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The global crypto market cap is $1.04 trillion with a 24-hour volume of $25.48 billion. The price of Bitcoin is $25,721.30 and BTC market dominance is 48.2%. The price of Ethereum is $1,630.06 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Cannabis, which gained 341%.
The total number of Ethereum staked on Lido is at an all-time high of more than 8 million.
Cover art/illustration via CryptoSlate
The total value of assets locked (TVL) in liquid staking projects has continued to climb despite the overwhelming bearish sentiments present in the market.
DeFillama’s data reveals an impressive surge in the category’s TVL, which has reached almost $20 billion in the past year. Notably, this growth has outpaced other sectors in decentralized finance, including lending and decentralized exchanges, during the same timeframe.
Liquid staking protocols, such as Lido (LDO), Frax Ether (FXS), and Rocket Pool (RPL), offer users the unique opportunity to earn staking rewards while retaining liquidity for other crypto activities. The sector’s growth is largely due to the Ethereum (ETH) Shanghai upgrade, which allowed stakers to withdraw their staked ETH easily.
This upgrade reignited enthusiasm within the crypto community for these protocols. For context, Nansen’s Ethereum Shanghai dashboard shows a trend of ETH staking deposits outpacing withdrawals since the process began. These deposits are concentrated on liquid staking platforms, with Lido dominating.
Furthermore, the recent regulatory actions in the United States targeting centralized staking service providers like Kraken have provided liquid staking protocols with a distinct advantage over their centralized counterparts.
Lido stands out as a prime example of the dynamic growth in liquid staking. In April 2022, the protocol’s TVL peaked at $20.32 billion, according to DeFillama data. However, it faced a setback following Terra’s UST depeg, plummeting to $4.51 billion.
This decline was largely influenced by the sharp drop in ETH prices during that period. Concurrently, Lido’s Ether TVL declined from 6.59 million to 4.27 million.
Subsequently, Lido has experienced a resurgence in its Ether TVL, soaring to an all-time high of 8.63 million.
Nevertheless, this remarkable growth in ETH TVL has yet to translate into an equivalent increase in its dollar TVL, primarily due to the prevailing price of ETH. Currently, ETH is trading at $1,623, marking an 11% decrease over the past 30 days.
Meanwhile, other liquid staking protocols, including Rocket Pool and Frax Ether, have also witnessed substantial expansions in their TVL during this period.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards.
The Frax Protocol is the first fractional-algorithmic stablecoin system.
Rocket Pool is a decentralised Ethereum Proof of Stake pool designed to be compatible with Casper.
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Co-founders Eric Schiermeyer and Wright Thurston have filed suit against one another, each alleging malfeasance against the other.
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While not the first time a Chinese court has questioned the prevailing policy of the CCP, any break with hierarchy within Chinese politics is unusual.
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Armstrong’s farewell to BitBoy Crypto unveils personal struggles and reaffirms commitment to cryptocurrency community.
The former U.S. President declared he earned over $4 million from his NFT adventure.
The former FTX CEO’s lawyers argue that the government is overwhelming their client without allowing him the ability to adequately prepare his case.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
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