Ethereum Staking in Lido Becomes Popular Following Shanghai Update: Report
Analysis from Glassnode shows that the activation of the Shanghai hard fork in the Ethereum network led to an influx of staking coins, particularly to LSD protocols like Lido Finance.
Specifically, the peak of new deposits was on June 2 with 13,595 tributaries. Furthermore, the average figure for the month of June was 2,627 deposits per day.
Furthermore, the CEX inflow of Ethereum ranged from 28,000-32,000 which is comparable to the values before the activation of Shanghai, and even peaking at 95,000.
Accumulated values best track the wave of Ethereum staking, which is compared to or even exceeds the flow of coins to exchanges.
Further examination by Glassnode shows that the preference of staking coins is towards LSD protocols, and mainly Lido Finance.
With the activation of the second version of Lido Finance, node operators were able to withdraw locked ETH, which led to a new ATH of 7.49 million stETH.
