Liquid staking options reminiscent of Lido and Rocket Pool now have extra complete worth locked (TVL) than decentralized exchanges (DEXs), making them the highest class of DeFi protocols, in line with knowledge from crypto analytics platform DefiLlama.
For the primary time, the Liquid Staking class has surpassed DEXes in complete worth locked, making it the main class in DeFi by TVL dominance pic.twitter.com/HQ0Ug8UweR
— DefiLlama.com (@DefiLlama) April 26, 2023
TVL is a metric that measures the greenback worth of all cryptocurrencies locked inside a protocol’s good contracts.
Liquid staking protocols have only in the near past taken the highest spot. On April 13, there was solely $17.19 billion of crypto locked in liquid staking contracts, in comparison with $18.89 billion in DEXs, in line with archived data. Nevertheless, DEXs have skilled a $1.66 billion decline to $17.2 billion, whereas liquid staking options have skilled a $280 million improve to $17.47 billion, giving them the highest spot.
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Liquid staking protocols are staking swimming pools that stake crypto on behalf of customers. These protocols additionally problem tokens to customers that symbolize the particular person’s deposited crypto. As a result of these tokens can be utilized in DeFi apps, liquid staking protocols permit customers to each concurrently stake their cash and use them in different purposes.
Based on DefiLlama’s Could 1 knowledge, Lido (stETH) continues to be the highest staking protocol with $11.54 billion of cryptocurrency locked inside its contracts. Coinbase Wrapped Staked Ether (CBETH) is a distant second with $2.19 billion locked, and Rocket Pool (rETH) is third with $1.46 billion. The remaining protocols have lower than $1 billion of TVL every however add as much as $2.22 billion collectively.
Lido was the primary liquid staking protocol, and it launched in 2020. Liquid staking has develop into extra common as Ethereum moved to proof-of-stake and allowed withdrawals.
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