• Ethereum-based liquid staking protocols have locked in over $11 billion worth of Ether.
• Lido has the largest portion of the value locked (TVL) with 73% of the total TVL.
• Coinbase’s wrapped ether, Rocket Pool, and Frax Ether have seen significant gains in the past month.
Ethereum Liquid Staking on The Rise
The value locked in 11 Ethereum-based liquid staking protocols has risen above $11 billion as of Feb. 7, 2023. Lido holds more than 73% of the total value locked (TVL), with Coinbase’s wrapped ether coming in second at 15%. Over the past month, Lido, Coinbase, and Rocket Pool have all recorded 4-10% gains in their respective TVLs.
Out of 6.87 million ether held by 11 liquid staking platforms, Lido holds 41%, or $8.18 billion worth of ETH. This is followed by Coinbase’s 574% gain over last month to 1,081,304 ETH and a market share of 15%. Rocket Pool saw 10.71% increase to 387,016 ETH while Frax Ether grew 76.73% to 87,134 ETH over the same period of time. Stakewise rounds off the top five liquid stakers with 84,481 ETH locked valued at $136 million and a 1.23% market share out of 6.87 million ether total TVLs for all platforms..
Benefits Of Liquid Staking
Liquid staking allows holders to earn rewards while still having a liquid form of cryptocurrency that they can sell at any time without relying on a custodian platform for services such as minting and redemption processes for tokenized versions of cryptocurrencies like Ethereum (ETH).
Value Locked On The Beacon Chain Contract
The Beacon chain contract has 16.47 million ether locked which is equal to $26 billion and cannot be withdrawn until March’s hard fork occurs on Ethereum’s network . A significant portion this large sum is held within liquid staking protocols; thus making it an attractive trend since its introduction onto the network’s Beacon chain .
With its introduction onto Ethereum’s network ,liquid staking has become an attractive trend due to its high liquidity compared other forms of cryptocurrencies , allowing users to earn rewards without needing a custodian for services such as minting and redemption processes . As seen from this article ,the value locked within 11 Ethereum- based liquid staking protocols has risen above $11 billion with Lido holding 73 %of the total market share .
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