Rocket

Frax

TokenInsight's latest report, Crypto Market Insights 2023Q2, shows that after <a target="_blank" href="https://tokeninsight.com/en/coins/ethereum/overview" rel="noopener noreferrer nofollow">Ethereum</a>'s Shapella upgrade in April, the $ETH staking amount had a rapid growth, which drove the LSD market to expand. LSDFi related protocols recorded a huge TVL boost, and there is still room for growth. 
Although there were concerns that the Shapella upgrade would bring selling pressure to $ETH, it turned out that the upgrade accelerated the growth of $ETH staking amount. As of the end of June, the total $ETH staking reached 23.54M, a 48.4% increase compared to the beginning of the year. In Q2, the $ETH staking rate rose from 14.95% to 19.57%. 
<img src="https://s2.tokeninsight.com/static/calendar/img20230727031710af1b3467-f779-495b-9c8f-41eaa5fb13ae.jpg"> 
Because of regulation pressure, CEX's share of $ETH staking declined from 30.2% at the beginning of the year to 19.6%, while the LSD market was getting bigger. The LSD market landscape remained unchanged, with <a target="_blank" href="https://tokeninsight.com/en/coins/lido-dao-token/overview" rel="noopener noreferrer nofollow">Lido</a> maintaining a dominant position as the largest liquidity staking service provider. In Q2, Lido's staked $ETH increased by 32.6%, reaching around 7.5M. Despite smaller shares, <a target="_blank" href="https://tokeninsight.com/en/coins/frax-share/overview" rel="noopener noreferrer nofollow">Frax</a> and <a target="_blank" href="https://tokeninsight.com/en/coins/rocket-pool/overview" rel="noopener noreferrer nofollow">Rocket Pool</a>'s staked $ETH significantly rose in Q2, increasing by 90.4% and 69.7% respectively. 
Correspondingly, more DeFi protocols integrated LSD, leading to the emergence of LSDFi. In Q2, LSDFi's TVL increased by approximately 738%. <a target="_blank" href="https://tokeninsight.com/en/coins/lybra-finance/overview" rel="noopener noreferrer nofollow">Lybra Finance</a>, a stablecoin issuance platform, is currently the largest LSDFi protocol. By the end of June, it had a market cap of $14.8M and a TVL of $187M. 
<img src="https://s2.tokeninsight.com/static/calendar/img20230727031711f314f0ff-48ab-41eb-8b09-fee783c93fe6.jpg"> 
However, the LSDFi market is still in an early stage, without a significant competitive landscape. As of the end of June, $ETH staking amounted to around $44.5B, while LSDFi's TVL was only $570.5M, indicating significant growth potential. TokenInsight predicts that LSDFi will be a hot trend in Q3. 
To learn more about the crypto market in Q2, please read: <a target="_blank" href="https://tokeninsight.com/en/research/reports/crypto-market-insights-2023q2" rel="noopener noreferrer nofollow">Crypto Market Insights 2023Q2</a> 
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<a target="_blank" href="https://tokeninsight.com/en/cryptocurrencies" rel="noopener noreferrer nofollow">TokenInsight</a> is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email <a href="mailto:news@tokeninsight.com" rel="noopener noreferrer nofollow">news@tokeninsight.com</a>. Your trust will be well respected.

TokenInsight: TVL of LSDFi Increased by Over 700% in Q2, Still Has Potential to Grow

TokenInsight

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