Based on recent data, over ten million ethereum is now secured within liquid staking derivatives platforms, with a valuation close to $20 billion at current exchange rates. Two leading liquid staking decentralized finance (defi) protocols, Lido Finance, and Rocket Pool, experienced 30-day growth rates ranging from 7.57% to 9.69%.
Ethereum’s Liquid Staking Derivatives Platforms Near $20 Billion Valuation with 10 Million Ether Locked
As of July 2, 2023, more than ten million ethereum (ETH) is locked in liquid staking defi platforms. At the time of reporting, approximately 10.11 ETH is locked, with a value of $19.456 billion using today’s exchange rates. Lido, the top-ranking liquid staking derivatives protocol, claims a remarkable 74.51% market share as it holds roughly 7,530,330 ether as of Sunday morning at 8:00 a.m. Eastern Time, according to defillama.com.
Over the past week, Lido’s total value locked (TVL) rose by 1.90%, while its monthly growth rate reached 7.57%. The defi application’s current TVL stands at $14.43 billion. Meanwhile, Coinbase’s Wrapped Ether defi platform witnessed a seven-day TVL increase of 3.27%, although it experienced a slight dip of 0.24% over the month. Currently, Coinbase’s liquid staking derivatives platform secures around 1,124,130 ether worth $2.24 billion.
Rocket Pool, the third-largest liquid staking protocol, saw a modest seven-day growth of roughly 0.99%. However, its 30-day performance revealed a more substantial increase of 9.69%. On Sunday morning, Rocket Pool’s holdings amounted to around 803,406 ether valued at $1.54 billion. In contrast, the Frax Ether defi application reported a 1.96% weekly rise and a monthly growth of only 0.81%, with control over 234,062 ETH. Lastly, Stakewise, the fifth-largest liquid staking derivatives platform, observed a marginal 0.31% uptick over the past week and a June increase of 1.10%.
Among the 10.11 million staked ether, a total of 22 liquid staking derivatives platforms exist. The top five liquid staking derivatives tokens have an ETH-peg price discrepancy ranging between 0.08% and 0.53%, as recorded on Sunday morning. With Lido’s impressive liquid staking cache, its token Lido staked ether (STETH) now ranks as the seventh largest market cap in the industry today.
What do you think the future holds for liquid staking derivatives platforms? Will they continue to attract more ethereum and reshape the defi landscape? Share your thoughts and opinions about this subject in the comments section below.