Chain data analysis of LSDfi market pattern: Who will win the LSDfi war?

Binance released a research report on LSDfi, which indicates a potential market of 16.9 billion USD and has grown by 102% in three weeks. With the addition of new protocols such as Swell, MAV, and Raft, the market landscape of LSDfi has changed. Defi KOL Mochi analyzed the changes in the LSDfi market through on-chain data dashboards.

In terms of market share in the LSDfi market, Lybra Finance remains in the lead despite their token shrinking by over 80%, which also indicates a healthier emission; Raft, which was just launched in early June, ranks fifth with over $48 million in stETH; crvUSD continues to grow steadily with a weekly growth rate of 16% after enabling wstETH as collateral; Mav Protocol’s TVL has surged as they announced MAV tokens and higher LP yields; Pendle’s TVL has steadily increased.

Lybra Finance suffered an expected TVL decline due to the drop in LBR price; TVL may migrate from Gravita Protocol due to the uncertainty of airdrops; unshETH recently encountered a vulnerability with $375,000 in funds stolen.

In terms of LST used, wstETH and stETH have a market share of over 85%. An interesting observation is that adoption of Swell Network has been steadily increasing, with over $7 million of the circulating $45 million swETH being used in LSDfi. As their plan for frxETH v2 and frax chain unfolds, sfrxETH will see more adoption. In LSDfi stablecoins, Raft’s R has quickly captured 24% of the market share while GRAI’s circulation has decreased.


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