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%.

Comments

Post a Comment

Popular posts from this blog

BNP Paribas teams up with Bank of China to promote digital yuan usage

The partnership will enable BNP Paribas China's corporate clients to make payments using the digital yuan through an e-CNY management system. The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported.  The partnership will enable BNP Paribas China's corporate clients to connect with the BOC system, allowing users to manage their digital yuan wallets by linking them to their bank accounts, track transactions, and make payments using China's digital currency via an e-CNY management system. The e-CNY management system also promises to make it easier and more convenient for clients to use digital cash for real-time transactions. The e-CNY management system can facilitate “efficient, real-time and convenient [digital cash] practice,” BNP shared, according to The South China Morning Post.  BNP Paribas China also plans to explore the use...
Read more

VeChain Working With United Nations in Sustainability Campaign

Image
VeChain is launching a new sustainability campaign with the United Nations aiming towards the promotion of sustainability through the AWorld campaign. “We’ve just launched our Challenge Tournament in the AWorld app, the official platform in support of the United Nations ACTNOW sustainability campaign! We have some epic prizes for our eco-champions – are you ready to play?” the project tweeted. Source: Zipmex AWorld is the UN’s official platform supporting the ACTNOW campaign. The VeChain sustainability campaign pushing for individual actions on climate change and sustainability. Its partners include the University of Cambridge, the European Commission, BlackRock, Prada, and now, VeChain Also Read: VeChain : VET Secures Key US Patent For Blockchain Transactions The VeChain Blockchain network will reward participants for daily sustainability actions as part of the initiative. According to VeChain , all participants will receive an exclusive NFT, with one lucky winner rece...
Read more

5 New Countries To Join BRICS Alliance in August

Image
The next BRICS summit will be held in South Africa in August and the bloc of five nations will decide on expanding the alliance. It is reported that the BRICS expansion could occur in August making the alliance rebrand itself as BRICS+. Among the 25 countries that have applied to join the BRICS alliance, five could be allowed entry into the bloc. Their entry into the group is almost certain and the announcement of the expansion could be made at the summit. Also Read: BRICS: Saudi Arabia, Iran & Brazil Pay in Chinese Yuan, Ditch U.S. Dollar BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The group is looking to take on the U.S. dollar by launching a new currency for global trade. BRICS: 5 New Countries To Join the Alliance in August Source: pakistantoday.com.pk Out of the 25 countries that formally sent their applications to join BRICS, only five could be inducted in August. The five countries likely to join the BRICS alliance are Saudi Arabia, the United Ara...
Read more