Coinbase, one of the largest centralized exchanges for staking ETH, faced a setback with the SEC lawsuit, causing users to seek alternative platforms. This shift led to a significant boost for decentralized solutions like Lido [LDO], resulting in a surge of ETH staked on its protocol.
Is your portfolio green? Check out the Lido Profit Calculator
The SEC lawsuit against Coinbase and other exchanges instilled fear among users who relied on these platforms for staking ETH. As a result, many users migrated to other platforms.
Lido emerged as a major beneficiary of this situation, with an impressive 13% increase in ETH staked on its protocol. This growth was mirrored by other decentralized liquid staking protocols, such as Rocket Pool and Frax Finance, indicating a broader trend in the market.
<p lang=«en» dir=«ltr» xml:lang=«en»>Jerome Powell says crypto has staying power.While the majority of ETH staked on centralized exchanges continues its exodus from @coinbase to decentralized providers.
– $LDO +13% – $FXS +13% – $RPL +19% – $SWELL +103% pic.twitter.com/wY7E853wkr
— Emperor Osmo
Read more on ambcrypto.com