Lido Finance Dominates Ethereum Staking With 33% Ownership!

Key Points:

• IntoTheBlock has provided insights into the Liquid Staking Derivatives market for Ethereum (ETH).
• Coinbase is in second place, with a total staked share of 6.58%, equivalent to 1.145 million ETH.

IntoTheBlock, an on-chain analytics firm, has provided insights into the Liquid Staking Derivatives market for Ethereum (ETH).

Liquid staking was developed to enable users to stake ETH with a liquid staking provider and receive a receipt token, which is also known as a liquid staked derivative, due to the lock-up nature of ETH.

Curious about the $ETH Liquid Staking Derivatives market?

@LidoFinance dominates with almost 33% of all staked ETH, while

@coinbase comes in second with a considerable margin. Keep an eye on these key players as the market continues to grow. #ETH#LSD#DeFi#Investment

The leading liquid staking provider in the market is Lido Finance, which settles 33% of all staked ETH, equivalent to 5.675 million ETH, according to IntoTheBlock. Users deposit ETH on Lido’s staking website and receive the receipt token stETH, which represents the ETH staked.

Coinbase is in second place, with a total staked share of 6.58%, equivalent to 1.145 million ETH. Rocket Pool is the third-largest ETH liquid staking protocol after Coinbase, with a total staked share of 2.3%, which amounts to 415,000 ETH staked. Frax Finance recently launched an ETH liquid staking service that turns ETH into frxETH, an ETH LSD, and accounts for 0.6% of the total staked ETH share, equivalent to 106,000 ETH. StakeWise, an open-source protocol for staking on Ethereum 2.0, accounts for 0.43% or 74,000 ETH staked.

In related news, Binance has announced a new promotion for all ETH 2.0 staking users. Eligible users can share a prize pool of $15,000 in BETH token vouchers in the promo, which runs until March 13th.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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