Within a mere five-day period, liquid staking platforms have experienced a remarkable influx of 370,000 Ether, propelling their total Ethereum holdings from 11.94 million to an impressive 12.31 million. Notably, a significant contributor to this surge has been Binance’s liquid staking token, WBETH, which accounted for more than 86% of this week’s growth, expanding by 318,605 Ether over the same five-day timeframe.
Liquid staking platforms have surpassed the milestone of holding over 12 million Ether.
As of September 25, 2023, according to data from defillama.com, the total Ethereum (ETH) holdings within liquid staking derivative protocols have surged past 12 million, specifically reaching an impressive 12.31 million.
Looking back to September 20, historical data indicates that nearly two dozen of these protocols collectively held 11.94 million Ether. Among these 23 contenders, Lido stands out with a commanding 70.90% share of the total value locked (TVL).
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Back on September 20, Lido had approximately 8.7 million Ether securely locked within its decentralized finance platform. Fast-forward to the present, and an additional 30,000 Ether has found its way into the protocol.
Within the same five-day span, Coinbase held a reserve of 1.29 million Ether, which has seen a modest increase, now standing at 1.3 million. Over the same timeframe, Rocket Pool’s holdings have inched up from 940,496 Ether to 945,402.
Binance’s WBETH takes the lead with remarkable growth of 86%.
Nonetheless, it was Binance’s platform for liquid staking tokens that experienced the most significant surge among the various platforms. It accumulated an impressive 318,605 Ether in its reserves. Looking at historical data, it’s evident that Binance initially held 445,500 ETH to back its WBETH token, a number that has now surged to 764,105 ETH.
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Here are the top five WBETH (ERC20) wallets, as per etherscan.io data on September 25, 2023.
Dune Analytics metrics indicate a distribution of 161,124 WBETH on the Binance Smart Chain and a significant 602,981 WBETH on the Ethereum network. Data from onchain sources reveals that the majority of this increase in WBETH occurred during the recent weekend, specifically on September 23 and 24.
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Over the course of five days, the liquid staking protocol (LSP) Frax observed an increase in its Ethereum holdings, rising from 260,557 to 261,323. Meanwhile, another LSP, Stakewise, experienced modest growth, moving from 97,236 on September 20 to the current figure of 97,272.
Remarkably, the top six liquid staking protocols maintain an astonishing 98.24% share of the entire liquid staking landscape. This dominance translates to these six platforms collectively overseeing approximately 12,093,344 out of the total 12,310,000 ETH locked in the ecosystem.