Ethereum liquid staking protocol Lido reached a total value locked of $30.56 billion on February 26, according to The Block’s data dashboard.
Lido has seen increased adoption and a steady increase in TVL since around July 2022. Lido’s last major spike in TVL was $20.83 billion on April 5, 2022, a month before the collapse of the Terra stablecoin ecosystem USD.
TVL describes the amount of capital invested or “locked up” in a decentralized financial protocol, and it is a key indicator of that protocol’s popularity. Lido has a vast lead in the total value locked of liquid staking protocols, followed by Rocket Pool with $3.8 billion in TVL.
Lido’s high TVL makes it the largest validator on the Ethereum proof-of-stake blockchain, controlling 32% of the ether staked. Although Lido is a unique protocol, it works with 36 entities to run the nodes and manage the block production process.
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About the Author
MK Manoylov has been a reporter for The Block since 2020 – he joined just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias towards NFT, metaverse, Web3 gaming, funding, crime, hacking and ecosystem stories cryptographic. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.