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HomeCrypto NewsMarketLido, Coinbase, Binance Lead 16M Ethereum Staked on ETH PoS Beacon Chain

Lido, Coinbase, Binance Lead 16M Ethereum Staked on ETH PoS Beacon Chain

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Lido in Pole Position With 29% of Total Ethereum Staked by Service Providers.

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On-chain data shows that more than 16 million Ethereum (ETH) has been staked on the Ethereum Proof-of-Stake (PoS) beacon blockchain. This amounts to over 13% of the total circulating supply of the second-largest cryptocurrency by market capitalization. As seen on Glassnode, the on-chain analysis platform, more than 70% of the staked ETH was done via service providers that include Lido, Coinbase, Kraken, and Binance.

According to Glassnode data shared by the popular Chinese crypto reporter, Collins Wu, the allocation of staked ETH on the service providers is Lido: at 29.3% Coinbase at 12.8% Kraken at 7.6%, and Binance at 6.3%. Of all the listed platforms, only Lido is a primary protocol that was designed for liquid staking from the onset. The rest are crypto exchanges that added the service as a secondary service in their ecosystems.

 

Lido’s 29.3% of the staked ETH represents a lion’s share of the total ETH staked. It is a reflection of the adoption sentiment of the Ethereum community, and the preference toward dedicated services. It is different from adopting a solution based on existing relationships, as most of the stakers via exchanges are likely to have been existing customers choosing to operate from a unified platform.

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Lido was founded in 2020 specifically to provide staking solutions. Ever since, it has remained a leading staking solution for Ethereum and other PoS blockchains including Solana (SOL), Polygon (MATIC), Polkadot (DOT), and Kusama (KSM).

Lido’s ease of accessibility also makes it an attractive option for many users, which is why it is called Liquid staking. The innovative alternative does not lock up users’ staked tokens. This feature addresses the complications of illiquidity, centralization, and other complexities of PoS staking.

The margin of Lido’s leadership is noticeable and is not only as an early mover. Specialization and dynamism in approach surely contributed to the platform’s status which is clear to see despite growing competition.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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