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Crypto News

Liquid Staking Defi Platforms Hold Over 10 Million Ethereum Worth $20B

Author

Jay Solano

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Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

ethereum

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According to recent data, there are currently over ten million Ethereum tokens protected under liquid staking derivatives systems, valued at almost $20 billion at the time of writing. Lido Finance and Rocket Pool, two prominent liquid staking decentralized finance (defi) protocols, saw growth rates of between 7.57% and 9.69% over the course of a 30-day period.

More than ten million Ethereum (ETH) are locked in liquid staking defi platforms as of July 2, 2023. Approximately 10.11 ETH, worth $19.456 billion at the time of reporting at today’s exchange rates, is now frozen. According to defillama.com, Lido, the leading liquid staking derivatives protocol, controls about 7,530,330 ether as of Sunday morning at 8:00 a.m. Eastern Time, giving it a phenomenal 74.51% market share.

Lido’s total value locked (TVL) increased by 1.90% last week, while its monthly growth rate grew by 7.57%. The TVL for the defi application is currently $14.43 billion. While seeing a minor monthly decline of 0.24%, Coinbase’s Wrapped Ether defi platform saw a seven-day TVL boost of 3.27%. The liquid staking derivatives platform of Coinbase now has about 1,124,130 ether valued at $2.24 billion.

The third-largest liquid staking protocol, Rocket Pool, experienced a moderate seven-day rise of about 0.99%. However, a more significant increase of 9.69% over the course of 30 days was seen. Rocket Pool has around 803,406 ether worth $1.54 billion in its possession as of Sunday morning. The Frax Ether defi program, which has control over 234,062 ETH, recorded a weekly increase of 1.96% and a monthly gain of only 0.81%. The fifth-largest liquid staking derivatives platform, Stakewise, had a slight gain of 0.31% over the preceding week and a June growth of 1.10%.

There are a total of 22 liquid staking derivatives platforms among the 10.11 million staked ether. As of Sunday morning, the top five liquid staking derivatives tokens have an ETH-peg price disparity that ranges between 0.08% and 0.53%. Due to Lido’s impressive liquid staking cache, its token Lido staked ether (STETH) is currently the cryptocurrency with the seventh greatest market cap.