- Lido’s TVL climbed by almost 10% in the last week.
- This was due to the rise in prices of ETH and MATIC and the surge recorded in staking deposits.
Leading liquid staking protocol for Ethereum [ETH], Lido Finance [LDO] saw its total value locked (TVL) surge by almost 7% in the past week.
This was due to an uptick in the prices of ETH and Polygon [MATIC] and a surge in staking deposits on the protocol. Between 27th November and 4th December, the values of ETH and MATIC rallied by 7% and 6%, respectively.
At press time, Lido’s TVL stood at around $21.32 billion, rising by 25% in the last month, data from DefiLlama showed.
Staking deposits increased on Lido
Following a brief period of decline in net deposits made to the Ethereum Beacon Chain through Lido, the DeFi protocol regained its position as the protocol with the most staking deposits.
During the seven-day period under review, Lido recorded an inflow of 76,961 in net new ETH staking deposits, data from Dune Analytics showed.
Source: Dune Analytics
In the last week, Lido has accounted for 50% of all ETH deposits made. It is followed by Coinbase, which only enjoys a 17% market share in all net deposits made during that period.
In terms of outflows, leading cryptocurrency exchange Binance has seen the most ETH withdrawals in the last week. Data from Dune Analytics showed that 32,000 previously staked ETH have been removed from the platform in the past seven days.
Regarding the Annual Percentage Rate (APR) earned from holding the protocol’s staked Ether, it has risen steadily since the beginning of the month. At press time, this was 3.83%.
Apart from the TVL growth recorded during the week under review, the protocol’s deployments on leading Layer 2 (L2) platforms also recorded growth in the form of the amount of bridged stETH.
Data from Dune Analytics showed a 0.01%, 1%, and 36% increase in the amount of stETH bridged to Arbitrum [ARB], Polygon, and Base, respectively.
On the other hand, Optimism [OP] recorded a 0.37% decline in the amount of bridged stETH during the period under review.
So far this month, transaction fees paid by Lido users have totaled $11.49 million, from which it has seen $1.15 million in revenue.
In November, the staking platform recorded total transaction fees of $62 million and a revenue sum of $6 million.
