Lido Finance, Rocket Pool tokens rally as traders stake $180 million in Ethereum within 48 hours


  • Liquid staking tokens Lido Finance and Rocket Pool rallied in response to a spike in staked Ether. 
  • Ethereum tokens worth $180 million have been staked within a 48-hour time period. 
  • Daily activity on liquid staking platforms increased alongside rising interest in Ethereum staking. 

Ethereum staked in the deposit contract is on the rise in June, supporting a rally in liquid staking tokens. User activity on liquid staking platforms climbed alongside price rallies in their governance/ protocol tokens. 

Also read: Avalanche DeFi head warns of mounting risk on Ethereum blockchain, reveals AVAX endgame

Ethereum staked in the Beacon chain contract climbs by $180 million

The Ethereum deposit contract on Beacon chain added 95,008 Ether in the past 48 hours. Market participants staked $180 million in Ethereum within the first two days of June, based on data from beaconcha.in.

Staked Ether from https://beaconcha.in/charts

Staked Ether from https://beaconcha.in/charts

A rise in the volume of staked Ethereum is typically a bullish sign as it pulls ETH tokens out of circulation and reduces the selling pressure on the asset across cryptocurrency exchange platforms. 

The second-largest asset by market capitalization yielded 4.8% gains over the past week based on CoinGecko data. Moreover, the increase in volume of staked Ether has resulted in a surge of activity in the liquid staking protocol tokens Lido DAO (LDO) and Rocket Pool (RPL). 

LDO and RPL prices rally alongside daily activity increase

LDO price appreciated by 10.1% and RPL by 5.7% within the past seven days. At the time of writing, LDO and RPL are changing hands at $2.15 and $49.11, respectively. The two liquid staking governance/protocol tokens are rallying in response to a rise in interest among market participants.

Traders are participating in staking on Lido Finance’s platform while maintaining liquidity through the tokenized representation of Lido Staked Ether (STETH). The spike in staking on liquid staking protocols has contributed to higher revenue, while prices of governance/protocol tokens are yet to catch up.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Chainlink holds near three-year high fueled by EU tokenized securities partnership

Chainlink holds near three-year high fueled by EU tokenized securities partnership

Chainlink (LINK) price trades slightly down around $25.50 on Tuesday following a 33% rally that was spurred by its partnership with Frankfurt-based fintech 21X for Europe’s first tokenized securities trading and settlement system. 

More Chainlink News
Trending altcoins: Hedera, VeChain and Algorand extend rally by posting double-digit gains

Trending altcoins: Hedera, VeChain and Algorand extend rally by posting double-digit gains

Three trending altcoins – Hedera (HBAR), VeChain (VET), and Algorand (ALGO) – post double-digit gains on Tuesday after surging last week, benefiting from the recent consolidation of Bitcoin prices. 

More Cryptocurrencies News
Ondo Finance Price Forecast: ONDO reaches a new all-time high of $1.79

Ondo Finance Price Forecast: ONDO reaches a new all-time high of $1.79

Ondo Finance surges more than 11% on Tuesday and reaches a new all-time high of $1.79. ONDO’s daily trading volume reached a new yearly high of $994 million, suggesting a surge in traders’ interest and liquidity.

More Ondo News
XRP en route to new all-time high; key metrics to watch out for

XRP en route to new all-time high; key metrics to watch out for

Ripple whales have accumulated over $1.8 billion worth of XRP tokens amid a 200% rise in weekly active addresses. WisdomTree filed an S-1 registration with the SEC for an XRP ETF. XRP investors across several cohorts realized over $2.7 billion in profits in past three days following heavy Ripple token unlock.

More Ripple News
Bitcoin: A healthy correction

Bitcoin: A healthy correction

Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP