According to DefiLlama, 17.9% of Ethereum is currently locked for staking. That means a whopping $17.214 billion is seeking yield. LSDFi (Liquidity Staking Derivatives) is one of the most promising projects in the market. But which project is currently attracting the most users and assets? To answer this question, we ran an analysis using data from DuneAnalytics.
First, let’s review some of the most popular blue-chip LSD projects. Among them, Frax Ether took advantage of its dual model and achieved the largest growth (+8.85%). At the same time, with the launch of V2, Lido attracted more than $700 million worth of ETH assets, firmly ranking first. At the same time, ETH assets staked using Rocket Pool also increased by $58 million, although the growth rate of cbETH lagged slightly.
We then track the condition of these LSD tokens through a dashboard, including:
• stETH
• wstETH
• rETH
• cbETH
• sfrxeth
The LSDFi protocols involved include LybraFinanceLSD, AlchemixFi, unsheth_xyz, OriginDeFi, gravitaprotocol, pendle_fi, and asymetrix_eth, as well as CurveFinance.
Currently, only $250 million worth of LSD tokens are locked in these LSDFi protocols, equivalent to less than 1.46% of the total value in circulation. Below is the distribution of the total LSD value locked by these LSDFi protocols.
Heres how the total value locked in LSD has changed over the past 1 day, 7 days and 1 month. You can observe a huge increase in TVL for almost all LSDFi protocols except for AlchemixFi and unsheth_xyz (despite $USH generating huge initial buzz).
Below are the net inflows of LSD tokens to these protocols. We can see that unsheth_xyz and pendle_fi are the first driving forces to attract a large number of LSD token inflows after the Ethereum Shapella upgrade, while LybraFinanceLSD, CurveFinance and pendle_fi continue to maintain their LSD deposits.
This graph can better illustrate the market share of LSD. Amazingly, LybraFinanceLSD captured over 43% of TVL in less than a month. Flashstake, CurveFinance, and OriginDeFi also continued to maintain market share growth after the Ethereum Shapella upgrade.
In terms of the most used LSDs in these protocols, $stETH and $wstETH account for over 77% of all LSDs. The usage of $sfrxETH is significantly behind at only 11%.
Notably, $sfrxETH is catching up to other LSDs with a strong 7-day usage growth rate of nearly 25%. However, $rETH is not popular among these LSDFi protocols.
Currently, @LybraFinanceLSD has an overwhelming 88% market share when it comes to LSD CDPs (stablecoins), with the only competitor being @gravitaprotocol (who have yet to do a token airdrop). Perhaps with the launch of @raft_fi there will be some interesting shifts in market share.
All of the above dashboards are free to access:https://dune.com/defimochi/lsdfi-summer
