On June 29, the total amount of Ethereum locked on liquid staking derivatives (LSD) protocols reached 10 million, as reported by DeFillama. Liquid staking protocols enable users to earn staking rewards while providing liquidity for various crypto-based activities, such as Lido (LDO) and Rocket Pool (RPL).
According to DeFillama’s data, there are currently 22 liquid staking protocols being tracked, with the total value of assets locked on these protocols standing at $18.55 billion at the time of reporting. Among these protocols, Lido holds the dominant position, controlling 74.5% of the market. This places Lido ahead of its competitors, including liquid staking services offered by major centralized exchanges like Coinbase and Binance, which collectively account for approximately 12% of the market.
The availability of staked Beacon Chain ETH withdrawals on the Ethereum network has sparked greater interest in LSD platforms, particularly among institutions such as Celsius, which have chosen to re-stake their ETH holdings. The Token Unlocks dashboard reveals that over 7 million ETH tokens have been deposited in the Beacon Chain since withdrawals were enabled, while 3.52 million ETH were withdrawn during the same period. As a result, the total amount of staked ETH now surpasses the ETH balance on centralized exchanges, including Coinbase and Binance.
According to the data, only Lido’s LDO and Stafi’s FIS experienced a value increase of 1.18% and 0.51%, respectively, during the reporting period. Other tokens like Rocket Pool, Frax Share (FXS), Ankr, pSTAKE Finance (PSTAKE), and StakeWise (SWISE) recorded slight losses. Overall, the market capitalization of the crypto tokens in this sector currently stands at $3.03 billion