LSDFi protocol data group portrait: who is the most popular? Who has the greatest growth potential?

Which protocols are LSD tokens flowing to? Which LSDFi attracts the most users and TVL?

**Written by:**Defi_Mochi

Compilation: little bear

According to DefiLlama, 17.9% of Ethereum is currently locked up for staking. That means a whopping $17.214 billion is seeking yield. LSDFi (Liquidity Staking Derivatives) is one of the most promising projects in the market. But which project is currently attracting the most users and assets? To answer this question, we performed an analysis using data from DuneAnalytics.

First, let's review some of the most popular LSD blue-chip projects. Among them, Frax Ether took advantage of its dual model and achieved the largest growth (up 8.85%). At the same time, with the launch of V2, Lido has attracted more than $700 million worth of ETH assets, ranking first. At the same time, ETH assets pledged using Rocket Pool also increased by $58 million, but the growth rate of cbETH lagged slightly.

We then track the condition of these LSD tokens through a dashboard, including:

• stETH

• wstETH

• reETH

• cbETH

• sfrxeth

The LSDFi protocols involved include LybraFinanceLSD, AlchemixFi, unsheth_xyz, OriginDeFi, gravitaprotocol, pendle_fi and asymetrix_eth, and CurveFinance.

Currently, only $250 million worth of LSD tokens are locked in these LSDFi protocols, equivalent to less than 1.46% of the total value in circulation. Below is the distribution of the total LSD locked value accounted for by these LSDFi protocols.

Here's how the total value locked in LSD has changed over the past 1 day, 7 days, and 1 month. You can observe a huge increase in TVL for almost all LSDFi protocols except for AlchemixFi and unsheth_xyz (despite $USH generating huge initial buzz).

Below are the net inflows of LSD tokens to these protocols. We can see that unsheth_xyz and pendle_fi are the first driving forces to attract a large number of LSD tokens after the Ethereum Shapella upgrade, while LybraFinanceLSD, CurveFinance and pendle_fi continue to maintain their LSD deposits.

This graph can better illustrate the market share of LSD. Amazingly, LybraFinanceLSD captured over 43% of the TVL in less than a month. Flashstake, CurveFinance, and OriginDeFi also continued to maintain market share growth after the Ethereum Shapella upgrade.

In terms of the most commonly used LSDs in these protocols, $stETH and $wstETH account for over 77% of all LSDs. Usage of $sfrxETH is significantly behind with only 11%.

Notably, $sfrxETH is catching up to other LSDs with a strong 7-day usage growth rate of nearly 25%. However, $rETH is not popular among these LSDFi protocols.

Currently @LybraFinanceLSD has an overwhelming 88% market share when it comes to LSD CDPs (stablecoins), with the only competitor being @gravitaprotocol (who haven't done a token airdrop yet). Perhaps with the launch of @raft_fi there will be some interesting shifts in market share.

The above dashboards are free to access: