Liquid Restaking Governance Tokens Up 11.5%

Liquid restaking governance tokens became the leader in growth over the last 24 hours among various crypto categories.

According to CoinGecko, as of Jun. 16, these tokens were up 11.5% for the day, with a market capitalization of $1.3 billion and a trading volume of $212.5 million.

Ranking crypto categories by market capitalization. Source: CoinGecko

Ranking crypto categories by market capitalization. Source: CoinGecko

Only 5 of Liquid Restaking Governance Tokens

Interestingly, the growth leader is a category with only five coins, one of which is not yet listed on crypto exchanges: Pendle (PENDLE), Ether.fi (ETHFI), Picasso (PICA), Restake Finance (RSTK), and EigenLayer (EIGEN).

According to CoinGecko, Pendle is the largest coin in this category by market capitalization, with $859.2 million. The price of PENDLE has increased by 14% over the month.

Ranking liquid restaking governance tokens by market capitalization. Source: CoinGecko

Ranking liquid restaking governance tokens by market capitalization. Source: CoinGecko

Ether.Fi’s Trading Volume Surpassed Pendle in a Day

Ether.fi (ETHFI) holds second place with a market capitalization of $463.3 million. ETHFI surpassed PENDLE’s trading volume for the day: $142.2 million versus $68.7 million, making ETHFI’s trading volume about 106% larger than PENDLE’s.

Notably, crypto researcher The Data Nerd discovered activity from a large holder of ETHFI. Today, this wallet withdrew approximately $1.19 million worth of tokens. It is known that the holder received about 8 million ETHFI three months ago.

1 hour ago, a wallet 0x5Ea (maybe a @ether_fi's treasury) just deposited 300k (~$1.19M) $ETHFI into #Binance.

3 months ago, it received 8M $ETHFI from Treasury wallet.

Just now, it still hodls 1.6M $ETHFI (~$6.35M).

Address: pic.twitter.com/mwFY5x3l1y

— The Data Nerd (@OnchainDataNerd) June 16, 2024

Current Trends in Liquid Restaking

The potential of restaking in decentralized finance (DeFi) is growing. Protocols in this category are among the top 10 large DeFi protocols regarding Total Value Locked (TVL).

According to DeFiLlama, EigenLayer ranks second in DeFi by TVL, with $19.277 billion and a monthly growth rate of 27.04%. Notably, EigenLayer does not have its token.

DeFi's protocol ranking by TVL. Source: DeFiLlama

DeFi’s protocol ranking by TVL. Source: DeFiLlama

Pendle, which tops the liquid restaking governance tokens ranking, is in 5th place by TVL with $6.635 billion and a one-month growth rate of 38.07%. Ether.fi is in 7th place with $6.41 billion TVL, boasting the highest month-over-month growth among the top 10 protocols at 41.60%.

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