Analysis Data Shows Lido Dominating Deposit Trends at Present

Onchain and financial metrics platform Glassnode have recently shared data regarding the deposit nature of staking providers. In a recent tweet, Glassnode shared data showing interest metrics depicting the ups and downs of the deposits over time.

Deposit trends by staking providers have exhibited a clear shift over time with Kraken, Binance and Coinbase jousting for deposit allocations across the Beacon Chain’s early days.

As the dust settled between the three giants, it was Lido who emerged victorious, continuing to… pic.twitter.com/yp50NWQ5XJ

— glassnode (@glassnode) April 9, 2023

Glassnode mentioned in the tweet that there has been a noticeable change in deposit trends among staking providers over time, with Kraken, Binance, and Coinbase competing for deposit allocations during the early days of the Beacon Chain.

According to the details from the chart, Lido is now dominating in terms of deposit inflows at present. Lido has been on a skyrocketing journey, as its total value locked at press time stands at $11.2 billion, according to DefiLlama.

Data from Lido.fi reveals that there are over 294,606 stakers at the moment. Ethereum dominates the Lido staking with over $11 billion staked. Following it are Polygon, with $97 million, and Solana, with $55 million in staked assets.

As of March 2, 2023, the total value locked was $9.48 billion. The rise in value locked can be attributed to several factors, including a 0.66% increase in the price of Ether against the U.S. dollar. This rise has contributed to the growing value of Lido’s staked ether (stETH).

The protocol experienced a noteworthy influx of funds last month, and on-chain data indicates that Tron founder Justin Sun deposited at least 303,000 Ether into Lido.

The interesting data also comes at a time when cryptocurrency staking is facing backlash in the US after Kraken was sued by the SEC in February. Binance is also having its fair share of trouble with the regulators.

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