Frax has been growing its market share inside the highly-competitive ETH liquid staking vertical. But it’s not exactly unexpected.

In our ETH liquid staking report from earlier this year, Delphi’s analyst Joo Kian wrote:

”Frax’s frxETH has shown strong growth since its launch. Frax has sizable CVX voting power to incentivize deep liquidity and an AMO mechanism that helps maintain the frxETH peg, giving it an advantage over other LSD protocols. Furthermore, sfrxETH is one of, if not the, highest yielding ETH-staking derivative, which acts as a natural incentive for users to consider Frax.”

Frax is the fourth largest ETH liquid staking service behind Lido, Coinbase, and Rocketpool.