Lido Finance (LDO) Still Dominates the Ethereum Staking World: Here’s Why

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Ethereum’s ultimate migration into a PoS (Proof-of-stake) network remains the most awaited event within the crypto and blockchain community this year.

Thus, it is essential to constantly evaluate how sites such as Lido Finance, which allows investors to stake any ETH amount in exchange for differed reward incentives.

About Lido’s Performance

July saw a changed narrative after 6-month-long persistent declines in TVL in the DeFi industry, with most protocols launching recoveries. DeFiLlama data shows the total value locked increased by 18% within the previous month to $68.98 billion.

Lido Finance’s total value locked launched recoveries, though slow, after declining by 74% between May 4 and June 30. While publishing this post, the platform’s TVL hovered at $7.76 billion, gaining 39% since June 30.

It came after MakerDAO (leading with $8.8 billion in TVL). Lido Finance’s $7.76 billion total value locked had the project holding 11% market share in the overall market’s $68.98 billion total value locked.

Lido’s TVL increased by 5.1% within the past seven days. The rally primarily came from the broad price surges of most digital assets and amplified staking.

While writing these lines, Dune Analytics data showed ETH staked hovered at 13,218,597. Meanwhile, Lido Finance’s 4,143,904 represented 31% of overall Ethereum stakes in the marketplace. Nevertheless, Lido’s staked ETH share has shrunk substantially since May 29.

Furthermore, the APR provided to Lido stakers has plummeted steadily since the year started. This metric hovered at 4.93% in January. Meanwhile, eight months saw it plunging by 17% to explore 4.07% during this publication.

On the revenue front, Token Terminal data shows that Lido’s DoD revenue increased by more than 15.4% within the past 180 days. The platform’s daily revenue totaled $877,000 as of August 8.

What of LDO Coin?

The network’s native coin, LDO, grew consistently within the previous month. That came as the broad market enjoyed impressive upside actions. While publishing this post, LDO traded at $2.225, gaining 69% within the past 30 days. Meanwhile, the altcoin averaged a 24hr transaction volume of 89.38M in that timeframe.

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