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Liquid Staking Platforms Zoom Past 12 Million ETH With an Addition of 370,000 Ether in 5 Days Skip to main content

Liquid Staking Platforms Zoom Past 12 Million ETH With an Addition of 370,000 Ether in 5 Days

Liquid Staking Platforms Zoom Past 12 Million ETH With an Addition of 370,000 Ether in 5 Days

In just five days, liquid staking platforms saw a surge of 370,000 ether in their ethereum holdings, breaching the 12 million ETH mark—rising from 11.94 million to a notable 12.31 million. Interestingly, Binance’s liquid staking token, WBETH, was the powerhouse behind this growth, accounting for over 86% of this week’s increase, swelling by 318,605 ether in the five-day span.

Liquid Staking Platforms Leap Over 12 Million Ether

As of September 25, 2023, data from defillama.com reveals that Ethereum (ETH) holdings in liquid staking derivative protocols have soared past the 12 million mark, reaching an impressive 12.31 million.

Rewinding to September 20, historical records indicate that 11.94 million ether was anchored across nearly two dozen of these protocols. Among the 23 contenders, Lido dominates with a staggering 70.90% of the total value locked (TVL).

On that same day, September 20, Lido had approximately 8.7 million ether secured in its decentralized finance platform. Fast forward to now, and an additional 30,000 ether has nestled its way into the protocol.

Five days ago, Coinbase had a reserve of 1.29 million ether, which has since experienced a modest increment, reaching the present 1.3 million. During the same timeframe, Rocket Pool’s holdings edged up from 940,496 ether to 945,402.

Binance’s WBETH Leads the Charge With 86% Growth

However, it was Binance’s liquid staking token platform that witnessed the most substantial uptick among the lot, adding a whopping 318,605 ether to its reserves. Historical data points out that Binance initially maintained 445,500 ETH to support its WBETH token; this figure has now ascended to 764,105 ETH.

Dune Analytics’ metrics reveal a distribution of 161,124 WBETH on the Binance Smart Chain and a substantial 602,981 WBETH on Ethereum. Onchain data unveils that the majority of this WBETH proliferation transpired over the last weekend, specifically on September 23 and 24.

In the five-day span, the liquid staking protocol (LSP) Frax witnessed its ether holdings swell from 260,557 to 261,323. Meanwhile, Stakewise, another LSP, registered a subtle growth, inching up from 97,236 on September 20 to a present 97,272.

Impressively, the top six LSPs dominate a staggering 98.24% of the entire liquid staking arena. This dominance translates to these six platforms collectively overseeing an estimated 12,093,344 out of the 12,310,000 ETH locked in.

What do you think about the LSPs swelling past the 12 million mark this week? Share your thoughts and opinions about this subject in the comments section below.

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