time High at 321 Exahash per Second
Bitcoin"s Total Network Hashrate Hits an All-Time High at 321 Exahash per Second According to statistics on October 5, the total computational power backing the Bitcoin network tap
Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis Report
Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis ReportDuring the month of April, the blockchain project Onfo initiated an experiment to see how fast
FOMC Preview: What The Crypto Market Can Expect From The Fed
Este artículo también está disponible en español. As the Federal Open Market Committee (FOMC) meets today, the crypto market’s focus is on the Federal Reserve’
As Virtual Real Estate Gets Pricey Terrazero Technologies Provides Metaverse Mortgages
As Virtual Real Estate Gets Pricey Terrazero Technologies Provides Metaverse Mortgages While the metaverse has become very popular, virtual land sales have seen significant demand
Amaka Nwaokocha2 hours agoCathie Wood bullish on Bitcoin and AI convergenceThe ARK Invest CEO shares her views on the intersection of Bitcoin and artificial intelligence, highlighting its economic implications.1882 Total
Mt. Gox Stirs The Market With $1 Billion Bitcoin Transfer—What’s Going On?
Este artículo también está disponible en español. Bitcoin took center stage again as Mt. Gox moved 12,000 BTC, valued at over $1 billion, to an unknown wallet. This occur
Report: Hong Kong Residents Lost More Than $216 Million to Crypto Scams in 2022
Report: Hong Kong Residents Lost More Than $216 Million to Crypto Scams in 2022 According to Hong Kong police, in 2022 there were 2,336 reported crypto scam-related cases in which
Martin Young2 hours agoFTX, Genesis reach in-principle agreement to settle bankruptcy caseFTX and Genesis lawyers have sent a letter to the bankruptcy judge regarding a settlement agreement.946 Total views6 Total sharesL