The on-chain analytics company Nansen has noted that Ethereum’s LSD staking prices continue to rise.
A user’s staked assets are represented by liquid staking derivatives (LSD), which they may utilise in DeFi activities to produce additional income on top of the benefits they receive from staking. Since the Ethereum Shapella update, interest in liquid staking has risen.
Nansen notices that each month, more ETH is staked using LSD providers like Lido Finance, Rocket Pool, Frax Finance, and Stakewise.
“ETH staked with LSDs keeps rising to record levels. The amount of ETH staked using LidoFinance, Rocket Pool, Fraxfinance, and Stakewise increased in May, breaking the previous monthly high, Nansen tweeted.
This is in spite of the SEC’s crackdown on staking, which began with the crypto exchange Kraken. Kraken later reached a settlement with the SEC by pledging to end its U.S. bitcoin staking business and pay $30 million in fines.
Some U.S. state authorities have accused Coinbase of breaking securities laws with its staking programme in a new regulatory crackdown.
The demand for Ethereum staking is expected to increase despite the problems highlighted above.
Ethereum major moves spotted in last 24 hours
At the time of writing, Ethereum had modestly increased to $1,843 over the previous day as the market recovered.
Lookonchain, a supplier of on-chain analytics, indicates significant Ethereum changes during the last day. It detected that the trading company Cumberland took out 4,850 ETH worth $9 million from Binance after taking out 20,000 ETH worth $37 million from Coinbase.
Additionally, it identified a whale trading long on ETH on Compound and Aave. According to reports, the whale transferred 16,100 ETH valued at $30 million to Aave and 16,500 ETH valued at $31 million to Compound.
Following the SEC accusations against Binance and Coinbase, whales—large holders—continue to migrate.
