Liquid staking tokens surge 40% in seven days, Lido rises highest Liquid staking tokens surge 40% in seven days, Lido rises highest
A strong trading narrative is around liquid staking tokens because of the possibility of staked Ethereum unlock in March.
1 min read
Updated: Jan. 9, 2023 at 3:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Liquid staking derivatives tokens have increased by an average of over 40% in the last seven days, with Lido (LDO) rising the highest by over 64%, according to CryptoSlate’s data.
Liquid staking platforms have enjoyed renewed interest following recent revelations that staked Ethereum could be unlocked as early as March when the network undergoes the Shanghai upgrade.
According to several crypto analysts, the news has birthed a strong trading narrative around the assets of these platforms.
Crypto data aggregator DeFillama pointed out that the growing popularity of the space has reduced the gap between the total value of assets locked (TVL) on the platforms against DeFi lending protocols.
Lido leads staking peers
According to CryptoSlate’s data, Lido was the best-performing staking derivatives token in the past week. The digital asset rose by 17.57% in the last 24 hours to $1.87 as of press time.
Over the past two weeks, the asset’s value has more than doubled, touching a peak above $2 during the early trading hours of Jan. 9. During this period, the staking platform also became the largest DeFi protocol based on the total value of assets locked.
Meanwhile, other staking protocols like Frax Share (FXS), Rocket Pool (RPL), StakeWise (SWISE), and ANKR also recorded double-digit gains in the last 24 hours. Overall, the sector’s market cap grew by over 10% to $7.04 billion over the reporting period.
In the last seven days, DeFillama data shows that the top 10 liquid staking protocols, except ANKR, saw their TVL rise by an average of 15%.
Lido DAO Market Data
At the time of press 3:50 pm UTC on Jan. 9, 2023, Lido DAO is ranked #31 by market cap and the price is up 15.32% over the past 24 hours. Lido DAO has a market capitalization of $1.55 billion with a 24-hour trading volume of $302.81 million. Learn more about Lido DAO ›
Crypto Market Summary
At the time of press 3:50 pm UTC on Jan. 9, 2023, the total crypto market is valued at at $855.34 billion with a 24-hour volume of $41.91 billion. Bitcoin dominance is currently at 38.93%. Learn more about the crypto market ›
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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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Rocket Pool
$19.1242
Rocket Pool is a decentralised Ethereum Proof of Stake pool designed to be compatible with Casper.
StakeWise
$0.02684
Launched in March 2021, StakeWise is a liquid Ethereum staking protocol that unlocks the earnings potential of ETH2 for the DeFi users.
Ankr
$0.04470
Ankr strives to build a resource-efficient blockchain framework that truly enables Distributed Cloud Computing (DCC) and provides user-friendly infrastructure for business applications.
Lido Staked ETH
$2,916.98
stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards.
