Despite a generally unfavorable trend from the crypto market, Lido Finance (LDO) and Rocket Pool (RPL) topped weekly market gains with 22.9% and 12.8% price increases, respectively.
Staking Tokens Lido Finance and Rocket Pool Increase by Double Digits on a Week
As Ethereum deposits reclaimed their April highs, the top two liquid staking derivative tokens, in spite of the previous week’s bearish trend. On the other hand, according to statistics from CoinGecko, the price of Ethereum dropped 1.% over the previous seven days.
About Lido
Using services like Lido Finance, anyone can stake any amount, unlike directly depositing funds to the mainnet, which requires a minimum deposit of 32 ETH. Users who stake receive a staked form of ETH. Lido’s derivative currency is known as stETH, for instance. Following the successful Shapella upgrade last month, such projects are now in the spotlight.
About Shapella Upgrade
Shapella, a combination of the two significant upgrades Shanghai and Capella, ultimately allowed stakeholders to withdraw their Ethereum from the mainnet. In 2020, when the network started switching to a proof-of-stake consensus process, many users had already started staking.
According to Nasnen’s Ethereum staking dashboard, the staking contract had 19.27 million ETH locked in a day before Shapella went online on April 12. Approximately 19.3 million ETH have been staked in the staking contract, returning it to pre-Shapella levels one month following the Shapella update.
An 18.67 million low was reached on April 17 due to a 3.1% drop in staked ETH within the first week following the upgrade. Decentralized LSD platforms were one of the greatest winners when deposits resumed nevertheless, following that.
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