Who will win in this LSDfi war?

Who will win the LSDfi war?

Since the Ethereum Shapella upgrade, the total amount of ETH staked has increased from 15.3% to 19.2%. Author: Defi_Mochi; Translation: Jaleel. LSDfi is now the latest narrative that has caught Binance’s attention, with a potential market value of $16.9 billion and has grown 102% in just three weeks! In this LSDfi war, who will emerge victorious? Mochi uses data from DuneAnalytics to help find the answer! Since the Ethereum Shapella upgrade, Ethereum staking has been increasing, and the total amount of staked $ETH has increased from 15.3% before the Shanghai upgrade to 19.2%. Meanwhile, the beacon chain has received a lot of deposits since the launch of @LidoFinance V2. In less than a month since Mochi released this dashboard, LSDfi’s TVL has grown from $200 million to over $400 million in just a few weeks, including new protocols such as Swell, Maverick Protocol, and Raft. In terms of LSDfi’s market share, surprisingly, Lybra Finance is still in the top spot, despite its token price falling by more than 80%, which suggests a healthier issuance situation. At the same time, Raft, which was launched in early June, has entered the top five, with a total value of more than $48 million of $stETH. After using $wstETH as collateral, the growth of $crvUSD shows no signs of slowing down, with a growth rate of over 89% in a month and 16% in a week. Maverick Protocol’s TVL has surged since announcing $MAV and has attracted many LPs with the capital efficiency of its pool, while Pendle’s TVL continues to grow steadily. Here are last week’s losers with the biggest decline in total locked value (TVL): As expected, Lybra Finance’s TVL decreased due to the drop in the price of $LBR, and TVL may have flowed out of Gravita Protocol due to the uncertainty of the airdrop. unshETH has recently suffered an attack, resulting in the loss of 375k in funds.

$wstETH and $stETH continue to dominate the used liquidity staking tokens (LSTs), with a market share of over 85%. This is not surprising, as the circulating supply of $stETH is almost 10 times that of all other LSTs combined.

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Another interesting observation is that the frequency of adoption of Swell has been steadily increasing, with more than $7 million used by LSDfi out of the $45 million of $swETH in circulation. With all plans for $frxETH v2 and frax on-chain, Mochi expects more people to adopt $sfrxETH.

In LSDfi stablecoins, Raft’s $R has quickly captured 24% market share, while $GRAI’s circulation has decreased. Note that $crvUSD is not included in this chart.

Mochi’s observations and conclusions: Given LSDfi’s rapid expansion over the past month, Mochi’s argument that the industry will grow tenfold has been almost confirmed, as it has grown by over 102% in 3 weeks. It’s strange that Flashstake’s adoption rate doesn’t seem to have increased that much; Pendle continues to attract tvl through Penpie and Equilibria incentive pools; despite the drop in $LBR price, I am still quite proud that @LybraFinanceLSD has been able to maintain TVL.

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