Lido (LDO) has achieved “overwhelming dominance” in the Ethereum (ETH) liquid staking sector, according to the crypto analytics firm Glassnode.
In a new analysis, Glassnode notes that Lido clocks the highest supply, liquidity, and integration network effects of any liquid staking provider.
Lido aims to allow users to stake ETH without locking assets or maintaining infrastructure. When staking on the platform, users receive Lido Staked Ether (stETH) on a 1:1 basis representing their staked ETH, and stETH balances can be used like regular ETH to earn yield or rewards.
Glassnode notes that Lido is leading other providers in terms of daily deposits.
Lido is also in front in terms of circulating supply, according to the analytics firm.
“When comparing to other liquid staking competitors, Lido stands out as the clear leader in the sector with its supply 16 times higher than its nearest competitor. That said, the supply of rETH, which is the liquid staking token of Rocketpool, has been growing three times faster than Lido’s since the beginning of this year.”
LDO is trading at $2.06 at time of writing. The 33rd-ranked crypto asset by market cap is down 4.5% in the past 24 hours but up nearly 12% in the past week.
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The post Lido (LDO) Establishes ‘Overwhelming Dominance’ in Ethereum Liquid Staking Ecosystem: Glassnode appeared first on The Daily Hodl.
