- Even though Ethereum’s value has dropped by 4%, more people are interested in liquid restaking protocols than in standard platforms like Lido.
- After Ethereum switched to proof-of-stake, the move toward platforms using the Eigenlayer framework shows a preference for wider staking utilities.
Ethereum’s (ETH) value has dropped by 4% over the past 30 days, but this hasn’t stopped ETH holders from investigating cutting-edge staking schemes.
In stark contrast to traditional staking platforms such as Lido Finance, which saw a substantial withdrawal of over 284,800 ETH, the community is increasingly favoring liquid restaking protocols, signifying a shift in strategy and preference.
Lido’s Guidance During ExodusÂ
With a 29.7% market share, Lido Finance continues to lead the Ethereum staking space despite the apparent exodus. This suggests that Lido still has a significant impact on the staking market despite the switch to other platforms.
Ether Fi and Renzo Protocol, two platforms that have enthralled the Ethereum community with their liquid restaking choices, are the rising stars in this new trend, as ETHNews previously reported.
Both Ether Fi and Renzo have experienced significant inflows, with approximately 400,000 and 280,100 Ether going to each of these platforms, respectively.
Their dominance is further reinforced by the fact that DefiLlama has identified them as the biggest liquid restaking platforms, with total values locked (TVL) of $2.1 billion for Renzo and $3.1 billion for Ether fi.
The Eigenlayer Circumstance
The shift to platforms like Renzo and Etherfi emphasizes how participants in DeFi are becoming more and more drawn to Eigenlayer capabilities. The opportunity for stakers to support a wider range of networks and solutions with their staked ETH is a key component of these platforms’ appeal.
After Ethereum switched to a proof-of-stake consensus method in September 2022, this approach gained traction, altering the practice of staking and increasing the usefulness of staked ETH across linked chains and protocols.
Looking at Ether (ETH), the price has climbed 2.05% in the previous 24 hours, to $3,360.16. However, this is a 4.39% decrease from the prior seven days.