• No other protocol has come close to Lido’s TVL numbers.
• The project is being touted as the future of DeFi.

Out of the top 10 DeFi protocols, Lido Finance [LDO] had the highest capital inflow in terms of assets locked, DefiLlama revealed. Using the Total Value Locked (TVL) metric, the blockchain aggregator showed that Lido had an inflow of $1.58 billion in the last seven days.

Top 10 DeFi protocols with the highest USD increase in TVL over the past week pic.twitter.com/KonQ0LkcSl

— DefiLlama.com (@DefiLlama) November 25, 2023

Other projects, including MakerDAO [MKR], and Aave [AAVE], were nowhere near Lido’s numbers. The surge in Lido’s TVL meant that the protocol was able to attract much more capital than the others.

It’s liquid staking over lending

Also, the increase means that market participants involved in committing liquidity trusted Lido enough to give better yields than the others. One reason for the hike was the increase in demand for liquid staking. 

Liquid staking allows market players to participate in staking while allowing the flexibility to buy and sell the token. For Lido, its dominance in this space could be connected to Ethereum’s [ETH] decision to switch to Proof-of-Stake (PoS).

Ever since, the demand for Lido stETH has been on the rise. stETH is the cryptocurrency representing an Ethereum

Go to Source to See Full Article
Author: Victor Olanrewaju

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