Over 680,000 Ethereum Added to Liquid Staking Protocols in Just 28 Days

Over the previous 28 days, a collection of 25 liquid staking derivatives protocols witnessed more than 680,000 ETH added. On July 29, 2023, liquid staking applications held about 10.65 million ETH; today, this figure has climbed to roughly 11.33 million. Lido maintains a dominant 73.98% market share with its 8.38 million ETH stake following the near-6% increase. Among the total of over 680,000 ETH contributed during the past 28 days, Lido received an influx of about 470,000 ETH. Last month witnessed Binance Pool achieving a significant rise of nearly 29.2%, reaching around 92,824 ETH in its stakeholding over a span of thirty days. Currently holding around 93,504 ETH suggests a meager 0.73% rise in its stake in the previous four-week period. Liquid staking tokens have notably gained popularity over the past couple of years — a stark contrast from just two such protocols existing at the beginning of January 2021. Employing liquid staking protocols confers various benefits. Users avoid technical hurdles in setting up and managing validator nodes, while also facing reduced risk from penalties or errors due to mismanagement. Lido, Coinbase, and Rocket Pool lead the pack followed by Frax Ether (approximately 254,692 ETH) and Eigenlayer’s liquid staking platform (roughly 100,025 ETH).