- After a brief decline following the departure from Solana, Lido’s TVL resumed growth.
- The price of LDO has risen to a two-month high.
The leading liquid staking protocol for Ethereum [ETH]Lido Finance [LDO] saw total value locked (TVL) rise by more than 7% in the past week.
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This was due to an increase in the prices of ETH, Polygon [MATIC]and Solana [SOL] and the new deposits made via Lido during that period, according to the protocol in the latest weekly update on X (formerly Twitter).
📈 Lido Analytics: October 16 – 23, 2023
TLDR:
– TVL rose 7.08% to $14.84 billion.
– 16,576 ETH in new deposits in the last 7 days.
– steTH APR grew with the 7d MA at 3.72%.
– Total (w)stETH in DeFi grew by +0.46% to 3,177,384 sETH (35.99% of total sETH supply). pic.twitter.com/Oj46ky5SpZ— Lido (@LidoFinance) October 24, 2023
Between October 16 and 23, values of ETH, MATIC and SOL increased by 6%, 18% and 32% respectively. The TVL growth came a week after it suffered a 5% dip following Lido’s decision to to hold up operations on Solana.
At the time of writing, Lido’s TVL was around $15.84 billion, with a double-digit rally in the past month, data from DefiLlama showed.
An introduction to Lido’s performance over the past week
In terms of net new deposits into the Ethereum Beacon Chain, Lido previously led other protocols. However, the past two weeks have been marked by a decline in the number of new Ether deposits made through the decentralized finance protocol.
During the reporting period, new deposits to the Ethereum Beacon Chain via Lido totaled 16,576 ETH in the form of staked coins, putting it six places behind Kiln, which recorded the most deposits, data from Dune Analytics showed.
Source: Dune Analytics
This represented a 66% drop from the 48,480 ETH in net new stakes in Ethereum via Lido between October 9 and 16.
Despite the decline in new stakes through the protocol, Lido’s Annual Percentage Rate (APR) earned on its staked Ether [stETH] grew by 12%. At the time of writing this stood at 3.79%, a month-to-date increase of 6%.
Source: Dune Analytics
In terms of Layer 2 (L2) platforms, data from Dune Analytics showed a 0.74% increase in the amount of sETH bridged to Arbitrum [ARB].
Realistic or not, here is the market cap of LDO in terms of BTC
On the other side Polygon and optimism [OP] recorded a 4% and 0.50% drop in the amount of sETH bridged between October 16 and 23, respectively.
LDO follows the general market trend
Benefiting from the general market growth in recent days, the value of LDO increased by more than 20% in the past week. At the time of writing, the altcoin was exchanging hands at $1.86, the highest price level since August 23, according to data from CoinMarketCap.
Source: CoinMarketCap