Marinade (MNDE) Price Pumps 160%, LBR Trends On Liquid Staking Derivatives Influx
Solana-based liquidity staking derivative (LSD) coin Marinade ($MNDE) is up 160% in a continuing weekend pump as general interest in the LSD complex grows.
MNDE has risen from $0.03 at the end of Friday trading to $0.08 today, for a 166% gain.
Meanwhile Lybra Finance (LBR), which motored to an all time high above $0.05 last week, has also been garnering interest.
The Lybra protocol is an interest-bearing stablecoins that leverages stETH. Its price has retraced dramatically from its highs and it is currently trading at $0.01045.
Marinade protocol, which has been around since 2021, has seen its TVL collapse from a high of $1.87 billion in November 2021 to just $119 million today.
In contrast Lybra has come from nowhere to see its TVL top out at $200 million, and currently stands at $188 million.
$LBR is a persistent trender on Dextools over the past couple of weeks. Both coins are part of a wider DeFi 2.0, Next Gen DeFi trend, with its innovative impetus coming from stETH.
The Ethereum Shanghai upgrade on April 12 allowed stakers to claim their rewards for the first time. Although staking has been on a steady climb, since the upgrade the trajectory of ascent has become steeper, as the Glassnode chart below shows:
ETH2.0 TVL is now $24 billion, with another acceleration in the inflows starting on May 30th and showing no sign of slowing.
Although the proportion of gas fees devoted to DeFi activities has tailed off since the end of 2020, there are tentative signs that could be changing, as the Glassnode chart below shows:
These are the top players in stETH (includes Lido, Rocket, Frax, Coinbase, Ankr, Binance), as listed by DeFiLlama:
Three other players in the space that are catching the eye are DerivaDEX, Linear Finance and
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