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EigenLayer removes caps, sees file $157 million influx as Lido dominance dips

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Ethereum restaking protocol EigenLayer noticed inflows of roughly $157 million in Lido’s staked ETH over the past 24 hours, marking the digital asset’s highest influx on the platform since February.

Notably, this important influx into EigenLayer comes at a time when Lido’s share of the Ethereum staking market has dropped under 30% resulting from outflows into restaking protocols.

LST cap removing

On April 16, EigenLayer introduced the removing of caps on all ETH liquid staking tokens (LST) and unpaused restaking deposits.

The removing of LST caps signifies a pivotal section for EigenLayer’s ecosystem because it strives to foster an open marketplace for innovation and grants customers unrestricted entry to all LST swimming pools on its platform. Beforehand, EigenLayer had imposed caps to bolster decentralization and mitigate the chance of dominance by any single token.

These caps had been intermittently lifted over the previous yr earlier than the latest mainnet launch. Nevertheless, the choice to take away caps is accompanied by a governance participation restrict of 33% for any liquid-staked token to uphold neutrality and decentralization.

Regardless of latest market volatility, EigenLayer stays the dominant protocol inside the restaking sector, controlling 99% of the market. Information from DeFillama exhibits that there are at the moment roughly 4 million ETH on the platforms, price greater than $12.2 billion.

Restaking eats into Lido’s dominance

A Dune Analytics dashboard curated by Dragonfly analyst Hildobby reveals that Lido skilled the most important outflow amongst staking platforms up to now month, totaling practically 400,000 ETH, decreasing its market share to twenty-eight.87%.

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Throughout the identical interval, liquid restaking protocols Ether.fi and Renzo attracted greater than 700,000 ETH to their platforms.

Market observers defined that Lido’s market share decline was as a result of heightened competitors inside the liquid staking panorama. Ethereum educator Anthony Sassano mentioned:

“One of the simplest ways to cease Lido from rising and cut back its market share is to extend competitors within the staking area, which we have now now accomplished! The Ethereum staking ecosystem has by no means been more healthy and I’m trying ahead to seeing an much more decentralized staking ecosystem as time goes on.”

The put up EigenLayer removes caps, sees file $157 million influx as Lido dominance dips appeared first on cryptosdailynews.

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