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ETH 
LDO A US$35.5 billion market, but capital is highly concentrated
According to DefiLlama's data, the liquidity pledge field covers 272 agreements, with a total locked position value of US$35.5 billion. However, funds are concentrated in the hands of a very small number of platforms. Lido Finance holds $18.1 billion, while Binance's pledge of ETH holds $7.1 billion-these two platforms alone control approximately 71% of the entire category. In addition, the sector has generated $28.5 million in fees in the past week, highlighting the scale of economic activity flowing through these platforms.
The phenomenon of head concentration is not new. The liquidity pledge category has always been highly concentrated among the two major issuers, with Lido leading the way in total lockup value, and Binance pledged ETH ranking second. Agreements like Lido control a significant proportion of pledged ETH and have always raised questions about network centralization. To address this concern, Lido's recent roadmap focuses on launching a community pledge module that allows independent node operators to join the verifier set without permission.
Other participants fell sharply
Outside of the top two, the decline was very significant. Sanctum's validator LST is $1.08 billion, Rocket Pool is $1 billion, and Jito is $733 million. This means that the remaining 268 agreements together share about 29% of the market.
The competitive landscape for liquidity pledges has evolved significantly in 2026, with the category maturing into a stable competitive area with multiple trusted providers-although early centralization issues have only been partially resolved through market share transfers and protocol-level improvements.
Structural contradictions are obvious. Liquidity pledge is based on the premise of decentralizing trust to various nodes in the network, but the pledge layer itself continues to slide towards duopoly. Lido's size has raised serious concerns about protocol centralization and verifier centralization. A single liquidity pledge mechanism handles a considerable portion of Ethereum pledges, posing long-term governance and systemic dependence issues for the network. How the field resolves this contradiction-especially in the context of a continued influx of institutional capital-will likely determine the direction of its growth in the next phase.
