The use of Ethereum (ETH) grows after the Shanghai upgrade, while Lido Finance keeps dominating position

The use of Ethereum (ETH) grows after the Shanghai upgrade, while Lido Finance keeps dominating position
Ethereum (ETH) has grown in popularity, especially after the Shanghai upgrade, such as Glassnode, a blockchain intelligence company. The upgrade enables users to drop their tokens off and lift. Although this caused concerns about centralization, it did not lead to a mass escape from Ethereum. On the contrary, the glass node analysis shows that the daily stake inserts rose to impressive 8.108 after the upgrade of 460. On June 2, 13,595 deposits were recorded.
An important player in Ethereum-Staking is Lido Finance. The company has attracted attention to Crypto Twitter because it has a significant presence in the staking pools of the Ethereum network. Users receive Steth token as a reward for the stake in their Ethereum positions. Although there were concerns about centralization, hardly any measures were taken and the size of the lido pool quickly recovered after the expansion. The pool reached a record of 7.49 million Steth, which is 16 times more than with RocketPool with 461,000 Steth.
Glassnode also emphasizes the change in the Steth flows within the defi protocols. While the presence of the token in certain Dex liquidity pool has decreased, the use of Steth security in credit protocols has increased. This indicates that investors aim to maximize the return on the application.
Despite the changes within the defi market and the increasing interest in RocketPool, Lido Finance remains dominant and shapes the stake landscape of Ethereum.
Overall, the report from Glassnode shows that Ethereum has impressive growth after the Shanghai upgrade. Lido Finance has claimed his strong position and remains the leading player in Ethereum-Staking. Despite some concerns about centralization, the Ethereum cartel seems to be further consolidated.