Just over two weeks have passed since Ethereum’s Shapella upgrade on April 12, 2023, which occurred at block height 6,209,536, allowing stakers to withdraw for the first time. At the time of the upgrade, just over 8 million Ethereum was locked in liquid staking protocols. Since then, over 400,000 ethers, valued at $763 million, have been added to 17 liquid staking platforms.
Ethereum liquid staking platforms continue to swell
As of today, April 30, 2023, the total value locked in liquid staking protocols such as Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, Stakehound, Ankr, Ether.fi, and Bitfrost is just over . $16 billion.
According to 30-day stats, six of the top ten protocols, ranked by locked value, saw gains in the past month, with four posting double-digit growth. Currently, Lido dominates the $16 billion market, holding 73.6% or 6,206,101 of the 8,431,605 ethereum locked in liquid staking protocols.
Data shows that right after the Shapella upgrade, 400,735 ethereum worth $763,600,542 using today’s ether exchange rates were added to the liquid staking cache. Lido’s 30-day metrics show an increase of 5.50% while Coinbase’s liquid staking platform recorded a loss of 0.64% over the past month.
Rocket Pool’s Total Locked Value (TVL) jumped 29.24% in 30 days while Frax’s TVL increased 31.65%. Like Lido, Stakewise, the fifth largest liquid staking protocol saw a modest 1.23% increase over 30 days.
Recent data reveals that as a result of the Shapella upgrade, a notable 400,735 ethereum worth a total of $763.6 million was added to the liquid staking cache. While Lido’s 30-day metrics show a 5.50% increase, Coinbase’s liquid staking platform suffered a 0.64% loss in the past month.
During the same period, Rocket Pool experienced a substantial 29.24% increase in Total Value Locked (TVL), while Frax’s TVL increased by 31.65%. Similar to Lido’s small rise, Stakewise, the fifth largest liquid staking protocol, saw a modest 1.23% increase over the past 30 days.
Binance threw its hat in the ring, entering the fray with a newly launched liquid staking product, which now bills itself as the tenth largest platform under Bitfrost. Currently, the total value locked (TVL) of the protocol is approximately $38.69 million, with 20,305 ethers staked in the application.
Liquid staking protocols have grown in popularity in recent months, offering users the opportunity to earn passive staking rewards while maintaining control of their assets. The addition of 400,000 Ether to liquid staking TVL in just two weeks after the Shapella upgrade highlights the growing interest and attention this sector is receiving.
How do you think liquid staking protocols will impact the overall cryptocurrency market and the future of staking? Share your thoughts on this topic in the comments section below.
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