Lido’s Share in Ethereum Staking Drops to 29.6%

The recent influx of new Ethereum stakers has reduced Lido Finance’s share in the segment from 32% in February to 29.6%, according to data from the Dune dashboard.

In total, Lido has 9.5 million ETH locked. Coinbase ranks second with 14%, followed by Binance with 3.7%.

Meanwhile, unidentified validators account for 16.9% of the sector.

Overall, 26 platforms participate in Ethereum staking, including exchanges like Kraken (2.4%), Bitcoin Suisse (1.6%), OKX (1.2%), and Upbit (1.1%).

In total, 26.7% of the coin’s supply is locked in the network—32.07 million ETH, approximately valued at $106.8 billion. More than 1 million validators are involved in the staking process.

Growing competition among ETH locking services is likely to play a significant role in further decentralizing the sector. The community has long been concerned about the high concentration of funds in Lido.

In March, Ethereum co-founder Vitalik Buterin stated that centralization related to staking services has become a major issue for the network’s PoS mechanism. According to him, Lido, Coinbase, and Binance have gained an “excessive market share.”

Simultaneously, liquid restaking protocols have been gaining popularity. On April 1, the total TVL of such platforms exceeded $8.6 billion.

Projects based on EigenLayer, which allow for the reuse of locked coins, have shown explosive growth since February.

Back in February, Coin Metrics experts concluded that existing narratives about the threat of Ethereum being overtaken by staking platforms like Lido are misplaced.