Ethereum Liquid Staking Hits 14M ETH Milestone, Adding 1.77M in 2024

CN
4 hours ago

Since Sept. 17, 2024, around 90,000 ETH has flowed into LSD apps, growing from 13.99 million to the current 14.08 million. Though a 0.643% uptick might seem small, it pushed the total ETH in staking protocols over the 14 million mark, achieving a significant milestone. At the start of 2024, decentralized finance (defi) protocols held 12.31 million ether, then worth $27.49 billion.

This means that, in 2024 alone, an additional 1.77 million ETH, roughly $4.68 billion, has been funneled into defi staking protocols. By Sept. 29, 2024, the combined value of the 14.08 million ETH had swelled to $37.33 billion. As a result, LSDs now hold 11.69% of Ethereum’s $319.28 billion market cap. Lido leads the pack, controlling 69.59% of the LSD market, with 9.8 million ETH as of Sept. 29.

At the beginning of the year, Rocket Pool claimed the second spot among LSD platforms, boasting 1.09 million ETH on Jan. 6, 2024. However, Binance’s LSD platform has now taken over second place, pushing Rocket Pool to third. Binance’s LSD commands 1.42 million ETH, representing 10.10% of the market share, while Rocket Pool holds 1.22 million ETH, securing 8.63% of the LSD reserves.

Throughout 2024, the growth of LSD platforms has signaled a steady yet impactful shift in Ethereum’s staking ecosystem. Platforms like Lido, Binance, and Rocket Pool continue to amass more ether, showcasing their growing dominance. At present, these three LSD giants—Lido, Binance, and Rocket Pool—control 88.32% of the 14.08 million ETH held across all platforms.

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