Ethereum Liquid staking derivatives (LSD) tokens are taking over the reins today as they have begun another rally. This rally was a result of an accelerated rate of ETH staking, which has led to a surge in the balances of these liquid staking protocols.
LSD Tokens Take Advantage Of The Surge
As the total amount of ETH staked on the Ethereum network rose, so did the value of LSD tokens rise. Over the last day, coins like Lido Finance (LDO) and Rocket Pool (RPL) have been on the rise. The latter also emerged as the number 3 top gainer with almost 10% gains in the last 24 hours.
Lido’s market share in the liquid staking market has also risen as the protocol now accounts for 37.85% of all ETH staked in liquid derivatives protocols. Coinbase is the second-largest with 11.88% of the market share and Rocket Pool accounts for 7.72% of the market share.
LDO price surges 10% in 24 hours | Source: LDOUSD on TradingView.com
Other LSD tokens have also returned to green on the last day as well, with pSTAKE Finance’s PSTAKE rallying 3% and StakeWise’s SWISE rising almost 4% in the same time period.
Ethereum Staking Not Slowing Down
In the last two days, the total amount of ETH staked on the Ethereum network has risen drastically. As stakers have settled back in from the withdrawal update that was made about a month ago, they have moved back into staking more ETH.
Staked ETH rises above 23.9 million | Source: Etherscan
The total ETH in the deposit contract had risen by 95,008 ETH, meaning that over $180 million worth of ETH was added to the contract in the space of 48 hours. This shows that June is starting off as a bullish month for Ethereum at least, which could signal a recovery to come for the market.
As a result of this accelerated timeframe, the total staked Ether on the Beacon Contract crossed 23.9 million tokens. This works out to a total value of more than $45.3 billion that is now staked on the Ethereum Proof of Stake network.