How Lido Dominates the ETH Market Can It Boost Ethereums Price

CoinDesk reports:
Lido’s earnings have outperformed Ethereum in the past few days. Despite growing interest in staking, the price of ETH has declined.
In the past few days, Lido’s [LDO] revenue has surpassed that of Ethereum [ETH].
Lido Shows Growth
Last month, Lido Finance collected $20.8 million in fees in just one week, surpassing the $19.8 million in fees collected by Ethereum itself during the same period.
This impressive performance has made Lido Finance the second-highest-earning company in the cryptocurrency space for that week, second only to Tron [TRX], which earned $33.7 million.
Lido Finance’s momentum has continued throughout the month. Throughout the month, Lido generated $98 million in fees, an 8% increase from the previous month.
This strong fee generation may be attributed to Lido’s dominant position in the ETH market. As of the time of writing, Lido holds over $33.4 billion in total staked assets, accounting for 29% of the staked ETH market share.
Lido’s total market value rose by 1.36% this week, reaching $33.48 billion. This significant increase was driven by a wave of new ETH staking deposits, with 95,616 ETH staked through Lido in the past seven days.
Although the 7-day stETH APR has slightly decreased by 0.04% to 2.96%, there are also positive signs elsewhere.
The wrapped stETH (wstETH) bridged to layer 2 networks has grown significantly by 7.19%, totaling 141,586 wstETH.
Arbitrum [ARB] leads with 65,290 wstETH, while Optimism [OP] has 27,879 wstETH. Both networks experienced slight declines over the past week.
The wstETH deposited into lending pools and liquidity pools also saw slight increases, reaching 2.7 million stETH and 83.5 million stETH, respectively.
The wstETH bridged to the Cosmos network also saw a slight increase, reaching 1,788 in the past week, an increase of 2.12%.
However, the 7-day trading volume of stETH has decreased by 7.25% compared to the previous week, totaling $1.23 billion.
While Scroll’s wstETH has seen a significant increase of 86.26%, other networks such as Base, Polygon, Linea, and zkSync Era have experienced slight declines.
What’s Next for ETH?
The popularity and growth of the Lido protocol suggest a growing interest in ETH from users.
Regardless of the reality, here is LDO’s market value in BTC terms
Although at the time of writing, the price of ETH may be stagnant, the surge in staking indicates that existing users believe in the long-term potential of ETH.
As of the time of writing, the trading price of ETH is $3,336.23, with a 3.15% decrease in the past 24 hours.