Who will win in this LSDfi war?

Today, LSDfi is the latest narrative to catch the eye of Binance, with a potential $16.9 billion market that has grown by 102% in three weeks!

Who will win in this LSDfi war? Mochi uses data from DuneAnalytics for analysis to help you find out!

Since the Ethereum Shapella (Shapella = Shanghai + Capella) upgrade, Ethereum staking has been increasing, and the total amount of $ETH pledged has grown from 15.3% before the Ethereum Shanghai upgrade to 19.2%. At the same time, the beacon chain (beacon chain) received a large number of deposits after the launch of @LidoFinance V2.

In less than a month since Mochi released this dashboard, LSDfi’s TVL has grown from $200 million to over $400 million in a matter of weeks, including new protocols like Swell, Maverick Protocol, and Raft.

In terms of LSDfi market share, it is surprising that Lybra Finance still tops the list, despite a more than 80% drop in its token price, suggesting a healthier issuance situation. At the same time, Raft, which just launched in early June, has entered the top five, and its $stETH has a total value of more than 48 million US dollars.

After enabling $wstETH as collateral, the growth momentum of $crvUSD has not diminished, with a growth rate of more than 89% in a month and a growth rate of 16% in a week. Maverick Protocol's TVL jumped when $MAV was announced, and attracted many LPs with its capital efficiency of the fund pool, and Pendle's TVL maintained a steady growth.

Here are the biggest losers in total value locked (TVL) last week: Lybra Finance’s TVL fell as expected as $LBR’s price fell, and TVL may have flowed out of Gravita Protocol due to airdrop uncertainty. unshETH was recently attacked and 375k of funds were drained.

Among Liquid Staking Tokens (LSTs) in use, $wstETH and $stETH still dominate with over 85% market share. This is not surprising since $stETH has nearly 10x the circulating supply of all other LSTs combined.

Another interesting observation is that the frequency of Swell adoption has been steadily increasing, with LSDfi already using over $7M of the $45M of $swETH in circulation. With $frxETH v2 and all the plans on the frax chain, Mochi expects more adoption of $sfrxETH.

Among the LSDfi stablecoins, Raft’s $R has quickly grabbed a 24% market share, while $GRAI’s circulation has declined. Note that $crvUSD is not included in this chart.

Mochi's observations and conclusions: Given the rapid expansion of LSDfi in the past month, Mochi's thesis that the industry will grow 10 times is almost confirmed, as in 3 weeks it has grown by more than 102%. Oddly Flashstake adoption doesn't seem to grow that much so far; Pendle continues to attract tvl via Penpie and Equilibria incentivized pools; I'm pretty proud of @LybraFinanceLSD for maintaining TVL despite $LBR price drop.

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