Staked ETH on Lido crosses 32% following these moves

• Lido expanded its staked ETH to other platforms.
• LDO has declined after its peak in the past week.

On the 17th of January, Lido [LDO] announced the launch of staked Ethereum [ETH] on L2 platform zkSync. This latest announcement suggested that Lido’s dominance in ETH staking was on the rise.

The latest move is expected to enhance liquidity and broaden the utility of staked ETH. Over the past year, concerns have been raised regarding the platform’s dominance, covering issues from market manipulation to potential security breaches.

How Lido has dominated the Ethereum staking scene

AMBCrypto’s analysis of Dune Analytics’ data showed that the total staked Ethereum has reached almost 29 million. Also, the NetFlow was now over 9 million ETH since the Shanghai upgrade.

Despite the upgrade enabling ETH withdrawals, the total staked amount has increased. At press time, the staked ETH constituted over 24% of the total supply. Notably, Lido held over 32% of the staked ETH, with over 9 million ETH.

In comparison, the platform with the second-highest staked ETH has accumulated over 4 million.

New Ethereum deposits decline

A recent examination of new Ethereum deposits on Glassnode showed a noticeable surge in their numbers. This is particularly true when compared to the previous trend of new deposits over the past few weeks.

Upon further analysis, it became evident that, in general, the volume of new deposits had been experiencing a decline in recent weeks. The count for newly staked ETH was around 62,000 as of press time.

Source: Glassnode

Lido flashes less dominant price signals

An examination of Lido’s price trend showed a reduction in its dominance. While there was an upward trajectory observed from December to January, the trend has since reversed.

The upward movement propelled the price from around $2 on 20 December to about $3.7 on the 10th of January. 

Source: Trading View

However, there has been a consistent decline since this peak. At the time of writing, Lido was trading around $3.1, reflecting a decrease of around 1.5%.

How much are 1,10,100 LDOs worth today?

Despite this decline, it has managed to remain in the bull zone, although a sustained decrease could potentially lead to its exit from this zone.

The Relative Strength Index (RSI), as of the time of writing, was close to the neutral line, indicating a weakening bull trend.