LSD tokens surge with increase in Ethereum staking, here are the leaders.
Ethereum Liquid staking derivatives (LSD) tokens are experiencing a surge in value today. This is due to an increase in the rate of ETH staking, which has resulted in an increase in the balances of these liquid staking protocols.
LSD Tokens Take Advantage Of The Surge
As the total amount of ETH staked on the Ethereum network has risen, so has the value of LSD tokens. Over the last day, coins such as Lido Finance (LDO) and Rocket Pool (RPL) have seen an increase in value. Rocket Pool has also emerged as the third top gainer with almost 10% gains in the last 24 hours.
Lido’s market share in the liquid staking market has also risen, as the protocol now accounts for 37.85% of all ETH staked in liquid derivatives protocols. blockchain is the second-largest with 11.88% of the market share and Rocket Pool accounts for 7.72% of the market share.
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LDO price surges 10% in 24 hours | Source: LDOUSD on TradingView.comOther LSD tokens have also seen an increase in value in the last day, with pSTAKE Finance’s PSTAKE rising 3% and StakeWise’s SWISE rising almost 4%.
Ethereum Staking Not Slowing Down
In the last two days, the total amount of ETH staked on the Ethereum network has risen significantly. As stakers have settled back in from the withdrawal update that was made about a month ago, they have returned to staking more ETH.
Staked ETH rises above 23.9 million | Source: EtherscanThe total ETH in the deposit contract has risen by 95,008 ETH, meaning that over $180 million worth of ETH was added to the contract in the space of 48 hours. This shows that June is starting off as a bullish month for Ethereum, which could signal a recovery for the market.
As a result of this accelerated timeframe, the total staked Ether on the Beacon Contract has surpassed 23.9 million tokens. This means that more than $45.3 billion is now staked on the Ethereum Proof of Stake network.
