• Lido’s TVL increased while there was a little change in treasury.
• The recent Curve exploit affected stETH deposits.

The month of July brought a mix of challenges and glory for the prominent DeFi protocol Lido Finance [LDO]. Known for its approach to staking and providing liquidity, Lido had its fair share of hurdles and also breakthroughs, according to its recently-released monthly report.

How much are 1,10,100 LDOs worth today?

TVL gets back on top

First off, Lido’s Total Value Locked (TVL) hit $15 million for the first time since May 2022. The TVL measures liquidity entering into a protocol based on the confidence market participants have in it. The more the metric rises, the more trustworthy it has become. But when it falls, it means the health of the protocol is not at 100%.

Although the TVL had been pegged back at press time, the rise in unique Ethereum [ETH] deposits played a role in the hike. According to Lido’s report, unique ETH deposits on the protocol increased by 6.66%.

Staked Ethereum [stETH] also increased. However, Solana [SOL] and Polygon [MATIC] being staked on the protocol did not get as much attention as stETH. Lido explained that,

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Author: Victor Olanrewaju

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