Lido’s staked Ethereum crosses 5M, Frax Ethereum on the rise Lido’s staked Ethereum crosses 5M, Frax Ethereum on the rise
Lido said its staking deposits grew across all chains except Kusama — its LDO token surged 18% to $2.45 as of press time.
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Updated: Feb. 7, 2023 at 12:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Liquid staking protocol Lido said its staked Ethereum on the Beacon Chain reached 5.05 million ($8.32 billion).
LDO surged 18% to $2.45 in the last 24 hours, according to CryptoSlate data. The token rose by 16% in the previous seven days and 25% in the last 30 days.
Lido dominates liquid staking
On Feb. 6, Lido said its staking deposits grew across all chains except Kusama — which has decreased for the past two weeks.
The total value of assets locked (TVL) on the Lido rose by 5.5% in the last seven days to $8.48 billion — with the majority being in ETH, according to data aggregator DeFillama.
Lido’s website shows that $8.32 billion in Ethereum was staked via its platform. Other assets, like Polygon (MATIC), Solana (SOL), Kusama (KSM) and Polkadot (DOT) have a combined value of $155.06 million.
Lido said its February incentives of 1.95 million LDO tokens were now live.
Meanwhile, Lido remains the dominant staking service provider — controlling 29.3% of the market. The protocol also doubles as the dominant DeFi protocol, holding around 17.31% of the market.
Frax Ethereum surges
Frax Ethereum’s (frxETH) TVL increased by roughly 77% in the past month to $144 million, according to DeFillama data.
frxETH’s supply grew by 70,000 ETH within three months, making it the fourth-largest ETH liquid staking derivatives (LSD), Blockchain analytical firm Nansen reported.
Meanwhile, CryptoSlate data shows that the ecosystem’s native token Frax Share (FXS), has benefitted from the increased interest. FXS rose roughly 30% in the last 24 hours to $13.06 and surged 120% over the last 30 days.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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