• Lido saw significant TVL growth aided by top layer 2 networks.
• LDO struggled to sustain a rally as exchange flows shifted gears in favor of the bears.

The crypto market has seen a return of volatility in the last few weeks and that means healthy movement in DeFi. Lido Finance [LDO] just released its latest weekly update, which revealed some correlation with the higher volatility.

Is your portfolio green? Check out the Lido Profit Calculator

Lido’s latest update revealed that it was the leading staking platform in terms of net new ETH deposits to the Ethereum [ETH] beacon chain during the week. The growing deposits were a testament to the platform’s continued growth.

The weekly report also revealed that Lido registered a 12.72% TVL upside from 19 June to 26 June. Lido’s TVL had initially kicked off June with some slippage, but it corrected in the second half of the month. It recently peaked at $14.18 billion.

So, where is most of this growth coming from? According to another Lido update, Ethereum layer 2 networks have been contributing to most of the staked ETH. Since liquid staking generates wstETH, a look at the growth of this token may offer insights into which platforms are contributing the most staked ETH.

The update revealed that Arbitrum [ARB], Op

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Author: Michael Nderitu

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