Tuesday, February 7, 2023
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HomeNewsBusinessAccording to DeFiLlama, Lido’s Total Value Locked increased by 33% in last...

According to DeFiLlama, Lido’s Total Value Locked increased by 33% in last month, making it largest DeFi Protocol by TVL

Lido, the predecessor of the liquid staking derivatives market, surpassed MakerDAO earlier this month to become the largest decentralised finance (DeFi) app by total value locked (TVL).

Following a period of consistent expansion for the staking-as-a-service provider, Lido now stakes its claim to the throne. At the time of publication, data from DeFiLlama showed that its TVL had increased 33% in the previous month alone.

On Lido, users have secured $7.8 billion. With smaller contributions from other blockchains, such as Solana, the majority of that value comes from the Ethereum blockchain.

In 2023, interest in liquid staking systems has increased as the value of the governance tokens for these protocols has risen. For instance, according to CoinGecko, the price of LDO has increased by 108% to $2.01 since December 31 while its average 24-hour volume has increased by 802%. Owners of LDO have control over the protocol’s administration, including the decision to establish fees and choose node operators.

Users’ excitement and increased readiness to learn about these liquid staking protocols has sparked a narrative in the crypto community as a result of the current emphasis and popularity of liquid staking protocols. Lido has been successful in gaining traction for its TVL, a well-liked gauge of the functionality and interest in the app.

Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.


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