With the crypto economy seeing significant gains over the past week and the ethereum price rising 11.9%, Lido’s ether market capitalization has risen to $10.3 billion. This recent rise has propelled the overall market valuation of the token to the ninth largest position, according to crypto market capitalization aggregation website coingecko.com.
Lido Finance’s TVL dominates Defi with a 21.59% stake
The value of liquid staking tokens associated with ethereum (ETH) has risen significantly over the past week following ether’s 11.9% gain against the US dollar. Notably, Lido’s staked ethereum token STETH now has a market capitalization above the $10 billion range, reaching $10.36 billion on Monday, March 20, 2023. According to coingecko statistics, STETH’s market valuation now ranks ninth, with the dogecoin (DOGE) market. capitalization occupying the tenth position.
Above STETH is the market valuation of the polygon (MATIC) at $10.42 billion. Currently, there is a circulating supply of around 5.8 million STETH, and in the last 24 hours, the token has seen $22.35 million in global trades. The most active exchanges dealing with STETH on Monday are Bybit, Gate.io, and Huobi. STETH has gained 12.4% this week and 4.6% in the last 30 days.
Currently, the Lido Finance website estimates that STETH punters are receiving around a 5.9% Annual Percentage Rate (APR) when staking the token. At the time of writing, Lido is the largest decentralized finance (defi) protocol from total value locked (TVL) of $49.01 billion on Monday. Lido’s TVL represents 21.59% of the total amount of value locked in defi. In the last seven days, defillama.com statistics show that Lido’s TVL has increased by 8.9% and in 30 days it has grown by 17.07%.
Defillama.com explains that on Monday, 7.83 million ETH $13.98 billion worth is staked in liquid stake protocols today. The Lido STETH represents 74.51% of the aggregate. Coinbase’s Wrapped Ether token protocol has a total value locked up of $2.1 billion, or 1.16 million Ethereum. It is the second largest liquid equity project in terms of TVL.
While STETH is listed on coingecko.com as the 9th largest coin by market cap, this is not the case with other crypto market aggregation sites like coinmarketcap.com. Because it is a synthetic version of Ether, some crypto aggregation sites do not list STETH in the top ten, despite its capitalization size.
What do you think about the growing market capitalization of STETH and its role in the growing ecosystem of liquid betting? Do you think STETH will continue to rise in the ranking of the main cryptocurrencies? Share your thoughts on this topic in the comments section below.
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