{"id":324477,"date":"2023-07-02T15:00:36","date_gmt":"2023-07-02T09:30:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=324477"},"modified":"2023-07-02T11:35:07","modified_gmt":"2023-07-02T06:05:07","slug":"lido-maintains-its-top-spot-in-defi-as-makerdao-dawdles","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/lido-maintains-its-top-spot-in-defi-as-makerdao-dawdles\/","title":{"rendered":"Lido maintains its top spot in DeFi as MakerDAO dawdles"},"content":{"rendered":"<ul>\n<li><em>Within six months, Lido&#8217;s TVL has doubled that of MakerDao.<\/em><\/li>\n<li><em>DAI&#8217;s supply has trended downwards since the temporary depeg in March.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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 [LDO] currently holds a 32% share of the entire decentralized finance&#8217;s (DeFi) total value locked (TVL). Lido&#8217;s TVL has almost doubled when compared to that of the previous DeFi king MakerDAO [MKR]. This happened within just six months of Lido taking over the top position from Maker.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/lido-dao-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Lido Finance\u2019s [LDO] Price Prediction<\/a>\u00a02023-2024<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Per data from the DeFi data provider, the TVL of the liquid staking protocol was $14.57 billion at the time of writing. This year alone, Lido\u2019s TVL has gone up by 148%.\u00a0<\/span><\/p>\n<figure id=\"attachment_324478\" aria-describedby=\"caption-attachment-324478\" style=\"width: 2066px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05.png\"><img decoding=\"async\" class=\"wp-image-324478 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05.png\" alt=\"\" width=\"2066\" height=\"736\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05.png 2066w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05-300x107.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05-1024x365.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05-768x274.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05-1536x547.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.28.05-2048x730.png 2048w\" sizes=\"(max-width: 2066px) 100vw, 2066px\" \/><\/a><figcaption id=\"caption-attachment-324478\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<h4><b>A turbulent year for Maker<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Maker was replaced by Lido as the leading DeFi protocol at the beginning of the year as increased Ether (ETH) staking activity in expectation of Ethereum\u2019s Shanghai Upgrade drove traffic to the liquid staking protocol.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Between January and when Shanghai went live on 12 April, the total value of ETH staked on Lido rallied by 22%. Per <\/span><a href=\"https:\/\/dune.com\/queries\/2411666\/3958339\" 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 ecosystem also grew to levels last seen in May 2022.\u00a0<\/span><\/p>\n<figure id=\"attachment_324479\" aria-describedby=\"caption-attachment-324479\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43.png\"><img decoding=\"async\" class=\"wp-image-324479 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43.png\" alt=\"\" width=\"2560\" height=\"571\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43-300x67.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43-1024x228.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43-768x171.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43-1536x342.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.29.43-2048x456.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-324479\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While many anticipated a decline in Lido\u2019s market share following Shanghai, the opposite has been the case. Since the hardfork upgrade on 12 May, the total value of ETH staked on Lido has climbed by 33%, data from <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;category=ETH%202.0&amp;m=eth2.DepositedByProviderVolumeSum&amp;s=1672527600&amp;u=1688274017&amp;zoom=ytd\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Glassnode<\/span><\/a><span style=\"font-weight: 400;\"> showed.\u00a0<\/span><\/p>\n<figure id=\"attachment_324480\" aria-describedby=\"caption-attachment-324480\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth.png\"><img decoding=\"async\" class=\"wp-image-324480 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/glassnode-studio_ethereum-eth-2-0-total-value-staked-by-provider-eth-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-324480\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Further, the growth in Ether staking on the protocol rallied despite the persistent drop in ETH staking APR offered by Lido. At press time, this stood at 3.87%, dropping by 38% since 12 April.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/lido-dao-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Lido Finance Profit Calculator<\/a><\/p>\n<hr \/>\n<h4><strong>Things went downhill after the depeg<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Maker, on the other hand, continued to record a hit to its TVL since the year began. The situation worsened when DAI <\/span><a href=\"http:\/\/ambcrypto.com\/dai-stressed-makerdao-struggles-as-users-look-toward-other-stablecoins\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suffered<\/span><\/a><span style=\"font-weight: 400;\"> a depeg in March due to the unexpected collapse of Silicon Valley Bank, which resulted in USDC temporarily losing its parity to the dollar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While DAI has regained its peg, its supply has since dropped. At 4.65 billion at the time of writing, DAI\u2019s supply declined by 12% in Q2, per data from Maker Burn.<\/span><\/p>\n<figure id=\"attachment_324481\" aria-describedby=\"caption-attachment-324481\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32.png\"><img decoding=\"async\" class=\"wp-image-324481 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32.png\" alt=\"\" width=\"2560\" height=\"735\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32-300x86.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32-1024x294.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32-768x221.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32-1536x441.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-02-at-06.31.32-2048x588.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-324481\" class=\"wp-caption-text\">Source: Maker Burn<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">When DAI supply drops, there are fewer DAI tokens in circulation, which could result in a decline in demand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A decline in DAI demand means that there is less demand for borrowing the stablecoin, which in turn affects Maker\u2019s TVL. This means there has been a decrease in the amount of collateral locked in Maker\u2019s smart contracts, causing its TVL to experience stunted growth.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After replacing MakerDAO as the leading DeFi protocol in January, Lido&#8217;s TVL has since grown tremendously. <\/p>\n","protected":false},"author":64,"featured_media":324483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,32,66,3,4,20],"tags":[3537,3366,186],"class_list":["post-324477","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ldo","tag-lido","tag-maker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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