Staked ETH On Binance Surges

8/29/2024 3:32:58 PM

(MENAFN- eTrendy Stock) Amid investors' resurging interest in betting big on Ethereum staking, Binance has experienced a notable increase in the amount of its staked ETH tokens over the past month.

Among the top 5 Ethereum staking protocols, Binance has surged the most over the last 30 days, as a few protocols have stayed stagnant and others recorded shortages.

Binance Surges 15%, Renzo Dips 13%

While the Ethereum staking landscape has continued growing and buzzing with several activities from investors and validators, over 400,000 additional tokens have been locked on the Ethereum blockchain in the last month. As such, the total number of staked ETH tokens has increased to 34,237,178, accounting for 27.92% of the total ETH supply as of August 29.

Nonetheless, data from Dune shows that Binance has further fortified its prominence in the Ethereum staking landscape. It reported an impressive 15% surge in its Ethereum staking volume over the last month.

Binance's ability to defy the downturn witnessed by other protocols reflects heightened staking activities on the platform. This suggests that investors have been more confident about leveraging the platform's security to stake their assets.

However, Renzo has performed better than Binance in the last month as it has fallen the most among the top 10 Ethereum staking protocols. Notably, the total number of staked ETH tokens on the Renzo protocol declined by 13% over the last month.

Lido Maintains Lead Despite Poor Performance

Although Lido has long dominated the Ethereum staking landscape, accounting for about 28% of all staked ETH, the protocol has yet to record any growth in its staked ETH volume over the last month.

This implies that the ETH staked on Lido has remained the same as one month ago. Notably, the recent move by Jump Trading, a major market maker that transferred 17,049 Ether (ETH) from Lido earlier this month, has contributed to the reduction in the protocol's share of staked ETH

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