Ethereum (ETH) staking protocol Lido (LDO) is now the dominant DeFi protocol primarily based on the full worth of belongings locked (TVL) in its ecosystem, in line with DeFillama knowledge.
Lido’s TVL overtook that of MakerDAO (MKR) within the final 24 hours after rising by 0.57% to $5.90 billion. In keeping with the info aggregator, this locations Lido’s dominance at 15.23% of your complete DeFi TVL of $38.68 billion.
In the meantime, Lido’s web site reveals that its TVL is $5.95 billion. In keeping with the location, $5.86 billion in Ethereum had been staked through its platform. Different belongings, like Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT), have a mixed worth of $83.7 billion.
A Dec. 20 tweet from Lido mentioned staking deposits grew throughout all chains besides Kusama. The platform highlighted that the adverse value efficiency of the native tokens of those chains contributes to its TVL efficiency.
Lido is the dominant staking platform
Dune analytics knowledge reveals that Lido can be the dominant staking service supplier — it controls 29.11% of the market.
That is forward of different rivals, together with main centralized exchanges like Coinbase, Kraken, and Binance, which cumulatively management roughly 27% of the staked Ethereum.
A number of analysts beforehand highlighted that Lido’s dominance of Ethereum staking might place the blockchain community in danger.
LDO is up 17%
CryptoSlate knowledge reveals that Lido’s native token is up by over 17% within the final 24 hours to $1.16 as of press time.
LDO can be one of many best-performing digital belongings within the final seven days, rising by roughly 20%.
The token was one of many ERC-20 belongings reported to have been offered by Alameda-related wallets. In keeping with the report, over 700,000 tokens had been offered for 601 ETH. Moreover that, Aave founder Stani Kulechov has offered his total LDO holdings for a complete of $2.4M
