Ethereum's Shanghai Upgrade Propels Liquid Staking Market Above DeFi Lending. Summary:.
28 Feb 2023, 08:00
Ethereum’s Shanghai Upgrade Propels Liquid Staking Market Above DeFi Lending
Summary:
Deposits into liquid staking protocols like Lido Finance grew to over $14 billion on Monday, as Ethereum’s upgrade for staked withdrawals draws nearer. Liquid staking now boasts crypto’s second-largest industry, topping lending markets in terms of total value locked.The hype around Ethereum’s Shanghai update and staked Ether withdrawals has seemingly boosted liquidity and interest in liquid staking services. Ahead of Ethereum’s Shanghai upgrade expected in March 2023, deposits into liquid staking protocols significantly increased to over $14 billion. Data from on-chain aggregator Defi Llama showed that liquid staking services became the second-largest market in crypto as of Monday, February 27.
Indeed, liquid staking platforms surged ahead of decentralized finance (DeFi) lending markets which boast just over $13 billion in total value locked (TVL). Crypto exchanges, liquid staking, and DeFi lending currently lead the frontier of TVL in the digital asset ecosystem with trading venues at the summit of incoming liquidity..