Lido holds 76% of ETH staking: Does LDO stand to gain?
The Total Value Locked (TVL) on the platform, including deposits of other tokens like MATIC, was about $20.37 billion, making it the largest decentralized finance (DeFi) project by a mile. To get a sense of proportion, Lidos TVL as of press time was more than the combined TVL of the second and third-ranked protocols on the list. The value of Lido‘s deposits has more than tripled since the start of 2023. Crucial developments over the year played a significant role in boosting Lido’s demand in the market. The most prominent was the launch of its version 2, allowing users to withdraw their Staked ETH [stETH] to Ethereum. This of course after the tech was enabled from Ethereums side following the Shapella Upgrade in May. In addition, the sharp increase in ETHs market value in the last quarter gave impetus to the USD value of the deposited funds. Projects success reflects on LDO With the rise in staked ETH supply, the protocols revenue also increased substantially in 2023. In fact, during the week starting the 3rd of December, the protocol recorded a top line of $3.27 million, compared to weekly averages of $1 million during 2022. Pinagmulan: DeFiLlama Makatotohanan o hindi, narito ang market cap ng LDO sa mga tuntunin