Ethereum Liquid Stacking Trend Continues; 5 platforms control 97% of the market
Ethereum staking has become a highly sought-after practice since its introduction on the network’s Beacon chain. in beacon chain contract There is 16.47 million Ether locked, worth $26 billion, that cannot be withdrawn until the upcoming March hard fork. A significant portion of this locked ether is held within liquid staking protocols, as 11 decentralized finance (DeFi) protocols hold 41% of the total, or 6.87 million ether. Liquid staking involves exchanging ether for tokenized versions of ether. providing is included. This allows holders to earn rewards while the coin remains in liquid form that they can sell at any time without relying on a custodian. Staked ether is held within various protocols, and platforms handle the exchange for the minting and redemption processes. Of the 41%, which is valued at over $11 billion, Lido holds 73% of the Total Value Locked (TVL). Lido saw an increase of 4.27% in TVL last month, and its locked value is around $8.18 billion today. Coinbase has 1,081,304 Ethereum (ETH) wrapped in Ether locked in the platform, and TVL has increased by 5.74% in the last month. Coinbase holds 15.72% of the market share of wrapped ether platform TVL and Stash is valued at $1.76 billion. The next two largest Liquid Staking platforms saw the biggest gains over the past month among the top five projects. Rocket Pool’s TVL climbed 10.71% over 30 days and Frax Ether’s TVL climbed 76.73% during the same time frame. Rocket Pool has approximately 387,016 ETH locked and Frax Ether has a total of 87,134 Ether. Stackwise is the fifth largest liquid stacker with 84,481 ETH locked as of February 7, 2023, worth $136 million. Frax Ether has 1.27% market share, while Stackwise has 1.23% of 6.87 million Ether. The other six decentralized finance liquid stacking platforms hold just 2.6% of the $11 billion in value, while the top five liquid staking rs control 97.4%.
