Recent data shows a notable increase in deposits into liquid staking platforms over the past week. In this period, 110,000 ether, worth approximately $292 million, has been added to these decentralized finance (DeFi) protocols.
Binance Sees Major Inflow: 88% of 110,000 ETH Directed to Staked Ether Protocol
Liquid staking protocols are gaining traction, with a total of 110,000 ETH deposited across various DeFi platforms in the past week. Lido, a major player in the space, held 9.81 million ether last week and now has 9.82 million, reflecting an increase of 10,000 ETH. This positions Lido with 71.67% of the market share for locked ETH. Conversely, Rocket Pool’s supply remained steady at 1.18 million ETH, showing minimal change.
Over the last 30 days, Rocket Pool’s ETH holdings have grown by 1.08%. Notably, 88.27% of the new 110,000 ETH flowed into Binance Staked Ether protocol. Binance’s ether holdings increased from 912,902 to 1.01 million, surpassing the 1 million mark.
Mantle also saw a rise, with its ether supply growing from 488,734 to 507,452 ETH, an increase of 18,718 ETH. Despite these gains, the overall growth was somewhat offset by withdrawals from smaller liquid staking platforms.
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For instance, Coinbase experienced a slight decrease of 90 ETH, while Frax’s platform faced a more significant reduction, losing 1,849 ETH since August 10. Additionally, Stakestone’s liquid staking protocol saw a decline of around 6,106 ETH. These recent developments illustrate a competitive and evolving landscape in liquid staking, with larger platforms consolidating their positions while smaller ones encounter difficulties.
Cre: news.bitcoin
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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