ETH Staking APR% Pledge Yield Interest Rate Comparison

Author: CompoundWater 复水; Contents May Also Contribute to MatrixDAO This article was written before the ETH Shanghai upgrade (23/02/03), and the comparison of the interest rate of each ETH pledge ETH 1d700d145a97443c8543ebebcbcbcad9

Contents

• Intro

• Comparing the Staking Ratio

• Staking Deposits Breakdown

• Lido

• RocketPool

• Frax

• Coinbase

• Binance

• Matrixport

• Conclusion

• Reference

Intro

ETH Staking APR% is an important metric to consider when deciding where to stake your Ethereum. This document will compare Ethereum’s staking ratios before the Shanghai upgrade, breaking down the total amount of staking deposits, the largest staking providers, and the fees associated with staking rewards. It will also outline the largest staking providers such as Lido, RocketPool, Frax, Coinbase, Binance, and Matrixport.

**The main reference for this article comes from: Liquid Staking Derivatives by MatrixDAO RF- GM. **

https://youtu.be/krHShA6xjzs

Comparing the Staking Ratio

The ETH before the upgrade in Shanghai. From the perspective of the public chain, the pledge rate of the ether chain itself is relatively low

Staking Deposits Breakdown

The total number of pledged coins/node validators/number of addresses/the ratio of pledged to the total supply of Ethereum, etc., as shown in the following Dune information

https://dune.com/hildobby/eth2-staking

The largest staking is concentrated in Lido (~29%) / Coinbase (~12.6%) / Binance (~6.1%) etc.

CEX accounts for ~33%, and Liquid Staking accounts for ~28%

Lido

• It is the largest integrated staking provider on DeFi, accounting for about 29% of the market and APR~4.9%

  • There are currently 29 professional node suppliers

  • Private Key form: 1. Verify that the private key belongs to the node supplier / 2. Withdrawal private key belongs to DAO management

    • Compared with the pledge method of Solo staking (Keys belong to the owner)

    • A total of 4 types of Staking forms, detailed explanation and discussion about the management and ownership of these 2 keys

      https://twitter.com/0x_Todd/status/1623970838415548416

  • Also extend service on L2 and partners with MetaMask

• ETH <> stETH conversion pledge

• 10% commission on staking rewards

  • 5% node operations

  • 5% DAO treasury, insurance ETC

https://capitalismlab.substack.com/p/lido-43a?r=1ly7b3&utm_campaign=post&utm_medium=web

RocketPool

• The second largest staking provider on DeFi, accounting for about 2.2% of the market, APR~4.21%

• Only charge 15% fee on staking rewards for "validators" , ETH <> rETH

• The feature is "no permission required", and everyone can be a node operator.

  • Private Key form: 1. Verify that the private key belongs to the address owner/ 2. Withdrawal private key belongs to DAO management

  • Only need 16ETH to build a node

  • The other half of 16ETH is provided by non-node operation users.

    • but need 1.6 ETH worth of RPL token for validator punished or slashing

Frax

• This staking service was released at the end of 22, with an APR~7.59%

• Due to the high dividend income in the early stage, but its tokens ( sfrxETH / frxETH ) have no discount advantage

  • frxETH always represents 1 ETH

  • sfrxETH is an ERC-4626 vault designed to increase staking returns for Frax ETH validators.

https://docs.frax.finance/frax-ether/frxeth-and-sfrxeth

• 10% commission on staking rewards

  • No fees paid to node operators

  • Suitable for users familiar with the Frax/Curve ecosystem and more professional DeFi users.

Coinbase

• ETH <> cbETH, about 12.6% of the market, APR up to ~3.99%

• 25% commission on staking rewards

ETH

Binance

• ETH <> bETH, the market accounts for about 6.1%, the official writes APR up to ~11.2% (actually about ~5%)

• 5% commission on staking rewards

ETH

Matrixport

• Directly staking ETH , APR 4.9%~8.77% (leverage)

  • Staking on Lido and other on-chain Staking Pools, which can be operated with AAVE leverage

• 10% commission on staking rewards

https://www.matrixport.com/eth2-staking-yield

conclusion

This document compares the staking ratios of Ethereum before the Shanghai upgrade, breaking down the total staking deposits, the largest staking providers, and the fees associated with staking rewards. It also provides an overview of the largest staking providers, such as Lido, RocketPool Frax, Coinbase, Binance, and Matrixport.

Reference

1. The main collation reference comes from: Liquid Staking Derivatives by MatrixDAO RF- GM. URL: https://youtu.be/krHShA6xjzs

2. How to obtain ETH Staking income in the most scientific way. URL: ETH

3. Awesome Ethereum Staking Resources URL: https://hackmd.io/@jyeAs_6oRjeDk2Mx5CZyBw/awesome-ethereum-staking#MEV

4. ETH Staking official. URL: https://ethereum.org/en/staking/

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