Growing Demand Of Eth After Shapella Upgrade

Since Ethereum's Shapella upgrade on April 12, 2023, which enabled stakers to withdraw for the first time, the total value locked into liquid staking protocols has seen significant growth. At the time of the upgrade, slightly over 8 million ethereum was locked into liquid staking platforms. As of April 30, 2023, over 400,000 ether, valued at over $763 million, has been added to 17 liquid staking platforms.

The Rising Popularity of Ethereum's Liquid Staking Protocols

Currently, the total value locked into liquid staking protocols, such as Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, Stakehound, Ankr, Ether.fi, and Bitfrost, is over $16 billion.

According to 30-day statistics, six out of the top ten protocols, ranked by value locked, have experienced gains over the past month, with four of them showing double-digit growth. Lido dominates the $16 billion market, holding 73.6% or 6,206,101 of the 8,431,605 ethereum locked in liquid staking protocols.

Recent Growth in Ethereum's Liquid Staking Protocols

Data shows that just after the Shapella upgrade, 400,735 ethereum worth $763,600,542 using today's ether exchange rates has been added to the liquid staking cache. Lido's 30-day metrics show an increase of 5.50%, while Coinbase's liquid staking platform saw a loss of 0.64% over the last month.

Rocket Pool's total value locked (TVL) jumped 29.24% in 30 days, while Frax's TVL rose by 31.65%. Stakewise, the fifth-largest liquid staking protocol, saw a modest 1.23% increase over the past 30 days, similar to Lido's small rise.

Binance Enters the Liquid Staking Market

Binance has entered the fray with a newly launched liquid staking product, standing as the tenth-largest platform under Bitfrost. Currently, the protocol's TVL is approximately $38.69 million, with 20,305 ether staked into the application.

Growing Interest in Liquid Staking Protocols

The addition of 400,000 ether to the liquid staking TVL within just two weeks of the Shapella upgrade underscores the growing interest and attention this sector is receiving. Liquid staking protocols have gained significant traction in recent months, providing users with the convenience of earning passive staking rewards while still retaining control of their assets.