Ethereum Liquid staking derivatives (LSD) tokens are taking the reins today as they have started another rally. This rally was the result of an accelerating rate of staking in ETH, which has led to 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 increased, the value of LSD tokens also increased. Over the past day, coins like Lido Finance (LDO) and Rocket Pool (RPL) have been on the rise. The latter also emerged as the No. 3 top gainer with gains of almost 10% in the last 24 hours.
Lido’s market share in the liquid betting market has also increased as the protocol now accounts for 37.85% of all ETH staked in liquid derivatives protocols. Coinbase is the second largest with 11.88% of the market share and Rocket Pool represents 7.72% of the market share.
LDO price surges 10% in 24 hours | Source: LDOUSD on TradingView.com
Other LSD tokens have also returned to the green over the past day, with pSTAKE Finance’s PSTAKE up 3% and StakeWise’s SWISE up nearly 4% in the same time frame.
Ethereum staking is not slowing down
In the last two days, the total amount of ETH staked on the Ethereum network has increased dramatically. As bettors have settled back in since the withdrawal update that was made about a month ago, they have come back to staking more ETH.
Staked ETH rises above 23.9 million | Source: Etherscan
The total ETH in the escrow contract had increased by 95,008 ETH, meaning more than $180 million worth of ETH was added to the contract in the space of 48 hours. This shows that June is starting as a bullish month at least for Ethereum, which could signal a recovery for the market.
As a result of this accelerated time frame, the total Ether staked in the Beacon Contract exceeded 23.9 million tokens. This equates to a total value of over $45.3 billion that is now staked on the Ethereum Proof of Stake network.
