Overview of Ethereum’s Liquid Staking Protocols
In the rapidly evolving landscape of Ethereum’s liquid staking protocols (LSPs), the market has seen a notable alteration in its fortunes. After a significant influx of 690,000 ETH over 14 weeks leading up to late August, the scenario has dramatically shifted, with LSPs experiencing an outflow of approximately 60,000 ETH, valued at around $268.55 million, within just 27 days since August 24, 2025.
Market Dominance and Key Players
Liquid staking on the Ethereum network continues to dominate this sector, representing a substantial share of the total value locked (TVL) across all liquid staking mechanisms. Currently, Ethereum LSPs account for an impressive $63.99 billion out of the total $87.177 billion locked in liquid staking, marking a commanding presence of 73.4% in this financial segment.
Among the key players, Lido is a standout entity, boasting a TVL of $38.524 billion that spans five different chains. In the most recent week alone, Lido generated $21.68 million in fees, which translated into a revenue of $2.17 million. Meanwhile, Binance Staked ETH, with $15.862 billion locked across two specific chains, has reported $8.01 million in fees but a comparatively slim revenue of $800,767, highlighting the differences in operational margins despite its rapid ascent in popularity over the last year.
Performance of Other Protocols
Trailing behind these giants is Rocket Pool, currently third in line with 636,780 ETH equating to a TVL of $2.856 billion, although it saw a slight decline of 0.33% in the past week. Liquid Collective remains stable at 363,138 ETH and a TVL of $1.629 billion, registering a minuscule weekly change of -0.08%. Notably, Stakewise V2 has surged by 1.92%, amassing 325,962 ETH which equals a TVL of $1.462 billion.
As we examine the mid-tier participants, volatility is evident. The mETH Protocol, which has 264,488 ETH and a TVL of $1.186 billion, suffered a steep drop of 8.06% this week. Conversely, Stader remains steady at 160,327 ETH valued at $721.88 million, easing just slightly by 0.18%. Meanwhile, Coinbase Wrapped Staked ETH has made headlines with a 10.27% increase this week, pulling in a total of 139,426 ETH, which corresponds to a TVL of $624.39 million.
Other entrants include Frax Ether with 90,468 ETH and a TVL amounting to $405.82 million, showing minimal movement at -0.12%. Origin Ether stands at 38,039 ETH, which is valued at $170.63 million, reflecting a negligible decrease of -0.29%. In contrast, Crypto.com Liquid Staking experienced a notable gain with a 5.68% boost, totaling 36,376 ETH and $162.9 million in TVL. Rounding off the top twelve is Swell Liquid Staking with 25,327 ETH and a TVL of $113.6 million, although it faced a contraction of -3.52% since mid-September.
Conclusion
The world of Ethereum liquid staking is far from stagnant; characterized by significant financial movement, it resembles a high-stakes arena rather than a calm marketplace. With recent trends hinting towards outflows instead of inflows, analysts and investors alike are left to wonder how the landscape will shift in the coming weeks.
