# Liquid Staking Market Share: stETH, weETH, rETH

> Liquid staking market share by protocol: the ETH behind stETH, eETH, rETH, cbETH and other LSTs by day, and Lido's share of all staked ETH, read on-chain.

Markdown copy of https://voltfincrypto.com/apps/liquid-staking-market-share

**Question:** How is liquid-staked ETH split between Lido and other liquid staking protocols?

- Kind: Dashboard in Voltfin Vantage
- 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.

Liquid staking protocols take ETH, stake it through validators and issue a token that can be traded or used in DeFi. This dashboard measures how much ETH stands behind each protocol's token, read from its contracts at the end of every day, and shows each protocol's share of the liquid-staked total and of all ETH staked on the beacon chain.

Share is measured in ETH, not token supply, because tokens such as rETH and wstETH are each worth more than one ETH and grow over time. Liquid restaking tokens that hold other liquid staking tokens are not added again, so each ETH is counted under the protocol whose validators hold it.

Use it to follow concentration in Ethereum staking, to see where new deposits go and to check how quickly share moves after a change in fees or yields. Every figure names its block and the call it came from.

## Blueprint

### Market share

Each protocol's share of liquid-staked ETH and of all staked ETH.

- **Liquid-staked ETH** (ETH): ETH behind every tracked liquid staking token at the latest day-end block, each ETH counted once.
- **Lido's share** (%): Lido's ETH as a share of the liquid-staked total on the same day.
- **Liquid staking's share of staked ETH** (%): Liquid-staked ETH as a share of all ETH staked on the beacon chain at the same day's last epoch.
- **Protocols tracked** (count): Liquid staking protocols in the registry with ETH behind their token on the latest day.
- **Share by protocol** (%): Each protocol's share of liquid-staked ETH on the latest day.
- **Protocols by ETH staked**: Each protocol with its token, ETH behind it, market share and 30-day change in ETH.

### History

How the split moved over time and where new deposits went.

- **Change in Lido's share** (percentage points): Change in Lido's share of liquid-staked ETH between the start and the end of the selected period.
- **Net change in liquid-staked ETH** (ETH): Change in the ETH behind all tracked tokens over the same period.
- **Net change by protocol** (ETH): The change in each protocol's ETH over the period, to show where new stake went and which protocols lost it.
- **Market share by day** (%): Each protocol's share of liquid-staked ETH at each day-end block.

Filters: Share of (Liquid-staked ETH or all staked ETH); Period (Last 90 days, last year or all history).

## How it will be measured

- Each protocol's ETH is read from its own accounting at the last block of each day: getTotalPooledEther() for Lido and ether.fi, and totalSupply() times the exchange rate for rETH, cbETH, mETH, osETH, ETHx and sfrxETH.
- Market share divides each protocol's ETH by the sum across tracked liquid staking protocols on the same day; the share of all staked ETH divides it by the ETH staked on the beacon chain.
- Tokens that hold other liquid staking tokens, such as liquid restaking tokens, are netted out so the same ETH is never counted twice.
- Validators are also attributed to protocols from the withdrawal credentials in beacon deposit events, as a cross-check on the ETH each protocol reports.
- Every figure carries a receipt: the block, its hash and the calls behind it.

## Data it needs

- `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.
- `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.
- Source: Lido stETH getTotalPooledEther() and TokenRebased events at day-end blocks
- Source: ether.fi LiquidityPool getTotalPooledEther() and eETH totalSupply()
- Source: Rocket Pool rETH totalSupply() and getExchangeRate()
- Source: cbETH totalSupply() and exchangeRate()
- Source: mETH, osETH, ETHx and sfrxETH supply and exchange-rate calls
- Source: Beacon deposit contract DepositEvent logs grouped by withdrawal credentials

## Questions

### What is Lido's share of staked ETH?

The dashboard shows it two ways: Lido's share of the ETH in liquid staking protocols, and its share of all ETH staked on the beacon chain. Both come from getTotalPooledEther() at a pinned block, divided by the matching total on the same day.

### Why does liquid staking market share matter for Ethereum?

Validators controlled by one group can affect consensus once they hold enough stake: above one third they could stall finality. Lido spreads its stake across many node operators, but the share held by any one protocol remains a common measure of concentration.

### How is liquid staking different from staking on an exchange?

A liquid staking protocol issues a token on-chain that holders can move, trade or redeem through its contracts. An exchange that stakes for customers records their balances in its own books; that stake counts in total staked ETH but not in liquid staking share unless the exchange issues a token for it, as with cbETH.

### Why measure share in ETH rather than token supply?

Non-rebasing tokens such as rETH, cbETH and wstETH are each redeemable for more than one ETH, and the gap grows with rewards. Comparing token supplies would understate them, so each protocol is measured by the ETH its contracts report holding.

## Glossary

- **ETH backing**: The ETH a liquid staking protocol reports holding for its token holders: staked in validators, waiting in its deposit buffer or set aside for withdrawals.
- **Withdrawal credentials**: The field in a validator's deposit that names who can withdraw its stake, which identifies the protocol or entity behind the validator.
- **Node operator**: A company or individual that runs validators for a staking protocol, which delegates ETH to it.

## Related apps

- [stETH APR Compared With rETH, weETH and Other LSTs](https://voltfincrypto.com/apps/steth-apr-liquid-staking-yields)
- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)
- [Liquid Restaking Tokens: Backing and Exchange Rates](https://voltfincrypto.com/apps/liquid-restaking-backing)
- [stETH Withdrawal Queue: Lido Unstaking Wait Time](https://voltfincrypto.com/apps/steth-withdrawal-queue)
- [EigenLayer Restaking: TVL, Operators, AVSs and Slashing](https://voltfincrypto.com/apps/eigenlayer-restaking-dashboard)
- [ETH Staking APR: Validator Rewards and Yield](https://voltfincrypto.com/apps/eth-staking-apr)

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