Lido temporarily tops DeFi with the most TVL

Lido temporarily tops DeFi with the most TVL

On Jan.4th, Lido, a top staking network, led as the DeFi application with the highest total value locked, according to recent market analysis. 

Lido surpassed MakerDAO’s TVL

Lido, a popular staking network, has been the biggest challenge to MakerDAO’s TVL in the past 30 days. Lido has become the DeFi network with the largest TVL based on reports. 

A tweet by Ryan Rasmussen, a leading DeFi and Web3 researcher, noted that; “Lido, the leading staking service provider, now has the most TVL of any DeFi application.”

Lido temporarily tops DeFi with the most TVL - 1
Source: DeFiLlama

Over the past month, the TVL of MakerDAO seemingly slipped to $5.93 billion, an over 8% slip. The big competitor Lido lost about 2% in TVL to $5.99 billion. Due to these losses, LIDO was able to surpass the industry leader MakerDAO.

Lido temporarily tops DeFi with the most TVL - 2
Source: DeFiLlama

Others in the top 10 DeFi by TVL include Curve ($3.7 billion), Uniswap ($3.4 billion), Convex ($3.1 billion), JustLend ($2.6 billion), Pancakeswap ($2.2 billion), Compound ($1.7 billion) and Instadapp ($1.6 billion).

By Jan.4th, Lido had a TVL of about $6.2 billion, which was about $0.1 billion less than the first runner-up, Maker DAO. Aave followed closely at third, with a TVL of $3.8 billion.

However, based on DeFillama analytics, Lido’s dominance was short-lived as Maker DAO took over immediately. When writing this report, MakerDAO’s TVL stood at about $6.22 billion, a 2.35% increase in the past 24 hours.

Lido had a TVL of $6.14 billion, a 1.2% drop.

LIDO prices skyrocketing 

In the past 30 days, the prices of LIDO tokens have been skyrocketing. Currently, Lido is trading at $1.35, a 4.5% drop from its value 24 hours ago. 

Lido temporarily tops DeFi with the most TVL - 3
Source: CoinMarketCap

Thirty days ago, the token was trading at merely $1.06. Compared with the current prices 30 days ago, Lido gained over 27%. The Lido token market cap hit $1 billion earlier this week for the first time since early November. Its trading volume in the past 24 hours is about $74 million. 

Lido’s presence in Solana, Moonbeam, MoonRiver, and Ethereum largely contributed to its TVL surge.

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Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.