All-Time High Market Cap Reached as Lido Stakes ETH

Lido’s Staked Ethereum (stETH) has reached an all-time high market cap of over $12 billion, making it the eighth largest digital asset by market cap. This puts it ahead of top cryptocurrencies such as Dogecoin, Solana, and Polygon. The growth in stETH is said to be a result of the Shapella upgrade, which has allowed for the withdrawal of funds, leading to a reshuffling of Ethereum staking pools. Liquid staking protocols have seen their total value of assets locked (TVL) rise since the Shapella upgrade, with this cumulative TVL reaching $17.06 billion across 82 protocols tracked by DeFillama. Lido dominates the sector while Agility has seen its TVL grow substantially. Despite this growth, two of the largest liquid staking platforms, Lido and Rocket Pool, have seen their staking share decline since the upgrade.