Since the ETHMerge went well, stETH liquid staking derivative seems to be gaining traction 🚀 Investors' confidence in the stability of the token appears to be reinforced after analyzing on-chain indicators, according to intotheblock analysis 👇
While the anticipated erge played out as a sell the news event for ETH, its staking derivative, Lido’s stETH, has managed to gain value in relation to ETH. Lido’s stETH token lost its parity six months ago reaching 0.93 ETH after the Terra collapse. Since then the token has traded below parity, more recently stETH managed to gain value and reached parity back again. This price rally has been reflected on the on-chain liquidity and volume for the asset.
Passing the merge, we can see how demand for stETH spiked, traders moved back into stETH positions to continue collecting proof-of-stake yield. This created a price rally depicted on the graph above. stETH price after the merge spiked 3% from 0.971 ETH to 0.999 ETH. This change was reflected on other indicators as well.The graph above shows Curve’s, DeFi’s second largest exchange with just over $5B in total value locked , ETH-stETH pool liquidity.
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