Figment Gains Ground in Ethereum Staking as Lido’s Market Share Drops
Lido's Ethereum staking market share has fallen to 24.4%, down from 32.3% in late 2023, amid rising competition and the development of institutional finance infrastructure. Key points include:
- Lido remains dominant but is nearing a critical threshold of 33%, which could lead to centralization concerns.
- The staking ecosystem is diversifying with more institutional-grade operators and decentralized protocols.
- Figment emerged as a significant beneficiary, gaining approximately 344,000 new stakers to hold 4.5% of staked ETH.
- Lido lost around 285,000 stakers during the same period.
- Institutional demand for ETH staking doubled after the SEC clarified that staking doesn't qualify as a securities activity.
This trend indicates potential changes in Ethereum staking dynamics by 2025, focusing on competition among various service models rather than single-provider dominance.
