- Crypto analytics firm Glassnode recognizes Lido’s commanding lead in the Ethereum liquid staking sector.
- Lido outpaces competitors with a supply 16 times higher than its nearest rival.
With the Ethereum liquid staking sector experiencing vigorous competition, Lido (LDO) has emerged as the dominant force, according to recent findings by the renowned crypto analytics firm, Glassnode. Displaying an impressive command over supply, liquidity, and network effects, Lido has entrenched itself as the leading liquid staking provider.
A Deep Dive into Lido’s Dominance
Lido’s principal objective is to facilitate ETH staking without the necessity for asset lock-up or infrastructure maintenance. Staking on the platform enables users to receive Lido Staked Ether (stETH) on a 1:1 basis, representing their staked ETH. These stETH balances can function akin to regular ETH, allowing users to accrue yield or rewards.
Glassnode’s analysis underscores Lido’s advantage over its counterparts concerning daily deposits. Lido’s success is further reflected in its circulating supply figures, outshining other liquid staking competitors. While other entities are certainly striving, Lido is the undeniable leader in this niche with a supply volume that is 16 times greater than its closest competitor.
Even when comparing the growth rates, Lido’s closest competitor, Rocketpool, whose liquid staking token is rETH, has seen its supply growing three times faster than Lido’s since the beginning of the year. Despite this, it still pales in comparison to the monumental lead that Lido has built.
As of the latest metrics, LDO is trading at $2.06. The crypto asset, currently ranking 33rd by market capitalization, has experienced a slight dip of 4.5% in the past 24 hours. Nevertheless, it maintains a nearly 12% growth over the past week, further solidifying Lido’s overwhelming dominance in the Ethereum liquid staking ecosystem.
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