Lido Finance Sees Major Growth with $109B in Staked ETH

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The Essentials in Brief

Lido Finance, a leading liquid staking protocol, has reached remarkable heights in the past month. The fees and revenues reached their peak, as did the total value locked (TVL) and the annual staking return (APR). This increase is mainly due to the increase in the amount staked in Ethereum.

Lido Finance: A Month of Growth

According to data from DefiLlama, Lido Finance ended February with the highest fees and revenues ever. This was due to the significant increase in the amount of Ethereum (ETH) that was staked in the last month. The total amount of staked ETH increased by almost 10% during this period. As of the press release, 31.5 million ETH were staked, equivalent to about 109 billion dollars.

Rising Fees and Revenues

The transaction fees on Lido totalled 80 million dollars in February. This marks an increase of 10% compared to the transaction fees of 73 million dollars recorded in January. The revenues generated from these fees amounted to 8.02 million dollars in this 29-day period, representing an increase of 9% compared to January.

Increased Staking Leads to Value Growth

The increased staking activity led to an increase in Lido’s total value locked (TVL). According to DefiLlama, the TVL of the liquid staking protocol increased by 57% in the last month. As of the press release, Lido’s TVL was 34 billion dollars, maintaining its position as the largest DeFi protocol by TVL.

Our Assessment

The recent developments at Lido Finance underline the growing importance of staking in the crypto world. The rising fees and revenues, coupled with the increase in TVL and APR, show that more and more investors are recognizing and utilizing the potential of staking. This could also be an indicator of the overall growth and maturity of the DeFi sector.

Sources: Abiodun Oladokun, Saman Waris, DefiLlama, CryptoQuant, Dune Analytics.

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