Lido Finance (LDO) Ranked First by TVL Among DeFi Protocols
Liquid staking protocol Lido Finance has become the biggest DeFi protocol by total value locked (TVL), with over $5.95 billion staked in the protocol, according to Defillama. The closest competitor to the protocol in TVL is Maker (MKR) at $5.91 billion, followed by Aave (AAVE) at $3.74 billion. Lido Finance has seen its token (LDO) price appreciate over 20% to $1.16 in the last 24 hours. the thesis for LDO is simply LSDs take off and funds buy it so they can say they have staking exposure Lido Finance allows its users to obtain exposure to the Ethereum staking process without committing the minimum 32 ETH otherwise required. Since the Ethereum Merge, the demand for liquid staking protocols has significantly increased, as per a report by Nansen. ETH’s transition to Proof-of-Stake architecture has allowed for a native yield-bearing instrument whose demand has outpaced any other crypto yield-bearing assets. Source: Dune Analytics As of January 2nd, Lido Finance has $5.8 billion staked in Ethereum (ETH), $25.8 million in Solana (SOL), $45.2 million in Polygon (MATIC), $10.9 million in Polkadot (DOT) and $2.2 in Kusama (KSM). Among the other liquid staking protocols in the space, Lido has the majority share, followed by Coinbase and Rocketpool. With the Beacon Chain withdrawals expected to go live this year with the Shanghai upgrade, the demand for liquid staking protocols will remain high as users seek out different ways to earn yield. Liquid staking solutions allow stakers to benefit from immediate liquidity and composability of staked assets. It allows users to stake and unstake any amount of ETH without locking them up for a long time. Other updates on Lido Finance: LidoDAO (LDO) Introduces stETH Support For Layer-2 Networks Optimism And Arbitrum
Lido Finance’s Dominance
the thesis for COIN is that tardfis looking for gripto exposure will herd into it, instead of BitcoinStrategy and miners
like i said, you guys really arent my exit liquidity https://t.co/6e5pDK3AYdOn the Flipside
Why You Should Care
Read more: https://dailycoin.com/lido-finance-ldo-ranked-first-by-tvl-among-defi-protocols/
Text source: DailyCoin.com
