Jlabs Digital analyst Ben Lilly emphasized that stETH is currently being withdrawn from Lido. Meanwhile, another lending protocol, Figment, is dominating the market from Lido, indicating that Figment could be a staking partner for ETF funds. Currently, 32% of stETH (wstETH) is being used as collateral in lending protocols, and any separation could lead to liquidation in these protocols.

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