Ethereum News
Rocket Pool gains market share while Lido loses dominance
Lido added 386,000 ETH in new staking during the first half of 2026. This expansion pushed its total to 9.13 million ETH from an initial 8.74 million ETH. Total Ethereum staking reached 43.1 million ETH by June 30, 2026, up from 36.3 million at the start of the year. The total staking volume grew by 6.8 million ETH during this period. Lido only captured 5.7% of these new additions. Its market share fell from 23.93% to 21.18% by June 30, 2026. Institutional capital moved into other routes instead. Bitmine accounted for 11.5% of the market, followed by Coinbase at 10.9% and Binance at 7.9%. The proportion of institutional funds in the Ethereum staking market rose from 25.9% to 35.3% in H1. Liquid staking accounts for 36% of the 39.7 million ETH staked.
Lido’s dominance slipped.
Rocket Pool manages nearly $1.2 billion in total value locked. The Saturn I upgrade in February 2026 modified the protocol’s validator capacity. It reduced the minimum node operator bond from 8 ETH to 4 ETH. This change allows more participants to join the network. Rocket Pool also operates a network of roughly 3,900 independent node operators in 150 geographic regions. Anyone can join as a node operator with a 4 ETH bond. This is much lower than the 32 ETH requirement for solo staking. The rETH token uses a reward-bearing model. The exchange rate of rETH against ETH increases as rewards accrue. This model differs from the rebasing stETH. Rocket Pool also uses a decentralized network of node operators. These operators run their own hardware and software. This structure prevents concentration risks. A withdrawal buffer of 5,090 ETH provides near-instant redemptions when liquidity is available. Commission is 5% for base rates, though operators can earn up to 9% more if they stake RPL tokens. Stakers can deposit as little as 0.01 ETH. The current base consensus layer APR is 2.78%. MEV-Boost adds 0.3 to 0.8% to validator returns.
| Protocol | Token | Model | Fee Structure |
|---|---|---|---|
| Lido | stETH | Rebasing | 10% of rewards |
| Rocket Pool | rETH | Reward-bearing | 5% base + 9% RPL bonus |
Lido’s NEST automated buyback mechanism recorded a negative cumulative budget of $517,024 on September 9. This shortfall means the protocol lacks the required surplus to trigger fund allocations for LDO repurchases. The system requires more cumulative surplus before it executes buyback operations. Daily buyback caps sit at $50,000, while the annual cap is $10 million. NEST also requires that total revenue exceeds $40 million before it triggers a buyback. Because the total Ethereum staking volume grew by 6.8 million ETH in the first half of 2026, Lido only accounted for 5.7% of that growth, which caused its total market share to fall to 21.18%. Lido is losing the battle for new capital. You should monitor these shifts.
Will Lido reclaim its lost market share?
