Lido Dominates the Liquid Staking Token Market With 9.8 million Staked ETH: IntoTheBlock
blockchainreporter.net 31 July 2024 16:52, UTC According to IntoTheBlock, Lido leads the liquid staking market. It has over 9.8 million staked Ethereum (ETH). The amount is staked by 319,819 unique addresses.
Lido continues to dominate the liquid staking token (LST) market, with $stETH representing a substantial share of the total staked ETH. Over 9.8 million $ETH are currently staked through Lido, held by 319,819 unique addresses. pic.twitter.com/ZflLVl96NW
— IntoTheBlock (@intotheblock) July 30, 2024
Lido (LDO) is a liquid staking solution for proof-of-stake cryptocurrencies. It supports post-Ethereum Merge consensus layer (formerly Ethereum 2.0) staking and other layer-1 PoS blockchains like Polygon, Kusama, Solana, and Polkadot. Lido makes staking on Ethereum more accessible by allowing users to stake fractions of Ether to earn block rewards.
More About the Liquid Staking
One way liquid staking services like Lido encourage new users to participate in securing proof-of-stake networks like their own is by allowing customers to stake any number of proof-of-stake assets in exchange for block rewards. Through such a mechanism, the network can distribute users’ staked assets across multiple validators, eliminating risks associated with a single point of failure and single validator staking.
stETH is the largest asset staked through Liquid Staking Tokens (LSTs), followed by rETH and cbETH. The amount of stETH staked is 80% more than that of other assets. One of the main reasons users choose Lido for Ethereum staking is the lower barrier to entry and great convenience. Users can stake any amount of ETH with Lido without meeting the minimum staking requirement (32 ETH) required to run an independent validator node.
