Ethereum’s Surge Elevates LSD to $54.34B

Lido Finance dominates the market, managing 71.04% of the secured Ethereum, followed by Rocket Pool.

The price of Ethereum (ETH) has increased by 56.9% over the past month and 12.5% over the past week. At 5:15 p.m. Eastern Time on Sunday, one Ethereum coin is valued at approximately $3,900.

The appreciation of ETH against the U.S. dollar has resulted in a $54.34 billion increase in the value of assets held in liquid staking derivatives (LSDs), representing over 50% of the overall value in decentralized finance (defi) protocols.

As of January 6, 2024, data suggests that 1.56 million Ethereum have accumulated over the past 64 days. Initially, 12.31 million ethers valued at $27.49 billion were secured that day.

Lido’s Dominance Amidst Growing Competition in Ethereum Liquid Staking

Currently, the aggregate value of ether is $54.34 billion, representing a substantial augmentation of $26.85 billion. A significant 71.04 percent of the secured Ethereum (ETH) is managed by Lido Finance, which also holds 9.85 million ETH. In second place is Rocket Pool, which protects 1.13 million ETH worth $4.41 billion.

Binance, Mantle, and Stakestone, in succession to Lido and Rocket Pool, are substantial but manage fewer than one million ether each. 891,881 ETH are managed by the liquid staking derivative protocol on Binance, whereas the platform of Stakestone governs 339,422 ETH.

Additional noteworthy entities encompass Frax, Swell, Coinbase, Stader, and Stakewise. Among these, Mantle has demonstrated the most considerable growth over the past 30 days, amounting to 25.78%. Frax and Coinbase, respectively, experienced declines of 3.79 and 1.95 percent.

Since their inception, liquid staking protocols have garnered considerable attention, as evidenced by the influx of millions of ether into LSD platforms. Although Lido maintains its leadership position, its rivals are progressively climbing the rankings.