Ether Locked in Liquid Staking Platforms Skyrockets to $54.34B With a $26.85B Rise in 64 Days

The volume and worth of liquid staking derivatives (LSDs) have expanded significantly since the beginning of the year, with 1.56 million ether being added to LSD protocols since Jan. 6. The total value of ethereum stored surged by $26.85 billion in the last two months.

LSD Market Flourishes: Ethereum Holdings Cross $54 Billion Milestone

In the past week, ethereum’s (ETH) price has climbed by 12.5%, and over the past month, ETH has increased by 56.9%. As of 5:15 p.m. Eastern Time on Sunday, ETH is trading at just over $3,900 per coin. The ascent in ETH’s price against the U.S. dollar has pushed the value of assets in liquid staking derivatives (LSDs) to $54.34 billion, accounting for more than half of the total value in decentralized finance (defi) protocols.

Data indicates that 1.56 million ethereum was accumulated in the past 64 days, starting Jan. 6, 2024. Initially, 12.31 million ether were secured that day, valued at $27.49 billion. Presently, the total has reached 13.87 million ether, valued at $54.34 billion, marking a $26.85 billion increase. A significant 71.04% of the ethereum (ETH) secured is under Lido Finance, which manages 9.85 million ETH. Rocket Pool ranks second, safeguarding 1.13 million ETH valued at $4.41 billion.

Following the lead of Lido and Rocket Pool, Binance, Mantle, and Stakestone are significant but manage less than 1 million ether each. Binance’s liquid staking derivative protocol oversees 891,881 ETH, while Stakestone’s platform accounts for 339,422 ETH. Other noteworthy entities include Frax, Swell, Coinbase, Stader, and Stakewise, with Mantle experiencing the most substantial growth over 30 days at 25.78%. Frax and Coinbase observed declines of 3.79% and 1.95%, respectively.

Since their introduction, liquid staking protocols have attracted a significant following, with millions of ether flowing into LSD platforms. While Lido continues to lead, its competitors are gradually inching up the ladder.

What do you think about the growth LSDs have seen in 2024? Share your thoughts and opinions about this subject in the comments section below.

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