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The Lido Finance liquid staking protocol seems to have taken the most advantage of the Ethereum merger in September, with its total value locked (TVL) now sitting up among other decentralized finance protocols (challenge).
According to defillama data, the lido liquid staking protocol now orders 5.9 billion dollars in tvl, against 5.89 billion dollars of makerdao and 3.7 billion dollars of aave.
Lido now has the highest tvl among all challenge protocols. pic.twitter.com/2xsM3lVGVl
— Patrick | Dynamo DeFi (@Dynamo_Patrick) January 1, 2023
According to Lido Finance’s website, as at Jan. 2 had 5.8bn aether () staked. Meanwhile, there was around $23.2 million staked in Solana (), $43.9 million in Polygon (MATIC), $11 million in Polkadot () and $2.2 million in Kusama (KSM).
Lido’s model allows users access to liquid Ether staking without committing to the traditional 32 ETH minimum.
Analysis of nansen blockchain data in December noted that staking solutions like these had been in high demand since Ethereum's changeover to evidence of the issue.
His report highlighted the impact of the merger by introducing the staked eth as a native cryptocurrency rate instrument that rapidly surpassed other services carrying guaranteed rates.
Lido seems to have taken advantage of this, as its royalty revenues have been directly proportional to the gains in proof of participation (pos) since lido sends ether received to the staking protocol.
In Nov. 2022 that Lido said it has been collecting $1 million in fees every day since Oct. 2022.
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Meanwhile, the governing body of the Maker protocol MakerDAO saw its revenue decline to just over $4 million in Q3, a 86% plunge from the previous quarter according to a Messari statement in Sept. 2022, citing few wind-ups and low demand for loans as reasons for the decrease.
In that same month, Lido held the most amount of staked ETH amongst DeFi, with 31% according to Nansen in September, which is a significant amount compared to major crypto exchanges COINBASE and Kraken, holding 15% and 8.5% respectively.
