Lido’s Dominance Over Ethereum Staking is Rapidly Growing

  • Since the Ethereum merge update, the Lido (LDO) platform has been at the center of the old staking process.
  • The number of new Lido addresses holding stETH tokens has shown a steady upward trend throughout the year.
  • Lido currently controls approximately 31.96% of the ETH staked, solidifying its dominance in the industry.

According to the latest data obtained by COINOTAG, it is evident that Lido is rapidly increasing its dominance over ETH staking, surpassing its closest competitor by almost four times.

Lido Successfully Attracts ETH Stakers

lido-ldo

Since the Ethereum merge update, the Lido (LDO) platform has been at the center of the old staking process, and its significance and impact have increased significantly, especially after the Shanghai upgrade. On May 15, Lido announced the highly anticipated V2 update, allowing node operators to withdraw their staked ETH and enabling those holding stETH tokens to directly exchange them for ETH.

As a result, approximately 400,000 stETH tokens worth around $721 million were redeemed. This redemption led to a contraction in the overall stETH supply. However, despite this decrease, Lido attracted a significant amount of new ETH investments, more than compensating for the decrease. The inflow was so substantial that it pushed stETH to its all-time high (ATH) level of 7.49 million tokens.

This achievement further solidified Lido’s undisputed leadership position in the liquid staking sector, surpassing its closest competitor’s supply by a staggering 16 times.

Additionally, the number of new Lido addresses holding stETH tokens has shown a steady upward trend throughout the year, according to Glassnode. This indicates that a significant portion of new investments made through Lido is driven by existing stETH token holders seeking to increase their exposure to the platform.

New-Lido-addresses-holding-stETH

Current Market Share in the Staking Market

According to the latest data, Lido currently holds the largest market share in the ETH staking market, with approximately 31.96% of the ETH staked under its control.

ethereum-stakers

These statistics demonstrate significant growth for the platform across different time intervals. Just in the past week, there was a 2% increase in Lido’s market share, indicating a consistently rising trend.

Looking at a broader timeline, Lido has recorded an effective growth of 7% in the past month and 63% in the past six months.

Rising TVL in Lido

Interesting trends were observed in the Total Value Locked (TVL) in Lido according to recent data. The graph shows an increase in TVL after the introduction of the ETH withdrawal function.

This aligns with Glassnode’s data, which reports that users are staking more on the withdrawal function. Currently, the TVL in Lido is over $14 billion at the time of writing this article.

lido-TVL

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.

Bitcoin and Altcoins Face Correction Risk as Rate Cut Expectations Decline

Discover why Bitcoin and other cryptocurrencies may be on shaky ground, as economic indicators point to a potential market correction. Get expert insights on shifting market dynamics and what it could mean for crypto investors.

Bitcoin Price Outlook Dims as Crypto Stocks Slump, Peter Schiff Raises Doubts

Get the latest insights on the bearish trend in crypto markets, Peter Schiff's skepticism, and the impact on Bitcoin's price potential.

Litecoin Price Analysis: LTC Shows Bullish Signals Against BTC, Could a Run Be Imminent?

Get the latest insights on Litecoin's price trajectory, including key support/resistance levels and expert analysis for informed trading decisions.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Will WLD See $11 Again? Current WLD Analysis

WLD coin's daily technical analysis provides direction for long-term traders by indicating support and resistance levels.

Where Will NEO’s Rally Continue? Updated NEO Analysis 15 April

NEO gained strength from the support levels determined in the previous analysis and rose to its current price of $22.66, targeting $25.

Is DYDX Ready to Start a New Rally? Latest DYDX Analysis 15 April

Following its recent fall, DYDX rebounded strongly to $2.28, and it is indicated that if it can sustain 3-day candle closes above this resistance level, the upward trend may continue.

Is Solana in a Long-Term Buy Zone? Current SOL Analysis 15 April

Following its recent decline to $118, Solana surged back to $145 with robust purchases; for long-term investors, the $132.40 to $121.36 range is seen as potential buying areas.

Will ARB Start Its Ascent? Latest ARB Analysis 15 April!

According to the analysis of ARB coin, staying above $0.98 could set it on a path to reach $1.90.
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.

Bitcoin and Altcoins Face Correction Risk as Rate Cut Expectations Decline

Discover why Bitcoin and other cryptocurrencies may be on shaky ground, as economic indicators point to a potential market correction. Get expert insights on shifting market dynamics and what it could mean for crypto investors.