LSDFi Protocol Data Portrait: Who is the Most Popular? Who has the Most Growth Potential?

Source: Defi_Mochi

Compiled by: little bear, Planet Daily

According to DefiLlama, currently 17.9% of Ethereum is locked for staking. This means that up to $17.214 billion in funds are seeking returns. LSDFi (Liquidity Staking Derivatives) is one of the most promising projects in the market right now. But which project is currently attracting the most users and assets? To answer this question, we conducted an analysis using data from DuneAnalytics.

First, let's review some of the most popular LSD blue-chip projects. Among them, Frax Ether has gained an advantage with its dual model, achieving the largest growth (an increase of 8.85%). Meanwhile, with the launch of V2, Lido attracted ETH assets worth over $700 million, maintaining its top position. At the same time, ETH assets staked using Rocket Pool also increased by $58 million, although the growth rate of cbETH lagged slightly.

Next, we track the status of these LSD tokens through a dashboard, including:

• stETH

• wstETH

• rETH

• cbETH

• sfrxeth

The LSDFi protocols involved include LybraFinanceLSD, AlchemixFi, unshethxyz, OriginDeFi, gravitaprotocol, pendlefi, and asymetrix_eth, as well as CurveFinance.

Currently, only $250 million worth of LSD tokens are locked in these LSDFi protocols, which is less than 1.46% of the total circulating value. Below is the distribution of the total locked value of LSD held by these LSDFi protocols.

Here is the change in the total locked value of LSD over the past 1 day, 7 days, and 1 month. You can observe that, except for AlchemixFi and unsheth_xyz (despite $USH initially generating significant hype), almost all LSDFi protocols have seen substantial growth in their TVL.

Below is the net inflow of LSD tokens for these protocols. We can see that unshethxyz and pendlefi are the primary drivers attracting a large inflow of LSD tokens after the Ethereum Shapella upgrade, while LybraFinanceLSD, CurveFinance, and pendle_fi have continued to maintain their LSD deposits.

This chart better illustrates the market share of LSD. Surprisingly, LybraFinanceLSD captured over 43% of the TVL in less than a month. Flashstake, CurveFinance, and OriginDeFi have also continued to maintain their market share growth following the Ethereum Shapella upgrade.

Regarding the most commonly used LSD among these protocols, $stETH and $wstETH account for over 77% of all LSD. The usage of $sfrxETH is significantly lagging, accounting for only 11%.

It is worth noting that the 7-day growth rate of $sfrxETH usage is strong, approaching 25%, catching up with other LSDs. However, $rETH is not popular among these LSDFi protocols.

Currently, in the LSD CDPs (stablecoins) sector, @LybraFinanceLSD holds an overwhelming 88% market share, with the only competitor being @gravitaprotocol (who have not yet conducted a token airdrop). Perhaps with the launch of @raft_fi, there will be some interesting changes in market share.

The above dashboards are freely accessible: https://dune.com/defimochi/lsdfi-summer