Simply putSince the upgrade of Shapella, the demand for Ethereum's liquidity pledge service has surged, and Lido has become the leading participant.Despite the surge in liquidity pledges, Ethereum's growth in the second quarter lagged behind that of Bitcoin, with an increase of 3
Simply put
- Since the upgrade of Shapella, the demand for Ethereum's liquidity pledge service has surged, and Lido has become the leading participant.
- Despite the surge in liquidity pledges, Ethereum's growth in the second quarter lagged behind that of Bitcoin, with an increase of 3.4% compared with 8.6% of Bitcoin.
- Since the middle of April, the total amount of Ethereum pledge has locked in a growth of 20%, and deposits still exceed withdrawals.
Since Shapella upgraded and released mortgage ETH, the demand for Ethereum's liquidity mortgage service has surged. As a result, with the emergence of a clear market preference for liquidity pledge tokens, Lido became the dominant player.
In the "Chain Last Week" report on July 3rd, the analysis company Glassnode delved into the field of liquidity collateral. The dominance of a platform is increasing, but this may not be conducive to the entire Ethereum ecosystem.
Ethereum pledge surge
Despite the surge in liquid pledges, Ethereum's recent performance is still surpassed by its big brother Bitcoin. In the second quarter, ETH only rose 3.4%, while BTC surged 8.6% in three months.
Glassnode also observed that the ETH/BTC ratio has dropped to a 50 week low of 0.060.
However, this is not the case with Ethereum pledge. Since the start of cash withdrawal in mid April, the total locked value of Ethereum pledge has increased by more than 20%.
The report states:
However, the upgrade did not see a wave of withdrawals, but instead sparked a new wave of deposits, as stakeholders are confident in this new flexibility
In addition, on June 2nd, pledged deposits surged and deposits still exceeded withdrawals.
Glassnode compared the ETH pledge volume with the exchange inflow volume. It is revealed that since the launch of Shapella, the scale of the newly pledged ETH has been higher than or equal to the exchange inflow.
It added that pledging provider Lido is the leading platform, "reflecting the market's demand for liquid pledge tokens (LSTs).
In addition, the "huge wave" of new deposits has pushed Lido's pledge to a historic high of 7.49 million stETH.
Compared to other liquid pledge competitors, Lido has become a clear leader in this field with a supply volume 16 times higher than its closest competitor
However, Ethereum developers have warned about Lido's dominance, which may lead to the "cartelization" of blockspace.
ETH Price Outlook
The next big question everyone is talking about is when will the ETH price reach $2000?
Ethereum today hit its highest price since May 6, reaching US $1976. However, the psychological barrier of $2000 is still difficult to achieve, as the asset has fallen back to $1953 as of the time of writing.
Since the middle of March, Ethereum has maintained a horizontal consolidation, but is now approaching the upper limit of the channel.
Bitcoin is also at the upper limit and faces heavy resistance, but once Ethereum breaks through, it will certainly follow up.
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