Who will emerge victorious in the LSDfi war?
Original author: Defi_Mochi
Translated by: Jaleel, BlockBeats
Currently, LSDfi is the latest narrative that has caught Binance's attention. There is a potential market worth $16.9 billion and it has grown by 102% in just three weeks!
Who will win in this LSDfi war? Mochi uses data from DuneAnalytics to analyze and help everyone find the answer!
Since the upgrade of Ethereum Shapella (Shapella = Shanghai + Capella), the staking of Ethereum has been increasing, and the total amount of $ETH staked has increased from 15.3% before the Shanghai upgrade to 19.2%. At the same time, after the launch of @LidoFinance V2, the beacon chain has received a large amount of deposits.
Since Mochi released this dashboard less than a month ago, LSDfi's TVL has grown from $200 million to over $400 million in just a few weeks, including new protocols such as Swell, Maverick Protocol, and Raft.
In terms of market share in the LSDfi industry, it is surprising that Lybra Finance still ranks first, despite its token price falling by more than 80%, which suggests a healthier issuance situation. At the same time, Raft, which was launched in early June, has entered the top five, with a total value of $48 million for its $stETH.
After enabling $wstETH as collateral, the growth momentum of $crvUSD shows no signs of slowing down, with a monthly growth rate exceeding 89% and a weekly growth rate of 16%. Maverick Protocol's TVL has jumped since announcing $MAV and has attracted many LPs with the capital efficiency of its fund pool, while Pendle's TVL continues to grow steadily.
Here are the biggest losers in terms of Total Value Locked (TVL) decrease from last week: Lybra Finance's TVL decreased as expected due to the drop in LBR price, while TVL may have flowed out of Gravita Protocol due to uncertainty surrounding an airdrop. unshETH recently suffered an attack, resulting in the depletion of 375k funds.
Another interesting observation is that the frequency of Swell adoption has been steadily increasing. In the $swETH circulation of 45 million dollars, LSDfi has already used over 7 million dollars. With all the plans for $frxETH v2 and frax on-chain, Mochi expects more people to adopt $sfrxETH.
In the LSDfi stablecoin, Raft's $R has quickly captured 24% of the market share, while the circulation of $GRAI has decreased. Please note that the chart does not include $crvUSD.
Mochi's observation and summary: Given the rapid expansion of LSDfi in the past month, Mochi's argument that the industry will grow tenfold has been almost confirmed, as it has grown by over 102% in three weeks. Strangely, the adoption rate of Flashstake does not seem to have increased as much; Pendle continues to attract TVL through Penpie and Equilibria incentive pools; and despite the decline in $LBR price, I am still quite proud of @LybraFinanceLSD's ability to maintain TVL.
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