- Lido’s TVL climbed by 1.28% in the last seven days, as ETH deposits on the protocol rose.
- Its native token, LDO, however, experienced slow accumulation.
The total value locked (TVL) in Lido Finance [LDO], a liquid staking protocol for Ethereum [ETH], increased by 1.28% in the past week, according to DeFiLlama. This represented the largest increase among the top five decentralized finance (DeFi) protocols by TVL, according to the data on-chain data provider.
Realistic or not, here’s LDO’s market cap in BTC’s terms
Still the largest DeFi protocol by TVL, Lido’s TVL was $14.06 billion at press time.
The increase in Lido’s TVL in the last week was primarily due to an uptick in ETH deposits on the protocol during the period under review. This occurred despite the significant price volatility that has plagued the leading altcoin since the deleveraging event of 17 August.
According to data from Dune Analytics, ETH deposits on Lido totaled 185,500 over the last seven days, making it the protocol with the highest net new deposits on Ethereum during that period. Coinbase and Rocket pool trailed behind it with deposits of 28.096 ETH and 11,800 ETH.
However, despite the TVL uptick, Lido’s stETH APR assessed on a 7-day moving average experienced a decline. As of 28 August, this was 3.80%, falling by 7% in the preceding week.
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Author: Abiodun Oladokun
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