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Liquid Staking Tokens Rally As Kraken Settles With SEC to Sunset Staking Service

Governance tokens of the largest liquid staking protocols surged on news that U.S.-based crypto exchange Kraken had settled with the U.S. Securities and Exchange Commission (SEC) on Thursday to sunset its crypto staking service.

The LDO governance token of Lido Finance, the largest liquid staking protocol with some $8.4 billion of staked ether (ETH) on the platform, jumped 10.4% in an hour, according to data by Coingecko. Competitor Rocket Pool’s RPL jumped 7.3%. Smaller liquid staking platform’s tokens such as Persistence’s pSTAKE and StaFi’s FIS gained 6.7 and 11.4%, respectively.

The rally served as a counterweight to Thursday's downturn in the broader crypto market. 

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