110,000 Ether Flowed Into Liquid Staking, Fueling Defi Growth
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Over the past week, liquid staking platforms have seen a significant increase in Ether deposits.
A total of 110,000 ETH, worth approximately $292 million, was funnelled into decentralized finance (DeFi) protocols, highlighting the growing interest in staking services.
110,000 Ether flows into liquid staking platforms, significantly boosting DeFi holdings. This surge highlights growing confidence in staking protocols, further cementing DeFi's role in the evolving crypto ecosystem. pic.twitter.com/7217BiemTm
— Decilizer (@decilizer) August 19, 2024
Binance Dominates with 88% of New ETH Deposits
The surge in Ether deposits was primarily driven by Binance’s staking protocol, which absorbed 88.27% of the 110,000 ETH inflow.
Binance’s staked Ether holdings jumped from 912,902 to over 1.01 million ETH, surpassing the 1 million ETH mark and solidifying its position in the liquid staking market.
Meanwhile, Lido, the leading liquid staking platform, saw a smaller but notable increase, with its Ether stash rising by 10,000 ETH to 9.82 million ETH. Lido now controls 71.67% of the total locked ETH market share.
Other Platforms See Mixed Results
While Binance and Lido saw gains, other platforms experienced varying results.
Rocket Pool, another major player in the liquid staking space, maintained its supply at 1.18 million ETH, reflecting a modest 1.08% increase over the past 30 days.
Mantle also reported an uptick, with its Ether holdings growing by 18,718 ETH, bringing its total to 507,452 ETH.
Lido TVL:
Lido TVL fell by -5.20%, to $25.13b, led mainly by a change in token prices.
In ETH terms, total Lido stake decreased by 0.03%. pic.twitter.com/tusEbkwo3k
— Lido (@LidoFinance) August 13, 2024
However, smaller platforms faced challenges, with Coinbase seeing a slight dip of 90 ETH and Frax losing 1,849 ETH since August 10. Stakestone experienced a more substantial outflow, with a reduction of about 6,106 ETH.
These developments underscore a competitive and evolving landscape in the liquid staking sector, where larger platforms continue to consolidate their dominance while smaller protocols face pressure.
