The Ethereum liquid staking derivatives finance (LSDFi) ecosystem has experienced significant growth this year as ETH holders choose to stake rather than liquidate. Despite the ability to withdraw ETH with the Ethereum Shapella upgrade in April 2023, the LSDFi sector has grown by 58.7x since January, with LSD protocols accounting for 43.7% of the total 26.4 million ETH staked by August 2023. The total value locked in LSDFi protocols has grown 5,870% since January 2023, while the total decentralized finance TVL has contracted by around 8% over the same period. The rise of LSDFi platform Diva, which offers higher incentives than Lido, has been cheered on by Ethereum proponents.
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Ethereum Liquid Staking Derivatives Finance Ecosystem Sees 58.7x Growth in 2023
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