Key Points:
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.
The website of Lido Finance states that as of January 2, $5.8 billion worth of ether was staked. Around $23.2 million was bet on Solana, $43.9 million on Polygon, $11 million on Polkadot, and $2.2 million on Kusama 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.
A Messari announcement in September 2022 indicated that 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 owned 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 held 15% and 8.5% of the cryptocurrency market, respectively.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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