{"id":290499,"date":"2023-02-13T20:00:46","date_gmt":"2023-02-13T14:30:46","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=290499"},"modified":"2023-02-13T14:57:24","modified_gmt":"2023-02-13T09:27:24","slug":"lido-retains-its-spot-as-the-leading-defi-protocol-the-reason-isnt-surprising","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/lido-retains-its-spot-as-the-leading-defi-protocol-the-reason-isnt-surprising\/","title":{"rendered":"Lido retains its spot as the leading DeFi protocol, the reason isn&#8217;t surprising"},"content":{"rendered":"<ul>\n<li><em>Lido remains the number one DeFi project with the highest TVL.<\/em><\/li>\n<li><em>Staking APR on the platform has, however, fallen consistently.\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With a 16.77% market share of the $47.2 billion worth of crypto assets locked on several decentralized finance (DeFi) protocols, Lido Finance (Lido) retains its spot as the leading project with the highest total value locked (TVL).<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/lido-dao-price-prediction\" data-wpel-link=\"internal\">Lido Finance\u2019s [LDO] Price Prediction<\/a>\u00a02023-2024<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">After displacing MakerDAO for the first time in January, Lido has held on to its position. According to data from <\/span><a href=\"https:\/\/defillama.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DefiLlama<\/span><\/a><span style=\"font-weight: 400;\">, Lido\u2019s TVL at press time was $7.92 billion and was closely followed by MakerDAO, which had a TVL of $7.09 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The confirmation of a March date for the <\/span><a href=\"http:\/\/ambcrypto.com\/eths-shanghai-update-assessing-what-it-means-for-the-ethereum-ecosystem\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shanghai Upgrade<\/span><\/a><span style=\"font-weight: 400;\"> for the Ethereum network might have contributed to a jump in the value of assets locked on Lido. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a <\/span><a href=\"https:\/\/www.nansen.ai\/research\/an-on-chain-look-at-ethereums-liquid-staking-landscape\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> published in December by blockchain analytics platform Nansen, staking solutions have been highly sought after since Ethereum&#8217;s transition to a proof-of-stake (PoS) consensus mechanism in September 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report emphasized the influence of the Merge in bringing staked ETH as a yield-generating instrument that is purely native to cryptocurrency and has surpassed other yield-generating services that are collateralized.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the sustained increase in the demand and usage of stETH, a tokenized version of staked Ether native to Lido, further solidified the protocol&#8217;s position as the DeFi project with the largest TVL.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of now, Lido&#8217;s TVL has exceeded its value prior to the FTX collapse.<\/span><\/p>\n<figure id=\"attachment_290513\" aria-describedby=\"caption-attachment-290513\" style=\"width: 2324px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51.png\"><img decoding=\"async\" class=\"wp-image-290513 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51.png\" alt=\"\" width=\"2324\" height=\"908\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51.png 2324w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51-300x117.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51-1024x400.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51-768x300.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51-1536x600.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.39.51-2048x800.png 2048w\" sizes=\"(max-width: 2324px) 100vw, 2324px\" \/><\/a><figcaption id=\"caption-attachment-290513\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<h3><b>State of ETH staking on Lido<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/dune.com\/queries\/95814\/191711\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Dune Analytics<\/span><\/a><span style=\"font-weight: 400;\">, Lido\u2019s share of the ETH staking market was 29.36% at press time. So far this year, this has oscillated between 29.25% and 29.37%.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" data-wpel-link=\"internal\">LDO\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">While Lido remains the most preferred platform for ETH staking, its market share has declined consistently since May 2022. As of 16 May 2022, Lido controlled over 32% of the total ETH staked.\u00a0<\/span><\/p>\n<figure id=\"attachment_290520\" aria-describedby=\"caption-attachment-290520\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02.png\"><img decoding=\"async\" class=\"wp-image-290520 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02.png\" alt=\"\" width=\"2560\" height=\"591\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02-300x69.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02-1024x236.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02-768x177.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02-1536x355.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.49.02-2048x473.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-290520\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The gradual reduction in the annual percentage rate (APR) offered by Lido for ETH stakers might be the reason behind the decline in its market share. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After rallying to an all-time high of 10.21% on 14 November 2022, Lido staking APR has since declined. As of this writing, this was 4.79%, data from Dune Analytics showed.\u00a0<\/span><\/p>\n<figure id=\"attachment_290519\" aria-describedby=\"caption-attachment-290519\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07.png\"><img decoding=\"async\" class=\"wp-image-290519 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07.png\" alt=\"\" width=\"2560\" height=\"595\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07-300x70.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07-1024x238.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07-768x178.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07-1536x357.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.54.07-2048x476.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-290519\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Finally, revenue on the network continued to grow, per data from <\/span><a href=\"https:\/\/tokenterminal.com\/terminal\/projects\/lido-finance\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Token Terminal<\/span><\/a><span style=\"font-weight: 400;\">. Lido&#8217;s revenue is closely tied to Ethereum PoS earnings as Lido transfers the received Ether to the staking protocol. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After the FTX collapse, Ethereum&#8217;s activity increased due to a surge in decentralized exchange (DEX) activity. On 8 November, Ethereum fees and revenue hit a 30-day high, with $9.1 million in fees and $7.3 million in revenue recorded.<\/span><\/p>\n<figure id=\"attachment_290521\" aria-describedby=\"caption-attachment-290521\" style=\"width: 2408px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56.png\"><img decoding=\"async\" class=\"wp-image-290521 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56.png\" alt=\"\" width=\"2408\" height=\"1008\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56.png 2408w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56-300x126.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56-1024x429.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56-768x321.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56-1536x643.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-13-at-07.59.56-2048x857.png 2048w\" sizes=\"(max-width: 2408px) 100vw, 2408px\" \/><\/a><figcaption id=\"caption-attachment-290521\" class=\"wp-caption-text\">Source: Token Terminal<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Lido remains the number one DeFi project with the highest TVL. Staking APR on the platform has, however, fallen consistently.\u00a0 With a 16.77% market share of the $47.2 billion worth of crypto assets locked on several decentralized finance (DeFi) protocols, Lido Finance (Lido) retains its spot as the leading project with the highest total value<a href=\"https:\/\/ambcrypto.com\/lido-retains-its-spot-as-the-leading-defi-protocol-the-reason-isnt-surprising\/\">Continue reading <span class=\"sr-only\">&#8220;Lido retains its spot as the leading DeFi protocol, the reason isn&#8217;t surprising&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":290527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[3537,3289],"class_list":["post-290499","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-ldo","tag-lido-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lido retains its spot as the leading DeFi protocol, the reason isn&#039;t surprising - AMBCrypto<\/title>\n<meta name=\"description\" content=\"With a 16.77% market share of the $47.2 billion worth of crypto assets locked on several DeFi protocols, Lido retains its spot as...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/lido-retains-its-spot-as-the-leading-defi-protocol-the-reason-isnt-surprising\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lido retains its spot as the leading DeFi protocol, the reason isn&#039;t surprising - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Lido remains the number one DeFi project with the highest TVL. 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