Explosive Growth of Liquid Restaking on Ethereum: 6,000% Increase in 2024! 😳😳
The cryptocurrency market is buzzing with the impressive growth of liquid restaking on the Ethereum network. In 2024, the total value locked (TVL) in liquid restaking skyrocketed from $284 million to an astounding $17.26 billion. This 6,000% increase reflects the growing demand for the utility of liquid staking tokens (LSTs).
Liquid restaking tokens (LRTs) are an innovation that enhances the utility of LSTs, allowing them to be used on specific networks and Layer 2 solutions. This provides greater flexibility and efficiency in asset usage, enabling holders to participate in securing the Ethereum network while simultaneously using their tokens in other DeFi activities, such as trading and lending.
The Ether.fi liquid restaking protocol leads the market, controlling over 50% of the TVL with $9.17 billion in restaked assets. The ease of use and efficiency of Ether.fi's token model are cited as key factors for its success.
By: DeFiLlama.