The Highest TVL In DeFi Is Now Held By Lido, Surpassing MakerDAO

Since Ethereum switched to proof-of-stake, a Nansen in December noticed that demand for Ether staking solutions had increased.

Staking technique for liquids According to its current ranking among other decentralized finance (DeFi) protocols, Lido Finance looks to have profited the most from the September Ethereum merger.

In comparison to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion in TVL, Lido’s liquid staking protocol currently commands $5.9 billion in TVL, according to statistics from DeFiLlama.

As of January 2, $5.8 billion worth of ether was staked, according to the Lido Finance website. Around $23.2 million was bet on Solana, $43.9 million on Polygon, $11 million on Polkadot, and $2.2 million on Kusama KSM at the same time.

Users may access liquid Ether staking using Lido’s technique without committing to the customary 32 ETH requirement.

Since Ethereum switched to proof-of-stake, staking solutions like these have been in great demand, according to blockchain data analytics from Nansen in December.

The Merge’s introduction of staked ETH as a yield-bearing instrument that is completely native to cryptocurrencies was noted in its report, and it has since outperformed other collateralized yield-bearing offerings.

Due to the fact that Lido transmits received ether to the staking protocol, its fee revenue has been exactly proportionate to Ethereum Proof-of-stake (PoS) revenues.

In November 2022, Lido said that since October 2022, it had been bringing in $1 million per day in fees.

According to a Messari announcement in September 2022, the MakerDAO, which oversees the Maker protocol, had its revenue fall to little over $4 million in Q3, an 86% decrease from the previous quarter. The reduction was attributed to a lack of liquidations and weak loan demand.

According to Nansen in September, Lido controlled 31% of the ETH that was staked among DeFi during that same month, which is a considerable proportion when compared to big cryptocurrency exchanges Coinbase and Kraken, which each owned 15% and 8.5%.

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