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According to recent figures, a record number of over 14 million Ethereum are currently locked in LSD protocols, which has perfected the development within the entire DeFi ecosystem. In 12 days, the amount of ETH deposited on these platforms rose by 0.643%, bringing the total amount to 14.08 million ETH.
From September 17, 2024, around 90,000 ETH was added to LSD apps, growing from 13.99 million to 14.08 million ETH. Though the 0.643% increase tends to appear minute, it pushed the total ETH in staking protocols beyond the 14 million level. On January 1, 2024, a decentralized finance platform had 12.31 million ETH worth approximately $27.49 billion.
Ethereum Staking Surges in 2024
This increase in staking means that in 2024 alone, an additional 1.77 million ETH entered staking protocols, roughly valued at $4.68 billion. Meanwhile, as of September 29, the cumulative value of the 14.08 million ETH reached $37.33 billion.
LSD protocols now account for 11.69% of Ethereum’s $319.28 billion market capitalization. At the top is Lido, with 69.59% of the LSD market share, boasting 9.8 million ETH as of September 29.
As of Jan 6, 2024, Rocket Pool was next after Lido: it was ranked the second LSD platform. It had around 1.09 million ETH locked up. LSD on Binance has emerged as the second-place platform, forcing Rocket Pool to shift a notch down.
Binance’s LSD has successfully accumulated 1.42 million ETH, commanding a market share of 10.10%, while Rocket Pool managed to lock in 1.22 million ETH, representing 8.63% of the total LSD reserves.
New LSD platforms through 2024 epitomize the continuous upward shift in Ethereum’s staking ecosystem. For example, Lido, Binance, and Rocket Pool continue to increase their Ether positions, suggesting their growing influence in that market.
EigenLayer Restaking Set to Revolutionize Ethereum
All three platforms, Lido, Binance, and Rocket Pool, account cumulatively for 88.32% of the 14.08 million ETH staked across all LSD platforms.
Top US crypto exchange Coinbase announced the addition of EigenLayer, an upcoming Ethereum ETH restaking project, to its listing roadmap—a practice designed to provide transparency and prevent insider trading ahead of official coin listings. EigenLayer offers a restaking service for ETH holders, taking their staked ETH and rehypothecating them for use in other applications.
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This improves capital efficiency, allowing users to stake their coins while pursuing other opportunities within the ecosystem. Restaking and liquid staking derivatives drive a modern trend of value accrual and significantly enhance the token’s capital efficiency.
Ethereum development firm Consensys said EigenLayer can help improve Ethereum’s fee model. If pre-launch market data from Coinbase is anything to go by, then EIGEN perpetual futures contracts are trading at $3.98.
Ethereum Sees Surge in On-Chain Activity
Ethereum’s chain is the leading and most utilized blockchain for smart contracts. The platform is presently experiencing a huge increase in on-chain momentum, which is rapidly hiking up the network’s transaction fees. This has been further highlighted as more traders actively participate in DeFi projects built on Ethereum’s blockchain.
The price of ETH has been on the uptrend, reflecting the general optimism of the cryptocurrency market. Investors anticipate the token’s success in the last quarter of the year.
This, in turn, has caused fees to soar when Ethereum continuously sees high transaction volumes, a cause for concern for traders. If there is any metric that would show this, it is upon analyzing the Ethereum addresses: Daily active addresses went north by 29%, while new addresses popped up at a remarkable 43%.
The number of zero-balance addresses has increased by 28%, while active address volume remains at peaks; that would be evidence of a surge in network activity, hinting at even more transactions being conducted simultaneously.
Conclusion
Conclusively, Ethereum’s liquid staking ecosystem keeps swelling by 14 million+ ETH staked cumulatively, with this number acting as a mirror to the strengthening confidence in DeFi and staking protocols. The top liquid staking platforms-Lido, Binance, and Rocket Pool-capture nearly all of the market share in staked ETH.
Meanwhile, restaking services from EigenLayer and other such innovations will further optimize the Ethereum network to drive up efficiencies in the capital, affording users new ways of maximizing their value. As Ethereum’s staking landscape unfolds, these improvements will position the network for further sustained growth and increased market influence into 2024 and beyond.
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