MEXCEthereum Stakers Ditch Lido, Flock to Ether fi
Highlights
- Ethereum's price decreased by 4% in the last 30 days, yet interest in liquid restaking protocols has surged.
- Lido Finance experienced the largest ETH outflow among staking platforms, with over 284,800 ETH withdrawn.
- Despite the outflow, Lido remains the market leader in Ethereum staking with a 29.7% share.
In the last 30 days, Ethereum is down by 4%. Notwithstanding this, ETH holders demonstrate a tendency for liquid restaking protocols to be preferred over the likes of the traditional platform of Lido Finance. The data collected by the Dune Analytics dashboard, developed by researcher Hildobby, points to a substantial change. It shows that Lido Finance has the biggest outflow of Ethereum (ETH) regarding other peers withdrawing more than 284,800 ETH.
Lido, however, remains the leader in the Ethereum staking market, with a share of 29.7%. The flow of stakers is in the direction of platforms with liquid restaking options. These, among others, include Ether fi and Renzo Protocol, which received an impressive amount of inflows. Ether fi and Renzo have received over 400,000 and 280,100 Ether, respectively, making them the preferred platforms for stakers.
Ethereum Stakers Prefer Eigenlayer’s Flexible Solutions
Ether fi and Renzo are currently the largest liquid restaking platforms identified by DefiLlama. Fi’s total value locked (TVL) is $3.1 billion. At the same time, the investments in Renzo exceeded $2.1 billion. In total, users have locked over $8 billion in these protocols. This tendency shows a certain dominance of platforms that use mutually exclusive capabilities of Eigenlayer, thus providing for wider staking opportunities.
Moving from Lido to Ether fi and Renzo is a characteristic of the increasing popularity of Eigenlayer points among the participants of DeFi. These liquid restaking protocols use the Eigenlayer framework to allow stakers of their ETH to assist other networks and solutions. This approach came into favor when the Ethereum blockchain changed its consensus mechanism to proof-of-stake in September 2022.
Eigenlayer Expands Use of Staked ETH Widely
With the transition of Ethereum to proof-of-stake, the staking practice was revolutionized. Stakers are involved in securing the Ethereum chain by depositing the ETH with validators. Eigenlayer has evolved this model by enabling the staked ETH to be employed across a larger range of protocols and chains that are interconnected with Ethereum.
Read Also: ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return
- Litecoin Price Jumps, What’s Behind the Sudden Rally? (28 oct)
- Metaplanet Stock Surges 10% on Share Repurchase, Capital Allocation Policy
- AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi
- Bitwise Solana Staking ETF (BSOL), Canary Litecoin and HBAR ETFs to Launch Today
- Analyst Slams S&P’s ‘B-’ Rating for Strategy Inc, Says Bitcoin Treasury Model Is “Misunderstood”
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Poised to Break $125k? If President Trump Announces Deal with China on October 30th
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
