Ethereum’s Shanghai upgrade has spurred a wave of deposits to liquid staking protocols, pushing the largest player LidoFinance’s deposits over 6 million $ETH. sndr_krisztian reports
In contrast, centralized exchange giants Binance and Coinbase, which also offer liquid staking with their own derivative tokens, have endured heavy deposit outflows. The two exchangeswithdrawals, pending the release of its version 2 protocol upgrade expected later in May.
Given the nature of liquid staking, users who want to withdraw from the platform can just sell their stETH derivative token on exchanges. As the token’s price tracks closely to ETH’s, Lido likely isn’t facing significant withdrawal pressure, Kunal Goel, an analyst at crypto research firm Messari, wrote in a
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance, Coinbase Endure $700M in Staked Ether Outflows as Decentralized Liquid Staking Protocols GainExchange giants coinbase and binance have withdrawn some $700 million of ETH from staking since the Shanghai upgrade, while fraxfinance and Rocket_Pool have seen a sharp increase in deposits. sndr_krisztian reports
Read more »
Liquid Staking: Crypto’s New Phantom Money MachineCoinbase, Binance and other exchanges hold at least $2.25 billion of shadow ether, as the latest lucrative innovation in digital assets ramps up. ForbesCrypto
Read more »
New Cosmos chain will use liquid staking tokens from other networks for security“Tenet” Cosmos chain will rely on liquid staking derivatives from other networks to secure itself.
Read more »
Liquid Staking: Crypto’s New Phantom Money MachineCoinbase, Binance and other exchanges hold at least $2.25 billion of shadow ether, as the latest lucrative innovation in digital assets ramps up.
Read more »
Liquid Staking: Crypto’s New Phantom Money MachineCoinbase, Binance and other exchanges hold at least $2.25 billion of shadow ether, as the latest lucrative innovation in digital assets ramps up. ForbesCrypto
Read more »