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Lido’s daily users rise 718% in 3 months: Will this help LDO’s growth?

Press Releases Crypto News AMB-Crypto Lido’s daily users rise 718% in 3 months: Will this help LDO’s growth?

Activity on Lido continued to surge amidst market volatility.
Interest in stETH and LDO tokens declined.

Lido [LDO] has maintained its dominance in the DeFi sector for quite some time. Despite securing the top spot in the DeFi sector, the growth of the Lido protocol showed no signs of stagnation.

Growing on all fronts

Lido’s growth was underscored by a significant surge in the number of daily active addresses within the network.

Recent data revealed a 718% increase in daily active users on Lido over the past three months, highlighting the substantial expansion and engagement within the platform.

Lido pulled a crazy growth in Daily Active Users in the Past 3 Months… +718% pic.twitter.com/o9Q0DQ44wq

— hitesh.eth (@hmalviya9) February 5, 2024

With this surge in activity, the Lido protocol experienced a substantial 40.9% increase in generated revenue over the past 90 days.

The revenue growth not only indicated the platform’s economic resilience but also suggested a positive correlation between user activity and the financial success of the protocol.

The surge in network activity can be attributed, in part, to the significant decline in Average Fees per User (AFPU) on the Lido network.

According to data from Token Terminal, over the last month, the AFPU witnessed an 88% decrease.

This decline in fees indicates a more cost-effective environment for users, potentially attracting a broader audience and encouraging increased participation.

The reduced financial burden on users coupled with interest in staking may have contributed to Lido’s recent growth.

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Author: Himalay Patel

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