LD Capital researcher Yuuki has reviewed the recent changes in key data for the LSD track, including the number of beacon chain validators surpassing the threshold, the acceleration of Lido’s growth, and diverging performance from LSDFi.
1) With the number of validators on the beacon chain exceeding the threshold of 589,824, the daily amount of staking has increased from 1,800 to 2,025, leading to a 12.5% increase in the ETH staking rate. 2) Among the three major LSD protocols, Lido has accelerated its growth, while PS has touched its previous low. Rocket Pool’s growth has slowed down, and the demand for centralized staking brought about by the Atlas upgrade may have been released.
3) The Frax team proposes granting Fraxlend AMO quotas for sfrxETH/FRAX on the BSC, Optimism, and Arbitrum chains, increasing protocol revenue while lowering borrowing rates and promoting the adoption of sfrxETH. The discussion on Lido’s staking dividends was rejected by strategic advisor Hasu.
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4) LSDFi has shown differentiated performance, and new projects need to pay attention to the team’s continuous development, timely delivery of products, and the size of secondary market selling pressure brought about by initial mining. Future performance from protocols such as Gravita Protocol, Prisma Finance, Tapio Finance, Swell Network, Ion Protocol, and Equilibria is expected (based on public information, not investment advice).