news.bitcoin.com 19 August 2024 07:50, UTC

Based on the latest data, liquid staking platforms have experienced another uptick in deposited ether over the past week. Within this timeframe, 110,000 ether, valued at $292 million, has flowed into these decentralized finance (defi) protocols.

Binance’s Big Move: 88% of 110,000 ETH Inflow Flowed Into Staked Ether Protocol

Liquid staking protocols continue to attract deposits, with the past seven days seeing an addition of 110,000 ethereum (ETH) across various defi platforms. Last week, Lido held 9.81 million ether, and today, that figure has ticked up to 9.82 million—a gain of 10,000. Currently, Lido’s stash accounts for 71.67% of the market share of locked ETH. Meanwhile, Rocket Pool saw little change over the week, maintaining its supply at 1.18 million ETH.

Rocket Pool’s percentage increase over the past 30 days, however, stands at 1.08%. A substantial portion of the 110,000 ETH deposited—88.27% to be precise—flowed into the Binance Staked Eth protocol. Binance’s ether holdings climbed from 912,902 to an impressive 1.01 million, with the firm’s liquid staking protocol successfully crossing the 1 million threshold.

Mantle also enjoyed an uptick, with its ether supply climbing by 18,718 ETH, moving from 488,734 ETH to 507,452 ETH. Although these protocols recorded significant inflows, the overall figure was dampened by outflows from smaller liquid staking protocols.

For example, Coinbase saw a modest drop of 90 ether, but Frax’s platform experienced a sharper decline, losing 1,849 ETH since Aug. 10. Additionally, the liquid staking protocol Stakestone recorded a reduction of about 6,106 ETH. The recent trends in liquid staking highlight a dynamic and competitive landscape where large platforms are continuing to consolidate their positions as smaller players face challenges.