# ETH Staking Market Share by Entity and Liquid Token

> ETH staking market share by entity: liquid staking protocols, exchanges, staking providers and treasury companies ranked by staked ETH, share and 30-day change.

Markdown copy of https://voltfincrypto.com/apps/eth-staking-market-share-by-entity

**Question:** Which entities and liquid staking protocols control the largest shares of staked ETH?

- Kind: Table in Voltfin Strata
- Topic: [Staking and restaking](https://voltfincrypto.com/topics/staking)
- Chains: Ethereum
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

This table ranks the entities that stake ETH by how much of it they control: liquid staking protocols, exchanges, staking providers, treasury companies and the stake no label explains. Each row adds up the effective balance of the validators attributed to that entity at the latest epoch and its share of all staked ETH.

Concentration is the reason to look. Ethereum finalizes blocks only when validators holding two thirds of staked ETH agree, so an entity near a third of the stake could stall finality on its own. Liquid tokens are listed beside their issuers, so stETH's share is Lido's share rather than a separate row.

Attribution is the hard part, and the table shows its work: every entity names how its validators were identified, and stake that no method explains stays in its own row instead of being spread across the others.

## Blueprint

One row: One row per staking entity, plus one for unidentified stake, at the latest complete epoch

- **Entity** (`entity`): The organization or protocol whose validators these are, from credential and deposit labels.
- **Category** (`category`): Liquid staking protocol, exchange, staking provider, treasury company or unidentified.
- **Staked ETH** (`staked_eth`, ETH): Effective balance of the entity's active validators at the day's last epoch.
- **Share of staked ETH** (`share`): Its staked ETH as a share of all active validators' effective balance at the same epoch.
- **Change in share, 30 days** (`change_30d`): Change in its share against thirty days earlier, in percentage points.
- **Net change, 30 days** (`net_flow_30d`, ETH): ETH its validators added through deposits minus ETH they withdrew, over the last 30 days.
- **Validators** (`validators`): Active validators attributed to it; since Pectra one validator can hold more than 32 ETH, so this is not a measure of size.
- **Liquid token** (`liquid_token`): The token it issues for staked ETH, if any: stETH, cbETH, wBETH, rETH, eETH and others.
- **Node operators** (`node_operators`): Distinct node operators running its validators, where the entity discloses them on-chain.
- **Attribution** (`attribution`): How its validators were identified: withdrawal credentials, depositor address or a published list, with its source.
- **Receipt** (`receipt`): The epoch, the reads and the labels behind the row.

## How it will be measured

- Staked ETH per validator is its effective balance at the day's last epoch, from the beacon state; only active validators count.
- Validators are attributed by withdrawal credentials first, then by the address that sent the deposit, then by lists entities publish; each step is recorded.
- Shares divide each entity's staked ETH by all active effective balance at the same epoch, with the unidentified row included so the shares add up.
- Liquid tokens are joined to their issuer, and restaking protocols that hold another issuer's tokens are not counted again.

## Data it needs

- `eth_staking_daily` (to build): Active validators, ETH staked, deposits, withdrawals and the entry and exit queues on the Ethereum beacon chain, by day, with staking-provider labels where known.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `lst_rates_daily` (to build): Exchange rates of liquid staking and restaking tokens (wstETH, rETH, cbETH, weETH and others) at day end, and the realized yield they imply.
- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- Source: Beacon state at each day's last epoch: validators, status, effective balance and withdrawal credentials
- Source: Deposit contract DepositEvent logs with the address that sent each deposit
- Source: Withdrawal credential and depositor labels, each recorded with its public source
- Source: Lists of validators that entities publish about themselves
- Source: Liquid token supply and exchange rates for stETH, cbETH, wBETH, rETH, eETH and others

## Questions

### Who has the most staked ETH?

Sort the table by staked ETH to see the order at the latest epoch. Lido's protocol has long been the largest single entity, with exchanges such as Coinbase and Binance near it and newer stakers such as treasury companies growing; the shares change as validators enter and exit.

### Why does concentration in ETH staking matter?

Ethereum's finality needs validators with two thirds of staked ETH to agree. An entity with more than a third could stall finality, and one with two thirds could finalize what it chose. Shares by entity show how close any single operator or protocol is to those lines.

### How are validators attributed to an entity?

From the withdrawal credentials validators point to, the addresses that made their deposits and the lists entities publish themselves. Each row says which method was used, and validators no method explains are counted as unidentified.

### Does Lido count as one entity?

In this table, yes: Lido's share is the stake its protocol controls, which is what matters for governance and for stETH holders. Its validators are run by many node operators, which the node operators column and the Lido dashboard show in detail.

### Why might shares differ from other sources?

Entity tables differ in how they treat stake held for customers, stake one provider runs for another and stake that cannot be attributed. This table counts each validator once, under the entity whose credentials or deposits identify it, and shows the method on every row.

## Glossary

- **Withdrawal credentials**: The address a validator's withdrawals are paid to; shared credentials are the strongest sign that validators belong to one entity.
- **Effective balance**: The balance the beacon chain uses for a validator's weight and rewards, which since Pectra can be far above 32 ETH.
- **Entity**: The organization or protocol that controls a set of validators, whether it runs them itself or through node operators.
- **Finality**: The point after which an Ethereum block cannot be reverted without destroying a large amount of staked ETH.

## Related apps

- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)
- [Liquid Staking Market Share: stETH, weETH, rETH](https://voltfincrypto.com/apps/liquid-staking-market-share)
- [Lido Staking Tracker: stETH, Node Operators and Fees](https://voltfincrypto.com/apps/lido-staking-tracker)
- [Ethereum Staking Providers Compared: Fees, Tokens and Withdrawals](https://voltfincrypto.com/apps/ethereum-staking-providers-compared)
- [Ethereum Treasury Companies: Corporate ETH Holdings](https://voltfincrypto.com/apps/ethereum-treasury-companies)
- [EigenLayer Restaking: TVL, Operators, AVSs and Slashing](https://voltfincrypto.com/apps/eigenlayer-restaking-dashboard)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F