110,000 ETH boosts defi as deposits surge in liquid staking platforms

In the past week, liquid staking platforms have seen a significant influx of Ethereum (CRYPTO:ETH), with a total of 110,000 ETH added across various decentralised finance (DeFi) protocols.

This surge in deposits reflects a growing interest in staking as a method to earn passive income on Ethereum holdings.

Lido, the largest liquid staking protocol, experienced an increase in its ETH holdings, which rose to 9.82 million ETH.

This represents a slight gain from the previous week and solidifies Lido's dominance in the market, holding 71.67% of the total locked ETH in liquid staking platforms.

Meanwhile, Rocket Pool, another prominent player in the space, maintained its supply at 1.18 million ETH, showing stability in its user base.

The most notable growth was observed in Binance’s Staked Ether platform, which saw an impressive inflow of 97,098 ETH, pushing its total to over 1 million ETH.

This significant addition underscores Binance's expanding influence in the staking ecosystem, as it crosses the milestone of 1 million ETH in its liquid staking protocol.

Mantle (CRYPTO:MNT), another platform in the staking space, also enjoyed an increase in its ETH supply, rising by 18,718 ETH to reach a total of 507,452 ETH.

However, while these platforms recorded gains, smaller liquid staking protocols faced challenges.

For instance, Coinbase saw a modest drop of 90 ETH, and Frax's (CRYPTO:FRAX) platform experienced a sharper decline, losing 1,849 ETH.

Additionally, the Stakestone protocol recorded a reduction of about 6,106 ETH.

These trends highlight the dynamic and competitive nature of the liquid staking landscape.

Larger platforms are continuing to consolidate their positions, attracting more assets, while smaller players struggle to maintain their foothold.

The overall increase in ETH deposits reflects the growing trust and interest in liquid staking as a key component of the DeFi ecosystem.