Exchange giants coinbase and binance have withdrawn some $700 million of ETH from staking since the Shanghai upgrade, while fraxfinance and Rocket_Pool have seen a sharp increase in deposits. sndr_krisztian reports
The upgrade has been “a major catalyst” for decentralized liquid staking solutions, Ahmed Ismail, founder and chief executive of liquidity aggregator platform FLUID Finance, said.
Liquid staking protocols issue a derivative token that represents the amount of locked tokens and lets investors access decentralized finance services such as lending and borrowing. Boosted by new deposits, the amount of ETH staked on Frax and Rocket Pool has grown 32.5% and 31% in the past 30 days, respectively, according to DefiLlamaLido Finance, the largest decentralized liquid staking protocol with some $11 billion of deposits, has also booked some $28 million more deposits than withdrawals since April 12.
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