The value of liquid staking derivatives (LSD) has surged, with 1.56 million ether added to the protocol since January 6, pushing the total value of ethereum held to $54.34 billion, marking an increase of $26.85 billion in the past two months.

Volume and value of liquid staking derivatives (LSD) have grown significantly since the start of the year, with 1.56 million ether added to the LSD protocol since January 6. The total value of ethereum held jumped by $26.85 billion in the last two months.

LSD Market Expands: Ethereum Holdings Passes $54 Billion Milestone

In the past week, the price of ethereum (ETH) has risen 12.5%, and over the past month, ETH has increased 56.9%. As of 17:15 WIB Sunday, ETH was trading at more than $3,900 per coin. ETH price climb against the US dollar.

The dollar has pushed the value of assets in liquid staking derivatives (LSD) to $54.34 billion, accounting for more than half of the total value in decentralized finance (defi) protocols. Data shows that 1.56 million ethereum has been accumulated in the last 64 days, starting in January 6, 2024, initially, 12.31 million ethereum was secured that day, worth $27.49 billion.

Currently, the total has reached 13.87 million ether, worth $54.34 billion, marking an increase of $26.85 billion. 71.04% of ethereum (ETH) collateralized is under Lido Finance, which manages 9.85 million ETH. Rocket Pool is second, guarding 1.13 million ETH worth $4.41 billion. Following in the footsteps of Lido and Rocket Pool, Binance, Mantle, and Stakestone are also significant but each manage less than 1 million ether. Liquid staking derivatives protocol Binance oversaw 891,881 ETH, while platform Stakestone accounted for 339,422 ETH. Other entities to watch include Frax, Swell, Coinbase, Stader, and Stakewise, with Mantle seeing the most substantial 30-day growth at 25.78%.

Since its introduction, the liquid staking protocol has attracted a large following, with millions of ether flowing into the LSD platform. While Lido continues to lead, its competitors are gradually climbing the ladder.

What do you think about LSD growth in 2024? Share your thoughts and opinions on this topic in the comments section below.