Liquid-Staking DeFi Platforms Currently Hold 10 million ETH Worth About $20 Billion
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The liquid staking derivatives systems are currently safeguarding over ten million Ethereum tokens, with a total value of nearly $20 billion.
Prominent decentralized finance (DeFi) protocols, Lido Finance and Rocket Pool have witnessed impressive growth rates ranging from 7.57% to 9.69% within a 30-day timeframe.
Ethereum’s Liquid Staking Derivatives Platform Closes on $20B Valuation
Decentralized Finance (DeFi) has revolutionized the financial landscape by providing users with direct access to a wide range of financial services without the need for traditional intermediaries.
Among the various innovations within the DeFi space, liquid staking platforms have gained significant traction, enabling users to stake their cryptocurrencies while maintaining liquidity.
As of July 2, 2023, liquid staking DeFi platforms had locked in over ten million ethereum (ETH).
Liquid Staking Defi Platforms Now Secure Over 10 Million Ethereum Worth Close to $20B
— Jay Buck (@buckjluv) July 2, 2023
Based on the current data, approximately 10.12 million ETH, valued at around $19.456 billion, is locked in liquid staking platforms.
According to defillama.com, Lido, the leading liquid staking derivatives protocol, dominates the market with an impressive 74.47% share, holding approximately 7.54 million $ETH as of Monday afternoon.
Over the past week, Lido experienced a 1.84% increase in its total value locked (TVL), with a monthly growth rate of 7.05%. Currently, Lido’s TVL stands at $14.786 billion.
Coinbase’s Wrapped Ether DeFi platform witnessed a 3.06% increase in its seven-day TVL, although it experienced a slight decline of 0.11% over the month.
Its liquid staking derivatives platform is securing around 1.13 million ETH valued at $2.24 billion.
Rocket Pool, the third-largest liquid staking protocol, has seen a modest 1.62% growth over the past week.
However, its 30-day performance showed a more substantial increase of 10.23%. On Monday afternoon, Rocket Pool held around 809,114 ETH, worth $1.54 billion.
In contrast, the Frax Ether DeFi application reported a 1.03% weekly rise and a monthly growth of only 0.37%, with control over 234,336 ETH.
Stakewise, the fifth-largest liquid staking derivatives platform, observed a marginal 0.33% uptick over the past week and a 1.11% increase over the month.
It is worth noting that among the 10.11 million staked ETH, there are 22 liquid staking derivatives platforms.
The top five liquid staking derivatives tokens have an ETH-peg price discrepancy between 0.08% and 0.53%, as recorded on Monday afternoon.
Due to Lido’s impressive liquid staking cache, its token Lido staked ether (STETH) now holds the seventh-largest market cap in the industry today.
Liquid Staking Opens a Positive Path for Everyone
Liquid staking refers to converting staked cryptocurrencies into a form that can be traded or utilized within the DeFi ecosystem.
The rapid growth of liquid staking platforms is evident in the staggering number of Ethereum tokens they have secured.
With over 10 million ETH now locked in these platforms, the value approaches a remarkable $20 billion.
This achievement highlights users’ increasing trust and confidence in liquid staking as a viable option for earning staking rewards while maintaining access to their capital.
The benefits of liquid staking extend beyond liquidity. By participating in these platforms, users can earn staking rewards on their assets without needing technical expertise or running their infrastructure.
The accessibility has opened up staking opportunities to a broader audience. This enables more individuals to actively participate in securing blockchain networks and contributing to their overall health and security.
As the DeFi ecosystem evolves, liquid staking platforms are poised to play a crucial role in bridging the gap between staking and liquidity.
