As of February 7, 2023, the value locked in 11 Ethereum-based liquid staking protocols has risen to more than $11 billion, with Lido, Coinbase, and Rocket Pool recording 4-10% gains in the past month. Of the 6.87 million Ether held by 11 liquid staking platforms, Lido over 73% of the total value locked (TVL). More than 15% of liquid staked TVL is staked with Coinbase’s wrapped Ether.

Lido Leads the Ethereum Liquid Staking Industry with 73% of Total Value Locked

Staking Ethereum has become a highly sought-after trend since its launch on the network’s Beacon chain. The Beacon chain contract has locked 16.47 million ethers, worth $26 billion, which cannot be withdrawn until the upcoming March hard fork. A significant portion of this locked ether is held in liquid staking protocols, as 11 decentralized finance (defi) protocols hold 41% of the total, or 6.87 million ether.

The trend of Ethereum Liquid Staking continues to expand; 5 major platforms control 97% of the market
The total value is locked on the Ethereum-based liquidity staking platform on February 7, 2023.

Liquid staking involves exchanging ether for a tokenized version of ether. This allows holders to earn rewards while still having a liquid form of tokens that they can sell at any time without relying on a custodian. The staked ether is held in various protocols, and the platform handles the exchange for the minting and redemption process. Of the 41% worth over $11 billion, Lido 73% of the total value locked (TVL). Lido’s TVL increased by 4.27% last month, and today’s value locked is approximately $8.18 billion.

The trend of Ethereum Liquid Staking continues to expand; 5 major platforms control 97% of the market
Top 5 liquid staking platforms as of February 7, 2023.

Coinbase’s wrapped ether has 1,081,304 ethereum (ETH) locked in the platform, with TVL up 5.74% over the last month. Coinbase-wrapped ethereum platform TVL 15.72% of the market, worth $1.76 billion. The two largest liquidity staking platforms saw the biggest gains in the top five projects last month. Rocket Pool’s TVL has increased by 10.71% in 30 days, while Frax Ether’s TVL has increased by 76.73% in the same time frame. Rocket Pool has roughly 387,016 ETH locked, while Frax Ether has a total of 87,134 ETH locked.

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Stakewise is the fifth largest liquidity staker, with 84,481 Ether locked up on February 7, 2023, worth $136 million. Frax Ether 1.27% of the market, while Stakewise holds 1.23% of the 6.87 million Ether. The other six DeFi liquidity staking platforms hold only 2.6% of the $11 billion in value, while the top five liquidity stakers control 97.4%.

tags in this story

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How do you see the continued growth of the Ethereum Liquid Staking protocol? Share your thoughts in the comments section below.


Jamie Redman

Jamie Redman is the Head of News for News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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