- In less than a month, net outflows from Coinbase and Binance amounted to about $700 million
- But on the DEX there is a net inflow
- At the same time, liquid staking overtakes decentralized protocols in terms of TVL
By data Dune Analytics, since April 12, the net outflow of ETH to Coinbase and Binance amounted to $367 million and $340 million, respectively. Users are more likely to choose to stake DEX due to regulatory pressure and in pursuit of higher deposit returns.
In turn, the amount of ETH blocked in the accounts of decentralized protocols Frax Finance and Rocket Pool increased by $56 million and $68 million, respectively. Such sites are less vulnerable to sanctions from the authorities.
As an example, let’s note the situation around Kraken. The exchange was forced to suspend staking programs in the United States, and also paid a hefty fine.
The overall net inflow of funds from staking programs has increased since the Shapella update. Contrary to fears, the ETH rate remained without major changes after stakers had the opportunity to withdraw funds. Which coincides with the forecast that we cited in this article.
We also note a change in the structure of the sector. Liquid staking has overtaken DEX in terms of TVL — $17.47 billion versus $17.2 billion. This can be explained by the fact that this asset placement option is more flexible. The user does not actually lose access to stakes, and over time, their liquidity only grows.