Staking tokens, including Lido Finance's LDO and RocketPool's native token, have experienced significant gains following the news of BlackRock filing for an "iShares Ethereum Trust" entity, hinting at plans for an Ethereum ETF. LDO has surged over 20% overnight and 37% in the past week, while RocketPool's token has risen over 20% in the last 24 hours. These tokens provide users with access to staked versions of Ethereum, allowing them to participate in the liquid staking process. The filing has also driven the price of Ethereum itself to surpass $2,000 for the first time since July.
Ethereum staking has seen a surge in activity following the Shanghai upgrade, with daily deposits increasing from 460 to 8,108. Lido Finance, the dominant player in Ethereum's staking pools, continues to maintain its outsized presence despite concerns about centralization. While Lido briefly experienced a drop in size, it quickly rebounded to reach a new all-time high. However, there has been a shift in stETH's usage within DeFi protocols, with a decrease in liquidity pool footprint but an increase in collateral usage in lending protocols. Despite these changes, Ethereum's cartel, led by Lido Finance, remains intact.
On-chain data shows a surge in redemptions of Coinbase's staked ether token following the SEC's lawsuit against the exchange. Since June 6, a total of 39,550 Coinbase Staked Ether (cbETH) worth $75 million have been burned for redemption, while about 9,600 cbETH have been minted during this time, resulting in a net outflow of approximately 29,900 cbETH ($56.8 million). Despite this, Coinbase remains the second-largest entity in terms of staked ether, having staked 2.3 million ether ($4.2 billion) on behalf of its customers. Coinbase's CEO has reaffirmed the exchange's commitment to continuing staking services.
