Since the Shapella upgrade on April 12, 2023, Ethereum’s liquid staking market has experienced growth, with over 400,000 ether, valued at $763 million, being added to 17 platforms. The total value locked (TVL) in liquid staking protocols is now over $16 billion.
Rapid expansion of liquid staking platforms
Following the Shapella upgrade, major liquid staking platforms like Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, and others have seen significant growth. Six out of the top ten protocols have experienced gains over the past month, with four of them showing double-digit growth. Lido dominates the market, holding 73.6% of the 8,431,605 Ethereum locked in liquid staking protocols.
Recent data highlight that 400,735 Ethereum, worth $763.6 million, has been added to the liquid staking cache since the Shapella upgrade. In the last 30 days, Lido’s TVL increased by 5.50%, while Coinbase’s liquid staking platform saw a 0.64% decrease. Rocket Pool and Frax’s TVLs rose by 29.24% and 31.65%, respectively, while Stakewise, the fifth-largest liquid staking protocol, experienced a modest 1.23% increase.
Binance enters liquid staking market
Binance recently launched its own liquid staking product, now ranking as the tenth-largest platform under Bitfrost. Its TVL currently stands at approximately $38.69 million, with 20,305 ether staked in the application.
Liquid staking protocols have gained traction recently, allowing users to earn passive staking rewards while maintaining control over their assets. Adding 400,000 ether to the liquid staking TVL within just two weeks of the Shapella upgrade highlights the increasing interest in this sector.
