MakerDAO is surpassed by Lido, who now has the highest TVL in DeFi.

Staking protocol for liquids According to its current ranking among other decentralised finance (DeFi) protocols, Lido Finance appears to have benefited the most from the September Ethereum merger.

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 data from DeFiLlama.


The TVL of Lido is currently the highest of any DeFi protocol.

1 January 2023 — Dynamo Patrick (@DynamoPatrick)
Lido Finance’s website states that as of January 2, $5.8 billion worth of ether (ETH) had been staked. Around $23.2 million was bet on Solana (SOL), $43.9 million was bet on Polygon (MATIC), $11 million was bet on Polkadot (DOT), and $2.2 million was bet on Kusama (KSM).

Users can access liquid Ethereum staking with Lido’s technique without committing to the customary 32 ETH requirement.

Since Ethereum switched to proof-of-stake, staking solutions like these have been in great demand, according to blockchain data analytics from Nansen in December.

The Merge’s introduction of staked ETH as a yield-bearing instrument that is completely native to cryptocurrencies was noted in its report, and it has since outperformed other collateralized yield-bearing offerings.


Lido looks to have benefited from this, as its fee revenue has been precisely proportional to Ethereum Proof-of-Stake (PoS) revenues as Lido sends received Ether to the staking protocol.

In November 2022, Lido announced that it has been collecting $1 million in fees per day since October 2022.

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 a lack of liquidations and weak loan demand.

According to Nansen, in September, Lido controlled 31% of the ETH that was staked among DeFi during that same month, which is a considerable proportion when compared to the big cryptocurrency exchanges Coinbase and Kraken, which each owned 15% and 8.5%.



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