Lido, whose share of the Ethereum staking market was once so large it raised concerns the protocol was nearing a level considered a dangerous concentration of power, has dropped to a record low as competition from rivals intensifies and the development of infrastructure tailored for institutional finance opens new avenues into the industry.
While it’s still the dominant force, Lido’s market share is now 24.4%, down from its highs in late 2023 when it held 32.3%. That’s within striking distance of the 33% level many researchers and Ethereum core developers said would allow a single liquid staking provider to exert disproportionate influence over the blockchain’s consensus mechanism.
The shift points to a staking ecosystem that is maturing. Where Lido once seemed unshakable, it now faces a mix of institutional-grade operators, community-run decentralized protocols and exchange-hosted staking products.
For Ethereum, this diversification may be a sign of improved blockchain health. If th
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