Lido Finance with $19.1B in TVL, Edges out Curve as the Largest DeFi Protocol

0 8

Lido Finance with $19.1B in TVL, Edges out Curve as the Largest DeFi Protocol 9

knife

Summary:

  • Lido Finance has surpassed Curve finance to become the largest DeFi protocol in terms of total value locked
  • Approximately $19.1 billion is locked on Lido Finance compared to Curve’s $19 billion
  • Lido Finance is available on the blockchain networks of Ethereum, Solana, Terra, Kusama, and Polygon.

Earlier today, Lido Finance became the largest DeFi protocol in terms of total value locked, edging out Curve Finance from the top spot in the process. At the time of writing, the total value locked on Lido Finance stands at $19.1 billion compared to Curve’s $19 billion. Anchor comes in third with $17.08 billion, MakerDao fourth with $13.18 billion, and AAVE fifth with $11.69 billion in total value locked.

Lido Finance with $19.1B in TVL, Edges out Curve as the Largest DeFi Protocol 8
Top 10 DeFi protocols in Total Value Locked. Source, DeFiLlama.com

Lido Finance’s Rise in DeFi

Launched in December 2020, Lido Finance has grown to facilitate staking on the five networks of Ethereum, Terra, Solana, Kusama and Polygon. Furthermore, $11 billion worth of assets is staked on Ethereum 2.0; $7.142 billion on Terra; $288.722 million on Solana; $2.525 million on Kusama; and $16.175 million on Polygon.

Lido’s vision is ‘to build a staking solution that is fully permissionless and risk-free for the blockchain itself.’ The current roadmap of the project includes adopting Distributed Validator technology and creating additional checks and balances on Lido’s governance. The latter includes directly empowering stETH holders to veto any decisions that will be made on the protocol.

stETH is a liquidity token that users get when they stake their Ethereum into the ETH 2.0 contract through Lido in a 1-to-1 ratio. stETH also allows its users to participate in the entire Ethereum DeFi ecosystem (Yearn, Curve, Maker, Aave) while still accruing ETH2.0 rewards earned from staking during Phase 0.

The team at Lido further explains stETH as follows:

stETH accrues staking rewards regardless of where it is acquired. This means that regardless of whether you acquire stETH directly from staking via stake.lido.fi, purchase stETH from 1inch or receive it from a friend, it will rebase daily to reflect Ethereum staking rewards.

This nullifies the downsides from staking into the Eth2 contract directly: illiquidity, immovability, inaccessibility. Instead of locking up your staked ETH, Lido allows you to put it to use so you don’t need to choose between Ethereum staking and DeFi participation.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 51,749.87
ethereum
Ethereum (ETH) $ 3,114.57
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 388.56
solana
Solana (SOL) $ 103.39
staked-ether
Lido Staked Ether (STETH) $ 3,109.22
xrp
XRP (XRP) $ 0.542224
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.590175
avalanche-2
Avalanche (AVAX) $ 37.35
dogecoin
Dogecoin (DOGE) $ 0.086004
tron
TRON (TRX) $ 0.137811
chainlink
Chainlink (LINK) $ 18.76
polkadot
Polkadot (DOT) $ 7.90
matic-network
Polygon (MATIC) $ 0.992667
uniswap
Uniswap (UNI) $ 10.97
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,857.89
the-open-network
Toncoin (TON) $ 2.09
internet-computer
Internet Computer (ICP) $ 12.54
shiba-inu
Shiba Inu (SHIB) $ 0.00001
bitcoin-cash
Bitcoin Cash (BCH) $ 267.65
litecoin
Litecoin (LTC) $ 70.15
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.22
filecoin
Filecoin (FIL) $ 8.21
cosmos
Cosmos Hub (ATOM) $ 10.37
leo-token
LEO Token (LEO) $ 4.25
ethereum-classic
Ethereum Classic (ETC) $ 27.23
kaspa
Kaspa (KAS) $ 0.170124
near
NEAR Protocol (NEAR) $ 3.68
blockstack
Stacks (STX) $ 2.59
optimism
Optimism (OP) $ 3.86
hedera-hashgraph
Hedera (HBAR) $ 0.108951
bittensor
Bittensor (TAO) $ 568.80
aptos
Aptos (APT) $ 9.64
stellar
Stellar (XLM) $ 0.116619
first-digital-usd
First Digital USD (FDUSD) $ 1.00
vechain
VeChain (VET) $ 0.045548
injective-protocol
Injective (INJ) $ 35.76
lido-dao
Lido DAO (LDO) $ 3.39
okb
OKB (OKB) $ 50.28
mantle
Mantle (MNT) $ 0.884766
celestia
Celestia (TIA) $ 16.78
the-graph
The Graph (GRT) $ 0.2948
render-token
Render (RNDR) $ 7.22
crypto-com-chain
Cronos (CRO) $ 0.094432
arbitrum
Arbitrum (ARB) $ 1.90
monero
Monero (XMR) $ 129.57
sei-network
Sei (SEI) $ 0.818682
sui
Sui (SUI) $ 1.64
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,423.80
maker
Maker (MKR) $ 2,057.96
algorand
Algorand (ALGO) $ 0.207092
beam-2
Beam (BEAM) $ 0.032305
flare-networks
Flare (FLR) $ 0.046542
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,167.83
thorchain
THORChain (RUNE) $ 5.40
quant-network
Quant (QNT) $ 106.76
elrond-erd-2
MultiversX (EGLD) $ 57.71
flow
Flow (FLOW) $ 1.02
bitcoin-sv
Bitcoin SV (BSV) $ 75.55
aave
Aave (AAVE) $ 100.84
dydx-chain
dYdX (DYDX) $ 3.43
starknet
Starknet (STRK) $ 1.94
bitget-token
Bitget Token (BGB) $ 1.00
theta-token
Theta Network (THETA) $ 1.40
ordinals
ORDI (ORDI) $ 65.85
mina-protocol
Mina Protocol (MINA) $ 1.28
havven
Synthetix Network (SNX) $ 3.92
true-usd
TrueUSD (TUSD) $ 0.976322
tokenize-xchange
Tokenize Xchange (TKX) $ 15.62
helium
Helium (HNT) $ 8.38
fantom
Fantom (FTM) $ 0.418237
worldcoin-wld
Worldcoin (WLD) $ 8.71
the-sandbox
The Sandbox (SAND) $ 0.518072
fetch-ai
Fetch.ai (FET) $ 1.11
chiliz
Chiliz (CHZ) $ 0.12622
axie-infinity
Axie Infinity (AXS) $ 8.12
apecoin
ApeCoin (APE) $ 1.84
blur
Blur (BLUR) $ 0.750245
bittorrent
BitTorrent (BTT) $ 0.000001
arweave
Arweave (AR) $ 15.89
gala
GALA (GALA) $ 0.030286
dydx
dYdX (ETHDYDX) $ 3.43
kucoin-shares
KuCoin (KCS) $ 10.71
whitebit
WhiteBIT Coin (WBT) $ 7.11
tezos
Tezos (XTZ) $ 1.12
cheelee
Cheelee (CHEEL) $ 18.61
osmosis
Osmosis (OSMO) $ 1.59
sats-ordinals
SATS (Ordinals) (SATS) $ 0.00000047552741
singularitynet
SingularityNET (AGIX) $ 0.764186
decentraland
Decentraland (MANA) $ 0.513568
frax-ether
Frax Ether (FRXETH) $ 3,089.35
dymension
Dymension (DYM) $ 6.43
conflux-token
Conflux (CFX) $ 0.249451
woo-network
WOO (WOO) $ 0.508555
akash-network
Akash Network (AKT) $ 4.04
eos
EOS (EOS) $ 0.797787
gnosis
Gnosis (GNO) $ 350.18
neo
NEO (NEO) $ 12.82