LSD Token Rally As Ethereum Staking Ramps Up, Here Are The Leaders

Ethereum Liquid Staking Derivatives (LSD) tokens are taking the reins today as they have started another rally. This rally was the result of an accelerated rate of ETH staking, which has led to an increase in the balance of these liquid staking protocols.

LSD takes advantage of token boom

As the total amount of ETH on the Ethereum network grew, so did the value of the LSD token. In the past, coins such as Lido Finance (LDO) and Rocket Pool (RPL) have surged. The latter also emerged as the number 3 top gainer with nearly 10% gain in the last 24 hours.

Lido’s market share in the Liquid staking market has also increased as the protocol now accounts for 37.85% of all ETH in the Liquid derivatives protocol. Coinbase is the second largest with 11.88% market share and Rocket Pool has 7.72% market share.

LDO price surges 10% in 24 hours | Source: LDOUSD on TradingView.com

Other LSD tokens have also returned to the green on the last day as well, with pSTAKE Finance’s PSTAKE up by 3% and StakeWise’s SWISE by almost 4% over the same time period.

Ethereum staking isn’t slowing down

Over the past two days, there has been a massive increase in the total amount of ETH on the Ethereum network. As stakeholders pulled back from the withdrawal update made about a month ago, they moved back into more ETH.

Staked ETH rises above 23.9 million | Source: Etherscan

The total ETH in deposited contracts had increased to 95,008 ETH, meaning that over $180 million ETH was added to the contract within 48 hours. This suggests that June is starting out as a bullish month, at least for Ethereum, which may indicate an upcoming recovery for the market.

As a result of this accelerated deadline, the total amount of Ether staked on the Beacon contract has surpassed 23.9 million tokens. This works out to a total value of over $45.3 billion now at stake on the Ethereum Proof of Stake network.