Glassnode experts noted the growing popularity of stETH in comparison with ETH, the demand for which is stagnating.

The shift is primarily driven by the attractiveness of stETH for building leverage versus providing liquidity in stETH-ETH pairs on DEXs.

As a result, about 7% of the supply of Ethereum actually replaced the derivative from Lido Finance (23% of the issue of the second largest capitalization is blocked in staking, 32% of this value is placed in the specified protocol). This figure continues to grow.