Lido Analytics Reveals Significant Growth in TVL and Staked ETH

Lido Finance has reported impressive growth metrics for the week of July 15 to July 22, 2024. The Total Value Locked (TVL) in Lido increased by 9.34%, reaching $34.57 billion. This surge was driven by both an influx of new stake inflows and a rally in token prices, indicating growing investor confidence and market interest in the platform.

The rise in Lido’s TVL to $34.57 billion was fueled by the staking of an additional 85,792 ETH. This significant growth reflects the heightened market interest and a strong belief in the future potential of Lido Finance. Investors are increasingly looking to stake their ETH, contributing to the overall expansion of Lido’s ecosystem.

? Lido Analytics: July 15 – July 22, 2024

TLDR:
– TVL up 9.34% to $34.57b.
– 85,792 net new ETH staked.
– 7d stETH APR: 3.04%.
– wstETH on L2 up 4.62% to 170,526 wstETH.
– (w)stETH 7d trading volume at $1.19b.

? pic.twitter.com/spzQ6KR9iG

— Lido (@LidoFinance) July 23, 2024

stETH APR and Usage

The seven-day annual percentage rate (APR) for stETH saw an increase of 8 basis points, bringing it to 3.04%. Despite this rise, the amount of stETH in lending pools and liquidity pools experienced slight declines. Specifically, the amount in lending pools fell by 0.87% to 2.70 million stETH, while liquidity pools saw a decrease of 1.97%, dropping to 80,200 stETH. Conversely, the use of (w)stETH in restaking protocols experienced a modest increase, rising by 0.62% to a total of 1.22 million stETH. This indicates a nuanced usage pattern of stETH across different DeFi applications.

Over the past week, the trading volume for (w)stETH was reported at $1.19 billion, which represents a 3.39% decrease compared to the previous week. Despite this slight dip, trading activity remains robust, underscoring the continued interest and engagement with (w)stETH in the market.

Lido on Layer 2 Solutions

The amount of wstETH bridged to Layer 2 (L2) solutions increased by 4.62%, reaching a total of 170,526 wstETH. Within this category, Arbitrum saw an increase to 75,076 wstETH, up by 3.37%. Optimism experienced a slight decline, with 31,906 wstETH, down by 1.30%. Scroll witnessed a significant increase, rising by 9.45% to 25,664 wstETH. Base saw the most substantial growth, with a 11.05% increase to 24,627 wstETH. Polygon remained unchanged at 8,609 wstETH. Linea experienced the highest percentage increase of 28.07%, reaching 3,959 wstETH. However, zkSync saw a decrease of 4.58%, dropping to 678 wstETH. These figures indicate diverse performance across different Layer 2 solutions, highlighting the varying degrees of adoption and usage within Lido’s ecosystem.

Lido on Cosmos

In contrast, the wstETH bridged to Cosmos experienced a slight decrease, down to 1,793 wstETH, marking a 1.29% drop over the past week. This decrease suggests some shifting dynamics in the utilization of Lido within the Cosmos ecosystem.

These metrics reflect Lido’s continued expansion and the dynamic movements within the DeFi space. They showcase the platform’s resilience and growing adoption across various protocols and ecosystems, underscoring the robust growth and widespread integration of Lido Finance in the broader cryptocurrency landscape.

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