Ethereum Staking Tokens Soar on Hype Around BlackRock ETF

As reported by CriptoFácil, the largest management company in the world, BlackRock, intends to launch an Ethereum (ETH) exchange-traded fund (ETF) on the market. This movement made the second largest cryptocurrency on the market surpass the US$2,000 mark, but also positively impacted the prices of Ethereum staking tokens.

As you can see in the CoinGecko table, in the “Top Liquid Staking Tokens” category, most tokens are on the rise. In addition to Lido Staked Ether (STETH), which tracks the price of ETH, Frax Ether (FRXETH) jumped 9.5% in the same period. Similarly, Staked Frax Ether (SFRXETH) gained 8.3% and Coinbase Wrapped Staked ETH rose 9.0%.

Meanwhile, Ankr Staked ETH gained 8.4%, SafeStake (DVT) jumped 18.7% and Binance ETH staking (BETH) rose 8.7%.

Ethereum staking tokens soar

The governance token behind Lido Finance, LDO, has seen one of the biggest rallies in the category. The price of the crypto asset went from US$1.97 to US$2.30, an increase of more than 16% in 24 hours. Considering the last 7 days, the increase is even more significant, almost 30%.

In addition to being a token for market trading, LDO also serves as a means of voting for the Lido Finance liquid staking protocol. Holders can vote yes or no on changes to protocol parameters or how Lido should spend its treasury.

Lido Finance is the largest net staking provider in the industry, allowing users, particularly ETH holders, to stake their Ether.

Another prominent Ethereum staking protocol is RocketPool, the second largest staking provider in the industry. The protocol’s native token, RPL, is also appreciating in value. According to CoinGecko, the crypto asset appreciated 17% in the last 24 hours. At the time of writing this article, the digital asset is priced at US$32. Like Lido, the token also gives users access to a staking version of Ethereum called “RETH”.

As mentioned, the price increase in staking tokens appears to be related to recent news from BlackRock introducing a new entity called “iShares Ethereum Trust” in Delaware – suggesting plans for an ETF for the cryptocurrency.