Ethereum’s Shanghai upgrade has spurred a wave of deposits to liquid staking protocols, pushing the largest player LidoFinance’s deposits over 6 million $ETH. sndr_krisztian reports
In contrast, centralized exchange giants Binance and Coinbase, which also offer liquid staking with their own derivative tokens, have endured heavy deposit outflows. The two exchangeswithdrawals, pending the release of its version 2 protocol upgrade expected later in May.
Given the nature of liquid staking, users who want to withdraw from the platform can just sell their stETH derivative token on exchanges. As the token’s price tracks closely to ETH’s, Lido likely isn’t facing significant withdrawal pressure, Kunal Goel, an analyst at crypto research firm Messari, wrote in a
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