Cryptocurrency staking has been attracting a lot of attention lately, especially in terms of deposit trends among a few leading staking providers. Glassnode recently shared data showing the deposit trends among several staking providers, particularly the changing dynamics between Kraken, Binance, and Coinbase. According to the data, Lido is the current leader in terms of deposit flows.

The data from Lido.fi reveals that there are over 294,606 stakers at the moment. Ethereum is the main cryptocurrency staked with Lido, as $11 billion worth of ETH is currently staked with the platform. Polygon follows in terms of value staked ($97 million) and Solana follows with a total value staked of $55 million.

On March 2, 2023, the total value locked in Lido was $9.48 billion. A huge increase in the protocol's staked value has been observed since then, attributed to several factors including a 0.66% increase in the price of Ether against the U.S. dollar. Additionally, the rise in value locked can be attributed to the major deposit made by Tron founder Justin Sun of at least 303,000 Ether into Lido.

Cryptocurrency staking has been receiving a lot of attention in the US recently, most notably due to the SEC's legal action against Kraken in February 2021. The SEC has also been scrutinizing leading staking provider Binance, thus emphasizing the importance of the changing trends in staking and deposit allocations.

In conclusion, Glassnode’s data shows that Lido is currently the leading staking provider in terms of both value staked and deposit inflows. Though Kraken and Binance put up a good fight in the early days of the Beacon Chain, Lido eventually emerged victorious due to increasing deposits due to external factors and surges in the value of Ether. Cryptocurrency staking is an important and growing field, and both the private and public sector in the US must pay closer attention to it and its changing trends.



Other News from Today