The crypto economy made significant gains over the past week, as the price of Ethereum rose 11.9%, increasing the market cap of Lido’s sticky Ether to $10.3 billion. This recent increase pushed the token’s overall market valuation to the ninth largest position, according to crypto market capitalization aggregation site coingecko.com.
Lido Finance’s TVL dominated Defi with a 21.59% share
The value of liquid staking tokens associated with Ethereum (ETH) has risen significantly over the past week as Ether has gained 11.9% against the USD. In particular, STETH, the Lido’s staked ethereum token, now has a market capitalization above the $10 billion mark, reaching $10.36 billion on Monday, March 20, 2023. according to coingecko statistics, STETH’s market capitalization currently ranks 9th, while dogecoin (DOGE) ‘s market capitalization remains in 10th place.
Above STETH is Polygon (MATIC) with a market valuation of $10.42 billion. There is currently a circulating supply of about 5.8 million STETH, and in the past 24 hours, the token has logged $22.35 million in global trading. The most active exchanges handling STETH on Monday are Bybit, Gate.io, and Huobi; STETH is up 12.4% this week and 4.6% over the past 30 days.
Currently, the Lido Finance website estimates that STETH stakeholders are receiving approximately 5.9% annual percentage rate (APR) for staking their tokens. As of this writing, Lido is the largest decentralized finance (defi) protocol out of Monday’s $49.01 billion total value locked (TVL); Lido’s TVL represents 21.59% of the total value locked in defi. Over the past seven days, Lido’s TVL has increased by 8.9% and over the past 30 days by 17.07%, according to statistics from defillama.com.
Defillama.com explains that there were 7.83 millionpeople on Monday. $13.98 billion worth of ETHis being staked today via liquid staking protocols. Lido’s STETH represents 74.51% of total value. Coinbase’s Wrapped Ether token protocol has a total of $2.1 billion, or 116 million Ethereums, locked up. This is the second largest liquid staking project seen in TVL.
STETH is listed as the ninth largest coin by market capitalization on coingecko.com, but not on other crypto market aggregation sites such as coinmarketcap.com. Because it is a synthetic version of Ether, some crypto market aggregation sites do not include STETH in their top 10, despite its capitalization.
What are your thoughts on STETH’s market capitalization growth and its role in the growing liquid staking ecosystem Do you think STETH will continue to climb the rankings of top-tier cryptocurrencies? Share your thoughts on this topic in the comments section below.
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