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ETH Liquidity pledges were one of the cryptocurrency areas that was almost unaffected in the second quarter. Each agreement lost only 1.3% of ETH, and long-term holders still maintain confidence in Ethereum. Currently, liquidity pledge holds 14.5 million ETH. Pledged ETH fell only 1.3% from its historical high, when liquidity pledges locked in 14.7 million ETH. In the past three years, liquidity pledged deposits have increased from 8.6 million ETH to 14.5 million ETH, a net increase of 68%.
Liquidity pledges are a key source of reserves for DeFi\'s lending, trading and other operations. Although almost all other cryptocurrency sectors fell sharply in the second quarter, liquidity pledges still demonstrated their status as the core infrastructure of the cryptocurrency sector. The overall pledge of Ethereum accelerated in the last quarter, adding 1 million ETH in June alone. Another 2.7 million ETH are waiting to be pledged in the validator queue. Recent pledge inflows are also seen as a signal that smart funds seek passive income from Ethereum.
In the past few months, the scale of ETH pledges has expanded, with approximately 1 million ETH added to the beacon chain in June. Currently, more than 40.3 million ETH (approximately 33% of the total supply) are stored in the beacon chain, supporting the casting of liquidity pledge tokens. The long-term impact of pledges on ETH is offsetting some of the market panic. Pledges have expanded beyond Ethereum, and other networks offer similar incentives. Overall, the market value of liquid pledged tokens exceeds US$54 billion.
Liquidity pledge agreements are top fee generators
Liquidity pledge pools are one of the key elements of the crypto economy, and most agreements continue to generate fees and achieve positive benefits. Lido DAO still maintains its leading position, with a locked position value of more than US$16 billion, accounting for nearly 50% of all liquidity pledges. The agreement earns approximately $1.99 million a month. Overall, the liquidity pledge agreement generates more than US$20 million per month while ensuring the security of the Ethereum network. Liquidity pledges also support existing ETH treasury companies, ensuring that part of ETH generates revenue rather than sitting idle in wallets.
ETH shifts from speculation to accumulation
Even though ETH hovers in the US$1700 range, liquidity pledges are still in progress. ETH market positions were approximately US$10.5 billion, indicating a slowdown in price speculation. Exchange reserves in all markets are near multi-year lows, holding only about 15 million ETH units. Binance holds approximately 3.86 million ETH, and capital inflows and outflows change dynamically. The exchange showed a mixture of surrender selling in the $1500 range and whale withdrawals. Due to speculative trading and slowing leverage, Ethereum\'s outflow from Binance reached US$1.23 billion, the highest level in the past three years.
Some exchange raises are flowing into liquidity pledges, injecting vitality into the Ethereum DeFi ecosystem. On-chain data shows that specific whales also accumulate ETH in Binance and send it to liquidity pledge. A whale recently transferred 4491 ETH to Lido Pledge. The whale withdrew 34557 ETH from Binance and established a huge liquidity pledge position. The ETH market remains hesitant, and cryptocurrency trading is still absorbing varying price pressures. The conflict in Iran is still triggering immediate market reactions, sometimes even panic selling. However, firm signals from liquidity pledges suggest that most of the liquidity will remain in the DeFi space.
