30% of Today’s Staked Ethereum Is Tied to Lido’s Liquid Staking, 8 ETH 2.0 Pools Command $8.1 Billion in Value – Blockchain Bitcoin News

Ethereum will transition in three days from being a proof of work (PoW), blockchain network, to becoming a Proof-of-stake via The Merge. Lido, a liquid staking platform has experienced a lot more activity in advance of the transition. The protocol’s value increased more than 13% last week. Moreover, the project’s lido dao governance token has increased 25.4% against the U.S. dollar during the past seven days.

Lido TVL Jumps 13% Higher This Week, Project’s Wrapped Ether Represents More Than 30% of Staked Ethereum

Bitcoin.com News last week reported about Lido, a decentralized finance project (defi), as it saw more demand before The Merge. Lido Finance, a liquid staking scheme that allows crypto asset owners to wrap them to get a staking return. But the process allows the owner to also keep the assets non-custodially and still be able trade them.

Lido provides liquid staking options for various blockchains such as Ethereum, Solana and Polygon. However, most of the value locked in Lido derives from locked ether, as ETH represents $7.61 billion of Lido’s $7.81 billion total value locked (TVL).

30% of Today's Staked Ethereum Is Tied to Lido's Liquid Staking, 8 ETH 2.0 Pools Command $8.1 Billion in Value

During the past seven days, metrics from defillama.com indicates that Lido’s TVL swelled by 13.08%, and the TVL has risen by 2.43% during the past 24 hours. Makerdao has the most defi protocols today. But, TVL stats show Lido as the second largest protocol.

The ether locked in Lido’s application alone represents 12.60% of the $60.38 billion TVL in defi today. Lido’s wrapped ether derivative token, STETH, is the 13th largest market capitalization out of the 12,907 tokens worth $1.1 trillion. Lido’s governance token lido dao (LDO) has increased 25.4% during the past two weeks.

3 Largest Exchanges, 8 Ethereum 2.0 Pools

Dune Analytics data shows that Lido has 30.3% of all deposits in the Beacon Chain. Coinbase has 14.5% and Kraken 8.3% of Beacon Chain deposits, respectively.

Coinbase recently launched a liquid staking token called coinbase wrapped ethereum (CBETH), and in mid-August a JPMorgan market analyst said Coinbase could be a material beneficiary of Ethereum’s Merge transition. At press time, there’s 13,638,351 ether locked into the ETH 2.0 contract and there are 426,198 validators. Lido Finance holds 30.49%, or 13.6 Million ETH.

30% of Today's Staked Ethereum Is Tied to Lido's Liquid Staking, 8 ETH 2.0 Pools Command $8.1 Billion in Value

Lido also competes against Stkr. Sharedstake. Stafi. Stafi. Stakewise. Cream. Stakehound. Between Lido, Rocketpool, Stakehound, Stakewise, Stafi, Sharedstake, and Stkr, there’s approximately $8.11 billion in value.

Lido controls 30.49% of all ETH staked. However, the ETH 2.0 pool mentioned above represent 33.11% today. Today, there is 4,585.038 locked ether in the eight ETH 2.0 pool.

This story contains tags
13 million ether, Binance, CBETH, Coinbase, coinbase wrapped ether, ETH 2.0, ETH 2.0 Contract, ETH liquid staking, ETH staked, Kraken, LDO, Lido, Lido Finance, Lido wrapped ether, Liquid Staking, liquid staking ETH, Rocketpool, Sharedstake, Stafi, Staked ETH, Stakehound, Stakewise, staking, STETH, Stkr, Validators

Let us know your opinion about Lido Finance and the number of eight pools that were held. Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been involved since then. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 6,000 articles on disruptive protocols.

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