The total value of assets locked (TVL) on liquid staking protocols is near that of decentralized exchanges (DEXs), according to Defilama data. The 81 liquid staking protocols tracked by DeFillama have a cumulative TVL of $19.31 billion — with Lido being the dominant player in the sector.
Meanwhile, the total value of assets locked on the 799 DEX protocols sits at $19.48 billion, according to DeFillama data. DeFi analyst Patrick pointed out that the “flippening” could occur any day now.
Liquid staking protocols allow users to earn staking rewards while providing them liquidity for other crypto-based activities. Examples of this protocol include Lido, Frax Ether, Rocket Pool, etc.
Earlier in the year, liquid staking protocols became the second-largest DeFi category when it usurped the lending protocols category. At the time, the liquid staking protocols enjoyed enormous interest due to the anticipated Shapella upgrade.
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