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DeFi Staking Servies Could Benefit From U.S Crackdown On Staking

Published 02/10/2023, 03:36 AM
Updated 02/10/2023, 07:00 AM
DeFi Staking Servies Could Benefit From U.S Crackdown On Staking
POOL
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  • DeFi staking services may benefit from the SEC’s crackdown on centralized staking.

  • Traders rushed to exit centralized exchanges in favor of DeFi protocols like Lido Finance and Rocket Pool (NASDAQ:POOL).

  • Governance tokens of DeFi staking protocols have seen double-digit gains over the past few hours.

The recent crackdown by U.S. federal agencies on centralized crypto entities has given a significant boost to decentralized finance. DeFi staking protocols stand to benefit from the various enforcement actions by multiple federal agencies last night, including the New York DFS’s probe into Paxos and the SEC’s controversial settlement with Kraken.

News of centralized crypto exchange Kraken shutting down its staking services in the U.S. sent governance tokens of popular DeFi staking protocols soaring. Data from CoinGecko shows that the total market capitalization of the top liquid staking governance tokens went up by 8.5% over the last 24 hours.

Rocket Pool’s native token RPL led this DeFi staking rally, gaining a whopping 25% following the SEC’s crackdown on Kraken’s taking service. LDO, the governance token of the largest liquid staking protocol Lido Finance, su…

The post DeFi Staking Servies Could Benefit From U.S Crackdown On Staking appeared first on Coin Edition.

See original on CoinEdition

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