News
Liquid staking tokens see recovery as Bitcoin settles below $67,000
- Liquid staking tokens Lido DAO, Rocket Pool, Stride, and pStake Finance, among others, have rallied in the past 24 hours.
- The $3.96 billion market cap category gained 6%, while Bitcoin sits below $67,000.
- The total value of assets locked in Liquid Staking exceeds $53 billion for DeFiLlama.
Liquid Staking Tokens (LSTs) represent staking tokens that can be used as collateral in lending protocols. The LST category has noticed a recovery in assets such as Lido DAO (LDO), Rocket Pool (RPL), Stride (STRD) and pStake Finance (PSTAKE) which have extended their gains over the past 24 hours.
There was a rally in liquid tokens for staking on Saturday
Data from crypto data tracker CoinGecko shows that LDO, RPL, STRD, and PSTAKE have increased their value over the past 24 hours. The prices of LDO, RPL, STRD and PSTAKE increased by 3.5%, 24.6%, 2.1% and 12.1% respectively.
Users lock their tokens on these platforms, contributing to their security and consensus mechanism and earning rewards. Tokens from staking platforms can also be used as collateral in lending in the DeFi ecosystem.
In the current cycle, meme coins and tokenization of real-world assets (RWA) are the main narratives. However, news of the upcoming launch of ETH ETF. Bloomberg ETF analyst Eric Balchunas recently said that July 2 is the likely date for the ETF’s launch.
The news fueled gains in Ethereum-related assets. Liquid staking tokens that allow users to stake Ether and earn rewards are gaining relevance on Saturday, June 15.
The market capitalization of liquid staking tokens is up 6%, reaching $3.96 billion, as seen on CoinGecko. The volume of tokens locked on these platforms has risen to a peak of $53 billion, as seen on DeFiLlama.
It remains to be seen whether these tokens will continue to strengthen as anticipation ETH ETFs the launch increases.