Lido Finance, a decentralized finance protocol, has seen a significant increase in its Total Value Locked (TVL), which recently surged by nearly 7%. This growth is attributed to a combination of rising stake deposits and the appreciating values of cryptocurrencies like Ethereum (ETH) and Polygon (MATIC), which climbed by 7% and 6%, respectively.
The protocol's TVL reached $21.32 billion, marking a substantial monthly increase of about one-fourth. This expansion in TVL is partly due to Lido processing net new deposits totaling over seventy-six thousand ETH last week, which accounts for half of the market's staking activity. In stark contrast, Coinbase (NASDAQ: COIN ), another major player in the cryptocurrency space, only managed to capture seventeen percent of this market share.
Binance, recognized as a leading cryptocurrency exchange, has been at the forefront of ETH withdrawal volumes with thirty-two thousand unstaked ETH. Additionally, the Annual Percentage Rates (APRs) for staked Ethereum have been on an upward trend since early December.
Layer-2 platforms have experienced varying degrees of activity with staked ETH (stETH). While Arbitrum saw a marginal increase in bridged stETH by one-hundredth percent and Polygon saw a rise of one percent, Base experienced a notable surge of thirty-six percent. However, Optimism witnessed a slight decline of less than half a percent.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.