As of Feb. 7, 2023, the value locked in 11 Ethereum-based liquid staking protocols has risen above $11 billion, with Lido, Coinbase, and Rocket Pool recording 4-10% gains over the past month. Lido holds more than 73% of the total value locked (TVL) out of the 6.87 million ether held by the 11 liquid staking platforms. More than 15% of the liquid staking TVL is being staked with Coinbase’s wrapped ether.

Staking Ethereum has become a highly sought-after trend since its introduction on the network’s Beacon chain. The Beacon chain contract has 16.47 million ether locked, worth $26 billion, that cannot be withdrawn until the upcoming March hard fork. A significant portion of this locked ether is held within liquid staking protocols, as 11 decentralized finance (defi) protocols hold 41% of the total, or 6.87 million ether.