Cumberland has recently deposited 2.43 million LDO, approximately $4.7 million, into major exchanges.
Wallet 0xd7c5 (icrypto.ai/wallet/0xd7c5d…), which belongs to market maker Cumberland DRW, transferred 928K LDO (~$1.7 million) to Binance alone. Over the past two days, Cumberland has moved substantial amounts of LDO to both Binance and Coinbase.
$LDO – Cumberland has deposited 2.43M LDO ~ $4.7M to #CEX ðŸ˜ðŸ˜
40 minutes ago, wallet 0xd7c5 (https://t.co/9t2NJvCzgF) belonging to MM #Cumberland DRW, has deposited 928K $LDO ~ $1.7M to #Binance.
In last 2 days, they've deposited 2.43M LDO ~ $4.7M to #Binance and #Coinbase.… pic.twitter.com/VsmAE1RGKQ
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 3, 2024
Currently, LDO is exhibiting a bearish stance around the $1.80 region. Despite this, Lido Finance has been remarkably profitable, earning $20.8 million in fees over the past week—surpassing Ethereum’s $19.8 million.
This was the second-highest weekly total in the crypto space, trailing only TRON, which generated $33.7 million.
On a monthly scale, Lido generated $98 million in fees, marking an 8% increase month-over-month. Lido continues to dominate the market with over $33.4 billion in total assets staked and remains the leader in staked ETH, accounting for 29% of the market.
Interestingly, @LidoFinance earned more fees ($20.8M) this past week than Ethereum ($19.8M) itself. Overall, this was the second highest weekly total in the entire space, trailing only TRON ($33.7M).
On the month, Lido generated $98M in fees (up 8% month-over-month), with over… pic.twitter.com/fb2Vgu9N6Z
— David Alexander II (@Mega_Fund) July 2, 2024
About $30 Billion Contributed By Staking DerivativesÂ
Staking derivatives, including liquid staking and restaking, have contributed approximately $30 billion in staked assets year-to-date. EigenLayer, a restaking platform, is responsible for $15.2 billion of this increase, while Lido, a liquid staking platform, accounts for $11.1 billion.
Where does the yield come from?
Staking derivatives (liquid staking & restaking) have added ~$30B in assets staked year to date.
EigenLayer, the restaking platform, accounts for ~$15.2B of this increase, while Lido, the liquid staking platofrm, accounts for ~$11.1B.
For… pic.twitter.com/fFWQV9Yg54
— Token Terminal (@tokenterminal) July 2, 2024
For Lido, the yield comes from Ethereum’s fees and inflation. In contrast, EigenLayer’s yield is derived from applications built on top of its platform, many of which are still in the research and development phase.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: hryshchyshen/123RF // Image Effects by Colorcinch