Liquid staking tokens rally by 15% as Ethereum Shapella upgrade draws near
Liquid Staking is the best performing crypto sector after gaining more than 15% in the last 24 hours. crypto slate data.
The data shows that all seven projects in this space are up 5% or more, with two of them — Lido (LDO) and Frax Share (FXS) — in the top five gainers on March 29th.
The Liquid Staking Derivatives (LSD) platform has announced that the highly anticipated Shapella network upgrade (allowing staked Ethereum withdrawals) will be activated on Epoch April 12th. There is renewed interest. 194048, according to the Ethereum Foundation statement.
Frax Share leads the industry
according to crypto slate According to the data, Frax Share’s FXS was the best performing liquidity staking derivative token during the reporting period, up 19.63%.
FXS is the governance token of the Frax Protocol and saw a significant price increase after launching its liquidity staking program late last year.
According to DeFillama data, the total value of locked assets (TVL) in Frax Ethereum (frxETH) surged 31.49% over the past 30 days to reach an all-time high of $231 million. This equates to 131,970 ETH tokens.
In February, blockchain analytics firm Nansen reported that the supply of frxETH increased by 70,000 ETH within three months.
Lido continues to dominate LSD
Meanwhile, Lido remains the dominant staking platform in the cryptocurrency industry. Its LDO token has risen 15.57% to $2.43 in the last 24 hours at the time of writing.
The protocol’s TVL rose by 6.51% to $10.89 billion, despite the Lido developers’ decision to terminate Polkadot and Kusama staking services.
According to Dune Analytics datathe protocol accounts for about 32% of all staked ETH, equivalent to about 5.8 million tokens.
In addition, it is also the most dominant decentralized financial protocol, boasting a market share of 21.8% according to DeFillama. data.
On the other hand, other staking protocols such as Rocket Pool (RPL), StakeWise (SWISE), ANKR and Stafi (FIS) all recorded positive profits in the last 24 hours. Overall, the market capitalization of crypto tokens in this sector stands at $3.98 billion at the time of writing.
DeFillama in the last 24 hours data The top 10 liquidity staking protocols, excluding Marinade Finance, show an average TVL increase of 5%.