Crypto News- In its most recent analysis, IntoTheBlock’s data analytics platform highlighted the ongoing expansion of the liquid staking market within the Ethereum ecosystem, showcasing an influx of new participants and a flourishing user base.
Staked Ether Climbs to 20 Billion Dollars, with Lido Emerging as the Dominant Player: IntoTheBlock
As of November 2023, the report from IntoTheBlock emphasized the robust growth of the liquid staking tokens (LST) market, now recognized as a pivotal element in the cryptocurrency realm, with a staggering $20 billion currently staked through Ethereum LSTs.
Despite escalating competition, Lido’s stETH stands out as the foremost liquid token, maintaining its leadership position within the space. The report attributes part of this success to the Ethereum Shapella upgrade in April 2023, which introduced staking withdrawals and fueled increased competitiveness in the liquid staking landscape.
Before the upgrade, Lido commanded over 90% of the liquid staking token market share. Post-upgrade, however, fresh contenders have garnered roughly 15% of the market share, reflecting heightened investor confidence.
The report underscores Lido’s dominance with an impressive $18.3 billion staked through its stETH token. Moreover, Lido boasts the highest number of holders in the market, with an astounding 238.6k unique addresses holding the token.
In the same vein, IntoTheBlock highlighted the ascending trajectory of Rocket Pool’s rETH token, ranking as the second-largest LST token. The report attributes its growth to a steadfast commitment to decentralization.