New demand for Lido's stETH stagnated at 230 to 590 per day in the last year, while competitors' rETH and SFRXETH enjoy growth in new addresses.
According to Glassnode, the daily count of new addresses holding stETH fluctuated between 230 to 590 per day, remaining stagnant on a year-to-date basis. This suggested that “many new deposits made via Lido are driven by existing stETH token holders increasing their exposure” and not through the entry of new participants into the market.
A look at stETH’s average token holder balance metric revealed that following a momentary decline in the average balance of token holders after withdrawals were enabled for Lido post-Shanghai Upgrade, an uptrend was spotted, suggesting a growth in demand for the token.“We are yet to see an appreciable influx of new holders entering the market via these staking mechanisms.”
Conversely, there has been a surge in the new users of the staking tokens from Rocketpool [rETH] and Frax Finance [SFRXETH] following the Shanghai upgrade. According to data from Glassnode, since 12 April, the count of new addresses holding rETH and SFRXETH has climbed by 45% and 122%, respectively.
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