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Liquid staking platforms near 14M ETH with 400,000 added in 38 days

Liquid staking platforms near 14M ETH with 400,000 added in 38 days

GrafaGrafa2024/09/18 05:45
By:Isaac Francis

Despite a recent decline in the total value locked (TVL) in decentralized finance (DeFi) protocols, Ethereum (CRYPTO:ETH) continues to flow into liquid staking derivative (LSD) platforms.

Over the past 38 days, these platforms have absorbed around 400,000 ETH, bringing the total staked to nearly 14 million ETH.

Data from DefiLlama shows that the TVL in DeFi protocols has dropped from $84.61 billion on August 10, 2024, to $79.54 billion as of September 17, reflecting a $5.07 billion decrease.

However, the amount of Ethereum deposited in LSD platforms has been steadily increasing.

On August 10, the amount of ETH held in LSDs was 13.59 million.

This figure has since risen to 13.99 million ETH, just shy of the 14 million milestone.

LSD platforms have collectively pulled in nearly $1 billion worth of Ethereum during this period, with 400,000 ETH added.

Lido remains the dominant player in the LSD space, holding 69.85% of the total 13.99 million ETH.

However, this marks a slight decrease from the 72.23% share it held just over a month ago.

There has also been a shift among the leading LSD platforms.

Rocket Pool, which was the second-largest liquid staking protocol as of August 10, has been overtaken by Binance’s Staked Ether app.

Binance’s platform has increased its holdings from 912,902 ETH to 1.32 million ETH, now claiming the second spot.

These changes reflect a dynamic market for liquid staking derivatives, as platforms adjust to shifting user preferences and market conditions.

At press time, the Ethereum (ETH) price was $2,322.79.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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