Note: This article is from @defi_mochi Twitter, and MarsBit organizes it as follows:
As the Ethereum Shanghai upgrade is about to open withdrawals, up to 185,205,463,000 USD worth $ETH will be pledged to LSD providers.
In this thread, I analyze the undervalued LSD suppliers that are poised to grow 10x to 100x on this event!
First let's look at some stats from Dune. at present:
- Only 15.5% of $ETH is staked
- 1/3 of staking is through LSD providers
- Lido has an overwhelming 31% market share of all $ETH staking
This is in stark contrast to the higher pledge ratios we have seen from other L1s such as:
Solana: 72.83%
Polygon: 39.93%
Polkadot: 47.03%
Cosmos: 66.56%
Check @hildobby_ 's Dashboard: Top LSD Suppliers by Market Share:
$LDO: 31.26%
$RPL: 2.44%
$FXS: 0.64%
$SWISE: 0.42%
$ANKR: 0.31%
Considering the market capitalization, mochi calculated the following figures. It's clear who Mochi thinks is underrated. They are in order of $ETH staked.
Blue Chip Position: $LDO
Seriously Underrated: $SWISE
However, of the five:
$LDO Token: Governance
$RPL Tokens: Used as Collateral for Default Penalties
$FXS: 8% commission from $frxETH staking (FIP-122)
$ANKR: Mainly used for RPC use cases
$SWISE: Governance
Mochi's bet is $SWISE, but lead investors have been selling heavily, suppressing price gains, you already know how many big VC firms such as: Paradigm, Dragonfly, a16z hold $LDO. However, as @DegenSpartan said, this is a way for funds to gain $ETH collateral exposure.
Check out @hildobby_'s dashboard: https://dune.com/hildobby/eth2-staking
