• As demand for DAI falls, Maker’s TVL has seen no significant growth since March.
• MKR has seen increased distribution than accumulation in the last month.

Following its replacement by Lido Finance [LDO] as the decentralized finance (DeFi) protocol with the largest total value locked (TVL) at the beginning of the year, MakerDAO’s [MKR] TVL continues to plummet, data from DefiLlama showed. 

Is your portfolio green? Check out the Maker Profit Calculator

According to information from the DeFi data analytics platform, Maker’s TVL declined by 9% in the last month. Lido, on the other hand, registered a 4% TVL growth during the same period.

In addition, Lido’s TVL crossed the $10 billion mark in March and has since remained on an uptrend. At press time, Lido’s TVL was $11.99 billion, while Maker’s was $7.11 billion, growing by a mere 17% in the past five months. 

Shapella helped Lido, while DAI-depeg caused Maker to suffer

As the much-anticipated Ethereum’s Shanghai Upgrade went live on 12 April, Lido experienced a surge in liquid staking activity, causing its TVL to climb.

While other staking platforms immediately enabled withdrawals upon Shapella’s implementation, Lido did not, driving in more ETH deposits to the liquid staking platform.

Per data from Dune Analytics, since Shapella, Lido-staked ETH has grown by 9%. Likewise, its TVL has since increased by 5%. 

Go to Source to See Full Article
Author: Abiodun Oladokun

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