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Liquid staking protocol Lido Finance appears to have benefited the most from the Ethereum merger in September, with its total value locked (TVL) now taking the top spot among other decentralized finance (DeFi) protocols.
According to data from DeFiLlama, Lidos’ liquid staking protocol now commands $5.9 billion in TVL, compared to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion.
Lido now has the highest TVL of any DeFi protocol. pic.twitter.com/2xsM3lVGVl
—Patrick | Dynamo DeFi (@Dynamo_Patrick) January 1, 2023
According to the Lido Finances website, as of January 2, $5.8 billion worth of Ether (ETH) has been staked. Meanwhile, there was approximately $23.2 million invested in Solana (SOL), $43.9 million in Polygon (MATIC), $11 million in Polkadot (DOT), and $2.2 million in Kusama (KSM).
The Lidos model allows users to access liquid Ether staking without committing to the traditional minimum of 32 ETH.
Analysis of Nansen’s blockchain data in December noted that staking solutions such as these have been in high demand since Ethereum moved to proof-of-stake.
His report highlighted the impact of the merger on the introduction of staked ETH as a native yield-bearing cryptocurrency instrument that quickly overtook other guaranteed yield-bearing services.
Lido appears to have benefited from this, as its fee revenue has been directly proportional to Ethereum’s proof-of-stake (PoS) revenue since Lido sends received Ether to the staking protocol.
In November 2022, Lido said it had been collecting $1 million in fees every day since October 2022.
Related: 5 altcoin projects that made a real difference in 2022
Meanwhile, Maker protocol governing body MakerDAO saw its revenue drop to just over $4 million in the third quarter, an 86% drop from the previous quarter according to a statement from Messari in September 2022, citing few liquidations and low demand for loans as reasons. for decline.
During that same month, Lido held the most ETH staked among DeFi, with 31% according to Nansen in September, which is a large amount compared to major crypto exchanges Coinbase and Kraken, holding 15% and 8% respectively. .5%.
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