Ethereum Network ETF Collateralization Rate Has Continued to Decline Since Mid-November 2024

Odaily News The Block data shows that the current ETH pledge ratio has dropped to 27%, falling back to the level of July 2024. This is the first trend decline since the peak of 29% at the end of 2024, and the first decline since staking became popular in May 2023. Liquidity staking derivatives (LSD) continue to dominate the Ethereum staking ecosystem. Lido remains the dominant liquidity staking protocol, controlling about 69% of the LSD market. Binance's pledged ETH ranks second with a market share of about 15%, indicating a high degree of concentration among major providers.

While Ethereum continues to serve as a key infrastructure for DeFi and NFTs, market attention has recently shifted to other protocols and ecosystems. This trend may reflect investors seeking to achieve higher returns in other ecosystems and protocols, or reducing their staked positions to participate in other market opportunities.