Wrapped stETH
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Wrapped stETH in numbers
Wrapped stETH (WSTETH) ranks #7829 by market capitalization, at $11.70B. It belongs to the DeFi sector (Decentralized Liquid Staking Tokens). It has traded since Jul 18, 2021, across 222 markets on 25 exchanges, with $7.35M of volume in the last 24 hours. Its all-time high of $5,968.83 was reached on Aug 24, 2025; the current price is 53.3% below that peak. Its cycle low of $1,875.71 came on Jun 6, 2026.
3.74M WSTETH are in circulation. 2 team members are listed. It is available on 5 networks.
About Wrapped stETH
Wrapped stETH is a non-rebasing version of stETH developed by Lido. The wstETH balance can only be changed upon transfers, minting, and burning.
Background
In August 2025, academic research on liquid-staking tokens identified a notable shift of usage toward wstETH across major DeFi protocols (like Aave, Balancer) due to its non-rebasing structure and higher composability.
In October 2025, VanEck filed a registration statement (S-1) with the SEC to launch a “Lido Staked ETH ETF” referencing stETH (and by extension wstETH). This marks a significant step toward institutional recognition of liquid staking derivatives.
At the same time, Institutional custody provider Crypto.com Custody added support for stETH, thereby increasing potential demand for wstETH given its composability advantages in DeFi.