MakerDAO is surpassed by Lido, who now has highest TVL in DeFi
Staking technique for liquids According to its current ranking among other decentralised finance (DeFi) protocols, Lido Finance looks to have profited the most from the September Ethereum merger.
Users can access liquid Ether staking with Lido’s technique without committing to the customary 32 ETH requirement.
In comparison to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion in TVL, Lido’s liquid staking protocol currently commands $5.9 billion in TVL, according to statistics from DefiLlama.
Since Ethereum switched to proof-of-stake, staking solutions like these have been in great demand, according to blockchain data analytics from Nansen published in December (PoS).
Due to the fact that Lido transfers received ether to the staking protocol, its fee revenue has been precisely proportionate to Ethereum PoS revenues.
The Merge’s introduction of staked ETH as a pure cryptocurrency yield-bearing instrument, which has quickly surpassed other collateralized yield-bearing instruments, was highlighted in its report.
In November 2022, Lido said that since October 2022, it had been bringing in $1 million per day in fees.
According to a Messari announcement in September 2022, the MakerDAO, which oversees the Maker protocol, had its revenue fall to just over $4 million in Q3, an 86% decrease from the previous quarter. The decline was attributed to few liquidations and weak loan demand.
According to Nansen in September, Lido owned 31% of the ETH that was staked among DeFi during that same month, which is a substantial proportion when compared to big cryptocurrency exchanges Coinbase and Kraken, which held 15% and 8.5%, respectively.
News Summary:
- MakerDAO is surpassed by Lido, who now has highest TVL in DeFi
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