Lido's Market Share in Ethereum Staking Shrinks Amid Institutional Shift

Lido, a liquid-staking protocol, has seen its share of Ethereum's net staking growth shrink to 5.7% in the first half of 2026.

This is despite the total amount of Ethereum staked on Lido increasing by 386,000 coins to 9.13 million, from a starting balance of 8.74 million.

The decline in market share can be attributed to institutional capital entering other routes, with Bitmine at 11.5%, Coinbase at 10.9%, and Binance at 7.9% of the staking network at June 30.

Lido's automated buyback mechanism, NEST, has a negative cumulative budget of about $517,024, which means it skipped an allocation on Sept. 9.