Lido's Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation

With the crypto economy experiencing significant gains over the past week and the price of ethereum rising 11.9%, the market capitalization of Lido's staked ether has increased to $10.3 billion. This recent increase has propelled the token's overall market valuation to the ninth-largest position, according to the crypto market capitalization aggregation website coingecko.com.

Timeline of Steth

The world's largest crypto exchange Binance on Friday announces support for the Ethereum Shanghai and Capella (Shapella) upgrade and will process staked Ethereum withdrawals. However, the staked ETH withdrawals from the crypto exchange will be delayed for a week after the Shanghai upgrade on the mainnet scheduled on April 12.

Ethereum is one of the top cryptocurrencies in the crypto world, and anything that happens will directly or indirectly impact the overall market. The news that Ethereum will release its hard fork, Shangai, and stacked Ether will be released in March will probably improve the prevailing sentiments about the market.

Ethereum (ETH) developers have announced a possible date when the staked ETH withdrawals will begin after the historic Merge upgrade that transitioned the network to Proof-of-Stake (PoS). 

stETH clinched an all-time high in its APR since the Merge Recent market downturn caused by FTX's collapse has made it hard for its price to see much positivity stETH, the tokenized form of staked Ether native to Lido Finance, saw a jump in its annual percentage rate (APR) to an all-time high of 10.

Staking rewards for Ether and Ether-backed liquid staking derivatives shot up in recent weeks. This could be attributed to increased network activity, specifically in ways that result in higher fees for network validators.

On-chain analytics startup Nansen reported massive inflows into staked Ether tokens following the Merge. Ethereum's proof-of-stake upgrade successfully shipped on September 15, EWN reported.

The stETH derivative and its spread to ETH, a closely-followed metric of the confidence in the Merge, sharply narrowed as Ethereum completed its technology transition without a hiccup.

Large institutional investors such as Alameda Research and Three Arrows Capital used a trading pool to dump their “stETH” tokens, but the pool is now completely depleted and extremely imbalanced, potentially trapping retail investors as well troubled crypto lender Celsius. However, the so-called Curve liquidity pool, which investors used to sell their stETH, is rapidly …

Bit.com, a crypto exchange that supports spot, contract, options, and other trading products meeting the diversified needs of its global clients, has “listed Staked Ether (STETH) on its spot and futures markets.” By listing STETH, Bit.com claims that it “becomes the first cryptocurrency exchange to.

Bit.com, the Singapore-based exchange, has listed Staked Ether (STETH) on its spot and and perpetual futures markets, according to a recent press release. Bit.com becomes the first cryptocurrency exchange to list STETH, issued by Lido Finance.