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Ethereum liquid staking gains momentum post-Shapella upgrade

Ethereum withdrawals decrease as memecoin trading boost burn rates

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TL;DR

  • Ethereum’s liquid staking market has experienced growth, with over 400,000 ether, valued at $763 million, being added to 17 platforms since the Ethereum Shapella upgrade.
  • Major liquid staking platforms like Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, and others have seen significant growth.

Since the Shapella upgrade on April 12, 2023, Ethereum‘s liquid staking market has experienced growth, with over 400,000 ether, valued at $763 million, being added to 17 platforms. The total value locked (TVL) in liquid staking protocols is now over $16 billion.

Rapid expansion of liquid staking platforms

Following the Shapella upgrade, major liquid staking platforms like Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, and others have seen significant growth. Six out of the top ten protocols have experienced gains over the past month, with four of them showing double-digit growth. Lido dominates the market, holding 73.6% of the 8,431,605 Ethereum locked in liquid staking protocols.

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Recent data highlight that 400,735 Ethereum, worth $763.6 million, has been added to the liquid staking cache since the Shapella upgrade. In the last 30 days, Lido’s TVL increased by 5.50%, while Coinbase’s liquid staking platform saw a 0.64% decrease. Rocket Pool and Frax’s TVLs rose by 29.24% and 31.65%, respectively, while Stakewise, the fifth-largest liquid staking protocol, experienced a modest 1.23% increase.

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Binance enters liquid staking market

Binance recently launched its own liquid staking product, now ranking as the tenth-largest platform under Bitfrost. Its TVL currently stands at approximately $38.69 million, with 20,305 ether staked in the application.

Liquid staking protocols have gained traction recently, allowing users to earn passive staking rewards while maintaining control over their assets. Adding 400,000 ether to the liquid staking TVL within just two weeks of the Shapella upgrade highlights the increasing interest in this sector.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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