Ether.fi leads the way in the thriving liquid staking industry, surpassing rival companies.
Ether.fi, the popular liquid staking platform, has maintained its position as the leading platform in the sector with a total value locked (TVL) of over $3.74 billion. According to data from the block, the platform manages over 1.03 million ETH, a significantly higher amount compared to its competitors. The closest competitor, Renzo protocol, manages $2.9 billion in user deposits as of April 9.
The liquid restaking sector has experienced significant growth in recent months, largely due to deposits on the EigenLayer protocol. Ether.fi alone has received over $1.5 billion in deposits in the past month.
Last month, Ether.fi witnessed 120,000 ETH staked from an address owned by Tron founder Justin Sun.
Currently, Ether.fi is running a staking campaign called “staking frens” to further increase its TVL. Users who stake 1 ETH will receive 1 ETHFI, the platform’s native token, every day until the campaign ends on April 18. Additionally, stakers will earn a share of $500K USD worth of ZK tokens.
Ether.fi allows users to access restaking yields through the EigenLayer protocol. Built on top of the Ethereum blockchain, the EigenLayer protocol enables users to stake their ETH or Liquid Staking Tokens (LSTs) across multiple protocols.
Liquid restaking through EigenLayer provides users with the benefit of participating in various services while still maintaining the liquidity and accessibility of their ETH capital. By accepting ether deposits and re-staking them to issue derivative tokens like Liquid Restaking Tokens (LRTs), these protocols incentivize users to engage with the ecosystem, which leads to increased deposits on platforms like Ether.fi and a boost in TVL.
LRT protocols also offer an alternative for users who do not possess the minimum requirement of 32 ETH for native or direct staking. This accessibility has played a significant role in the accumulation of assets within the top protocols, totaling $9.7 billion. This amount represents over two-thirds of the TVL on EigenLayer, which currently stands at $13.58 billion.
In response to the growing demand for LRT protocols, Google Could has launched its EigenLayer mainnet node operator. It is currently listed as a node operator on the Goerli testnet for EigenLayer.
Read more: DeFi ecosystem sees a shift as liquid staking outperforms lending. Follow Us on Google News.
