Lido (LDO) Ascends as the Undisputed Leader in Ethereum’s Liquid Staking Industry
The main goal of Lido is to enable users to stake ETH without the need to lock assets or maintain infrastructure.
According to Glassnode, a crypto analytics firm, Lido (LDO) has emerged as the dominant player in the liquid staking sector of Ethereum (ETH). Lido surpasses other providers in terms of supply, liquidity, and integration network effects.
By staking on the Lido platform, users receive Lido Staked Ether (stETH) at a 1:1 ratio, which represents their staked ETH. These stETH balances can be utilized similarly to regular ETH to earn rewards or yield.
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Glassnode also highlights that Lido outperforms other providers in terms of daily deposits and circulating supply.
The analytics firm emphasizes Lido’s significant lead in the sector, with its supply being 16 times higher than its closest competitor. However, the supply of rETH, the liquid staking token of Rocketpool, has been growing three times faster than Lido’s since the beginning of this year.
At the time of writing, LDO is trading at $2.06. This crypto asset is ranked 33rd by market cap, experiencing a 4.5% decline in the last 24 hours but witnessing a nearly 12% increase in the past week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
