#LidoStaking

📈Lido’s Ethereum staking dominance drops to a 3-year low of 25%, down 5% in 6 months, per Dune Analytics. Over 235,000 stETH awaits withdrawal, the highest since exit functionality began. 😱

Despite this, Lido holds >9M ETH, dwarfing Binance & Coinbase, with $33B TVL and 2.8% APR. 💪

stETH’s prolonged depegging from ETH, driven by high WETH borrow rates on Aave, has made leveraged staking unprofitable, per Glassnode. 📉 Large ETH withdrawals by whales like Justin Sun spiked Aave’s utilization, worsening the peg. 🐳

Borrow rates are stabilizing, and recovery is expected, says Aavechan’s Mark Zeller. 🛠️