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Liquid staking tokens see resurgence while Bitcoin ranges below $67,000

  • Liquid staking tokens Lido DAO, Rocket Pool, Stride and pStake Finance among others, have rallied in past 24 hours. 
  • The $3.96 billion market capitalization category has added 6%, while Bitcoin ranges below $67,000.
  • Total value of assets locked in Liquid Staking exceeds $53 billion per DeFiLlama. 
Liquid staking tokens see resurgence while Bitcoin ranges below $67,000
Ekta MouryaEkta MouryaFXStreet

Liquid staking tokens (LSTs) represent staked tokens that can be used as collateral in lending protocols. The LST category has noted a resurgence in assets like Lido DAO (LDO), Rocket Pool (RPL), Stride (STRD), and pStake Finance (PSTAKE) have extended their gains in the past 24 hours. 

Liquid staking tokens rally on Saturday

Data from crypto data tracker CoinGecko shows that LDO, RPL, STRD and PSTAKE have added to their value in the past 24 hours. LDO, RPL, STRD and PSTAKE prices are up 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 earn rewards. Tokens of the staking platforms can also be used as collateral in lending across the DeFi ecosystem. 

In the ongoing cycle, meme coins and Real World Asset (RWA) tokenization are the leading narratives. However, news of the upcoming launch of ETH ETF. Bloomberg ETF analyst Eric Balchunas recently stated that July 2 is the likely date for ETF launch. 

The news has 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%, touching $3.96 billion, as seen on CoinGecko. The volume of tokens locked on these platforms has surged to a peak of $53 billion, as seen on DeFiLlama. 

It remains to be seen whether these tokens will continue rallying as anticipation for ETH ETF launch rises. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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