Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of MarsBit
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of MarsBit.
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Source: MarsBit
Note: This article is from @ defi_ Mochi Twitter, MarsBit organized as follows:
As Ethereum Shanghai upgrades and withdrawals are about to open, up to $185205463000 worth of ETH will be pledged to LSD providers.
In this topic, I analyzed undervalued LSD suppliers that are expected to achieve growth of 10 to 100 times in this event!
First, let's take a look at some statistical data from Dune. Currently:
- Only 15.5% of $ETH is pledged
- One-third of the collateral is provided through LSD suppliers
- Lido holds an overwhelming 31% market share in all $ETH pledges
This is in stark contrast to the higher pledge rates we have seen from other L1 models, such as:
Solana：72.83%
Polygon：39.93%
Polkadot：47.03%
Cosmos：66.56%
View @ hildoby_ Dashboard: LSD supplier with the highest market share:
$LDO:31.26%
$RPL:2.44%
$FXS:0.64%
$SWISE:0.42%
$ANKR:0.31%
Considering the market value, Mochi calculated the following data. Mochi believes that it is obvious who is underestimated. They are arranged in the order of $ETH pledge.
Blue chip position: $LDO
Seriously underestimated: $SWISE
However, among these five:
$LDO Token: Governance
$RPL token: used as collateral for default fines
$FXS: Obtain an 8% handling fee from the $frxETH mortgage (FIP-122)
ANKR: mainly used for RPC use cases
$SWISE: Governance
Mochi's bet is $SWISE, but the lead investors have been selling heavily, suppressing price increases. You already know how many large venture capital firms such as Paradigm, Dragonfly, a16z hold $LDO. However, as @ DegenSpartan said, this is a way for funds to obtain $ETH collateral exposure.
View @ hildoby_ Dashboard:
https://dune.com/hildobby/eth2-staking
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