- Lido sees new ETH deposits constantly growing.
- stETH withdrawals enabled but not yet processed.
- LDO is up 28% in the past week.
Lido, the largest Liquid freezing Derivatives (LSD) protocol on the market, which enabled stack ETH (stETH) withdrawals a few days ago. Many predicted that the stakes would unravel en masse.
However, not only did this happen, but ETH deposits are steadily increasing. On Friday, ETH deposits on Lido reached an all-time high.
Lido hits an all-time high in Ethereum deposits
Lido proves to be liquid at least in the short term mask Here to stay. This is because even though stETH withdrawals are activated, deposits continue to grow higher.
In fact, the total number of ETH deposited on Lido on Friday reached a new all-time high. according to data From Lido, there are now 6,373,289 ETH stored with Lido, which equals $11,521,990,033.
For withdrawals, it has settled around the 450,000 ETH mark, according to data from Nansen. Withdrawals have not been processed yet, they have just been requested.
Lido’s governance token, LDO, also has a small pool. In the past seven days, LDO is up 28%, according to data From CoinGecko. However, LDO is down 5% on the day and is currently trading at $2.15.
Lido is the largest LSD protocol. According to Nansen data, Lido has a 75% market share among all other LSD protocols, with Coinbase and Rocket Pool come in second and third, respectively.
on the flip side
- The total number of ETH bets on Lido is set to decrease once 450,000 withdrawal requests are processed. However, with rapidly increasing deposits, it won’t take long for Lido to get back up to record numbers.
Why is this important
Staking withdrawals is the biggest source of potential price dampening for ETH. Once stETH transfers are successfully processed, ETH will be essentially free of potential withdrawals/crowdsales.
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