Lido Finance, a popular liquidity platform, has achieved a significant milestone in the crypto world as it crossed 1 million active network validators. The platform announced this notable feat on Monday, April 29, sharing a chart from Dune Analytics revealing data supporting its claims.
Liquidity platforms like LIDO make staking more accessible to retail traders and investors. These liquid staking protocols allow retail investors to no longer need 32 Ether to deploy their own validator nodes on the Ethereum Network.
Currently, over 27.16%, about 32,554,657 Ether, of the overall total Ether circulating is being staked.
According to data from Dune Analytics, Lido is the leading liquidity provider for staked Ether, responsible for over 28.5% of the overall amount. As per the data, Coinbase exchange followed next, with 13.6% of the overall staked Ether. Following Coinbase is Ether.Fi (liquid restaking platform), Kiln (Staking pool), Binance exchange, and Figment (staking pool), accounting for 3.6%, 3.5%, 3.3%, and 2.7% of the overall market share.
The liquid staking protocol experienced considerable growth due to the liquidity incentives it offered to users. Interestingly, network participants that stake their Ether coins using Lido receive Lido Staked Eth tokens (stETH), which is the protocol-specific equivalent of the Ethereum coin (ETH) that may be used in other related DEFi protocols.
Over the past months, Lido has experienced certain notable feats, and it is not alone, as the ETH staking sector also saw considerable expansion. On February 7, 2024, ETH staking surged by 25%, with more than 30 billion ETH (worth over $40 million at the time) locked in for staking. The following month, the Ethereum ecosystem saw a notable feat, with more than one million network validators being active on the network and over 32 million ETH staked (worth $114 billion at the time).
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