Crypto analytics provider Nansen with a first look at some of the emerging trends in 2023.
Amid the bear market and the fall of FTX, the crypto industry is still struggling to get back on its feet as innovation and technological advancement continue.
However, the market has shown signs of improvement in the first week of 2023, with the Ethereum ecosystem leading the way. According to a report by blockchain data analytics firm Nansen, Ethereum liquid staking platforms have seen a significant increase in price in recent weeks.Per the report, this surge is largely due to the upcoming Shanghai upgrade on the Ethereum network scheduled to go live in March.
Just as the Merge that happened last year built up bullish momentum in the weeks leading up to the event, the Shanghai upgrade is currently driving massive hype within the crypto market. According to Nansen, the governance tokens of several liquid staking protocols have jumped over the past week as hype builds up.Lido, the largest liquid staking derivatives platform, is seeing an influx of large sums, with its native token increasing by 65% in the last seven days.
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