DeFi Insight | An On-Chain Look at Ethereum’s Liquid Staking Landscape
December 5, 2022
Today’s DeFi data&news Brought to you by DeFi Insight
“From decentralized options such as Lido and Rocket Pool to centralized ones such as Coinbase, it’s clear that there’s a significant demand for liquid Ethereum staking solutions and that new entrants will likely continue entering the space. The amount of ETH getting staked is ever increasing and is showing no sign of slowing down since the transition to PoS.
While the majority of liquid staked ETH has yet to enter the broader DeFi space, protocols with a higher percentage deployment in DeFi appear to have a stronger moat. For instance, Lido’s widespread availability and utility in DeFi increases the amount of users interested in using Lido, which increases the number of DeFi protocols that would want to support stETH, ultimately creating a positive feedback loop.
Additionally, while Lido is currently the market leader and has a huge lead over its competitors, the rapid growth of Coinbase’s offering shows that the average user still trusts traditional entities and is satisfied with simply earning staked ETH yield, rather than using it as collateral or as part of a more complex yield-bearing strategy. cbETH’s low utilization rate in DeFi contracts is likely a reflection of the user base of Coinbase’s offering: less crypto native and not actively engaged in on-chain activity.
Will the perceived safety and convenience of a platform like Coinbase allow it to dethrone Lido as the most used Ethereum staking solution? Will a more complex ecosystem of products and derivatives make decentralized LSD options more popular over time? These are some of the questions that deserve ongoing monitoring as the LSD space matures and crypto begins embracing and building around the first popular source of on-chain yield.” @Source
LATEST NEWS
| DEX/CEX/AMM
▪ Uniswap’s On-Chain Vote on Fee Switch Proposal to Go Live in 14 Days
▪ Coinbase Adds Magic ($MAGIC), Rocket Pool ($RPL) and Aragon ($ANT) to Listing Roadmap
▪ Decentralized Exchange Clipper Live on Arbitrum
▪ ‘Worst-case scenario’: Local crypto exchange Swyftx lays off 40% of staff
| LENDING/CDP
▪ Maker Governance approved @GnosisDAO’s GNO governance tokenas collateral in the MakerProtocol
▪ Genesis Creditor Groups’ Loans Amount to $1.8B and Counting: Sources
| STABLECOIN
▪ Helio Protocol Starts Repurchasing and Burning $HAY to Recover Peg
| AIRDROP
▪ Juno will issue JCOIN airdrops to US users who interact with Arbitrum before September 30
| WALLET
▪ Binance will perform wallet maintenance for BNB Beacon Chain (BEP2) from 07:00am UTC on December 6, 2022.
| GAMEFI
▪ The Beacon has more than 18,000 single players and over 30,000 Founders
| ENS
▪ ENS stats for November 2022
| WHALE
▪ Whales are accumulating $LINK recently
| OPINION
▪ ‘The Next Generation’ — BlackRock CEO Reveals $8 Trillion Fund’s Huge Crypto Prediction After Bitcoin And Ethereum Price Crash
▪ Messari founder: DCG market value may have been halved
| FUND
▪ Singapore’s AirCarbon Exchange looks to raise $50m in Series B funding
| POLICY®ULATION
▪ FTX Should Rattle Crypto Backers in Congress, Top Democrat Says
▶ Total Value Locked (TVL)
The current total locked volume of DeFi on the entire network is US $42.82 billion, a 24-hour increase of 1.91%.
| TOP 10 Chains by TVL
| Top 10 Projects by Latest TVL
| Top 10 Projects by the TVL Growth in the Last 24h
▶ Protocol Revenue
| Top projects by cumulative total revenue ( 24H) _Blockchains
| Top projects by cumulative total revenue ( 24H) _Dapps
DEEP DIVE
▪ Brands Will Save Crypto? Be Careful What You Wish For
▪ Vitalik Buterin on the crypto blues: Focus on the tech, not the price
REPORT
▪ Governor Note: Ren Protocol Running Out of Runway _messari
- Ren Protocol only has $160,000 in its treasury and will not be able to compensate the Ren Labs team beyond Q4 2022. There is a time crunch for Ren Labs to figure out a solution.
- MakerDAO and Ren asset holders must burn and bridge back their native assets before Ren 1.0 is officially sunset.
- The lack of legal transparency by Ren Labs regarding Ren Protocol’s intellectual property has the Ren community concerned. Restructuring Ren DAO’s governance framework could bring new legal challenges.
▪ DeFi 101: Stablecoins & CBDCs _thetie
▪ On-chain Perpetual Swaps Trends in 2022 and Post-FTX _theblockresearch
▪ Rapid Insights: Analyzing Ankr’s Liquid-Staking Protocol Infinite Mint Exploit _theblockresearch
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