The scale of Ethereum’s staking track is growing larger, and currently, Lido’s Total Value Locked (TVL) has reached an astonishing $31.3 billion. The “re-staking market” has also become a new hotspot in the market in the first half of this year.
Lido TVL reaches $31.3 billion
With the launch of the Ethereum Cancun upgrade on March 13th, the potential opportunities have emerged. After the upgrade, staked Ethereum can be redeemed, not only encouraging users to deposit ETH into the staking protocol and earn a staking reward of 4-5%, but also attracting many investors who hope to maximize their profits by utilizing LSD, making LSDFi the hottest narrative in DeFi at that time.
Note: LSD stands for liquid staking derivatives. Users can stake tokens to obtain certificates through joint staking, and LSD represents the staked assets held by the holder. Holding LSD not only allows users to enjoy the benefits of staking tokens but also participate in derivative exchanges.
With the pursuit of capital efficiency increasing once again, the “re-staking market” has become a new hotspot in the market this year. Ethereum investors are pursuing projects such as Eigen Layer Renzo, ether.fi, Kelp DAO, Eigenpie, Swell, Puffer Finance, etc., in order to earn interest income and potential airdrop points.
After ETH’s price continued to rise and broke through $3,200, according to the latest data from DefiLlama, Lido’s Total Value Locked (TVL) has reached $31.3 billion, reaching a new all-time high. Data from Dune further reveals that the overall staking rate of Ethereum is 25.62%, with Lido’s market share reaching as high as 31.62%, demonstrating its strong position in the market.
Blast, since its launch in the second half of last year, has continuously set new TVL records, and currently, the total locked value has reached $2.1 billion, with $2 billion deposited into Lido. As the mainnet launch date approaches, the Blast ecosystem project has also received continuous attention from the market.
In the past, when Ethereum rose, Lido would often follow suit. However, recently, the correlation between the two seems to have weakened. ETH has risen by over 97% in the past year, but Lido’s governance token LDO has only risen by 14.9%. It seems that the heat has been absorbed by the re-staking market and the Ethereum spot ETF. Additionally, the market has been concerned about the insufficient decentralization of Lido, which may affect the security of the Ethereum ecosystem. If LDO cannot address this issue, its price may struggle to return to its former glory.
Related Reports
Comprehensive Analysis of the Re-staking Battlefield: Which Protocol Should You Participate In?
Behind Pendle’s Surge: Airdrops and Leveraging! Winners in the Narrative of Re-staking on EigenLayer
The Hottest Track in Recent Times: Nearly 50 “Re-staking Projects” Competing? Who Can Take the Big Cake?