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ETH LSDFi Sector Grew Nearly 60x Since January
The Ethereum liquid staking derivatives finance (LSDFi) ecosystem has experienced a significant growth this year, with Ether holders opting to re-stake for better yield opportunities rather than liquidating their assets. The sector has grown by 58.7x since January, with LSD protocols accounting for 43.7% of the total 26.4 million ETH staked by August 2023. Lido holds a significant share at almost a third of the total staked market.
CoinGecko reported that withdrawals enabled in LSDFi protocols resulted in a 55% exit queue and 77% below 10 validators. TVL in LSD protocols has grown by 5,870% since January 2023, while total decentralized finance TVL contracted by 8%. The average yield for LSD protocols is 4.4%, but this will decline as staked ETH increases. Currently, 27.6 million ETH are staked valued at around $43.4 billion.
(With inputs from Shikha Singh)
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