Lido now has the highest DeFi TVL as LDO increases 17%

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Lido now has the highest DeFi TVL as LDO increases 17% Lido now has the highest DeFi TVL as LDO increases 17% Oluwapelumi Adejumo · 8 hours ago · 1 min read

CryptoSlate data shows that Lido’s native token is up by over 17% in the last 24 hours to $1.16 as of press time.

1 min read

Updated: January 2, 2023 at 9:51 am

Lido now has the highest DeFi TVL as LDO increases 17%

Cover art/illustration via CryptoSlate

Haru Invest

Ethereum (ETH) staking protocol Lido (LDO) is now the dominant DeFi protocol based on the total value of assets locked (TVL) in its ecosystem, according to DeFillama data.

Lido’s TVL overtook that of MakerDAO (MKR) in the last 24 hours after rising by 0.57% to $5.90 billion. According to the data aggregator, this places Lido’s dominance at 15.23% of the entire DeFi TVL of $38.68 billion.

Meanwhile, Lido’s website shows that its TVL is $5.95 billion. According to the site,  $5.86 billion in Ethereum were staked via its platform. Other assets, like Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT), have a combined value of $83.7 billion.

A Dec. 20 tweet from Lido said staking deposits grew across all chains except Kusama. The platform highlighted that the negative price performance of the native tokens of these chains contributes to its TVL performance.

Lido is the dominant staking platform

Dune analytics data shows that Lido is also the dominant staking service provider — it controls 29.11% of the market.

This is ahead of other competitors, including major centralized exchanges like Coinbase, Kraken, and Binance, which cumulatively control roughly 27% of the staked Ethereum.

Several analysts previously highlighted that Lido’s dominance of Ethereum staking could place the blockchain network at risk.

LDO is up 17%

CryptoSlate data shows that Lido’s native token is up by over 17% in the last 24 hours to $1.16 as of press time.

LDO is also one of the best-performing digital assets in the last seven days, rising by roughly 20%.

The token was one of the ERC-20 assets reported to have been sold by Alameda-related wallets. According to the report, over 700,000 tokens were sold for 601 ETH. Besides that, Aave founder Stani Kulechov has sold his entire LDO holdings for a total of $2.4M

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