Lido’s Staked Ethereum (stETH) market capitalization has reached an all-time high of over $12 billion.
According to data from BeinCrypto, Lido stETH is now the 8th largest digital asset by market cap — ahead of top cryptocurrencies such as Dogecoin, Solana, and Polygon.
The cryptocurrency’s market cap crossed 12 billion for the first time on April 14 before dropping above and below the key number several times during the week. Earlier in the week, DeFillama mentioned More than 6 million ETH have been locked on the DeFi protocol.
Staking liquid deposits grow after Shapella
Since Ethereum made withdrawals available to its users through the Shapella upgrade, Liquidity Derivatives (LSD) protocols have seen the total value of assets locked (TVL) on their platforms skyrocket.
The 82 liquid storage protocols pursued by DeFillama total a cumulative $17.06 billion – with Lido being the dominant player in this segment. These protocols have seen TVL grow by an average of 10% in the past seven days.
A relatively new liquid staking protocol, Agility, saw its TVL grow to $336.29 million from $62.9 million recorded on April 12, according to DeFillama. data. The growth of Protocol suggests that the growth and interest generated by LSDs has led to Chabela’s post-promotion.
Meanwhile, IntoTheBlock pointed out There was an unexpected increase in the share of institutional betting and Asian stock exchanges. According to its data, the biggest gainers were the central Asian exchanges, Huobi and OKX.
The Staking Liquid Lido and Rocket Pool platforms have seen their backlog drop by double digits since the upgrade.
Stalled Ethereum deposits are outside the scope of withdrawals
According to the Nansen dashboard, deposits of ether outnumbered withdrawals during this period. For example, about 80,000 ETH was deposited in the last 24 hours, while less than 5,000 ETH was withdrawn. This indicates that rather than being wildly unstable, the Shapella upgrade is starting to make more adjustments to the Staking Ethereum pools.
Meanwhile, blockchain analyst Lookonchain mentioned that some addresses Withdrawing the pegged ETH immediately brought them back in position.
BeInCrypto reports that regulatory actions in the United States have forced the companies to withdraw their ETH. According to the report, US-based companies such as Kraken, Coinbase, and bankrupt lender Celsius led the first wave of withdrawals.
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