Lido Dominates ETH Staking
Lido Finance is gaining momentum in liquid staking, with a surge in user adoption and a significant influx of users. This has made it a hotspot for Ethereum staking. As the user base expands, it’s important to consider the dominance of ETH staking on the platform and the performance of the LDO token. Token Terminal reports Lido Finance’s on-chain activity, with 600 daily new users. This potential impact on Lido’s dominance in the ETH staking landscape is substantial, given its strong position in Ethereum staking.
Lido Finance holds 31.7% of the Ethereum staking market share, facilitating over 7 million ETH out of 24 million staked across various platforms. Over the past six months, Lido has experienced exceptional growth in staking, with a 65% increase in staked ETH. The platform’s Shanghai upgrade marked a turning point, with the highest staking netflow surpassing 2 million ETH, contrasting with the nearest competitor’s netflow of 500,000 ETH. DefiLlama data shows a consistent upward trend in Lido Finance’s Total Value Locked (TVL), reaching $14.8 billion.
(With inputs from Shikha Singh)
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