Lido Finance Sees TVL Growth, Despite stETH Dip on L2 Networks

Lido Finance, which was once a well-known entity for DeFi-based liquid staking, has witnessed noteworthy developments in chief metrics. As per Lido Finance, the platform has experienced a significant upsurge in the total value locked with a 10.95% increase, bringing the total assets to $26.73B. The platform revealed this development on social media.

? Lido Analytics: October 14 – October 21, 2024

– USD TVL up 10.95% to $26.73b.
– 4,992 net ETH unstaked.
– 7d stETH APR at 2.99%.
– wstETH on L2 down -5.62% to 196,361 wstETH.
– 7d (w)stETH trading volume at $879.64m.

? pic.twitter.com/HPx98PXWof

— Lido (@LidoFinance) October 21, 2024

Total Value Locked Keeps Rising on Lido Finance

In its latest X post, Lido Finance mentioned that this rise in the TVL shows a spike in user confidence. In addition to this, the development also reflects a growth in participation in the staking services of Lido. This takes place irrespective of a mixed performance. Nonetheless, the platform went through a cumulative outflow of up to $4,992 $ETH. This highlights that more consumers moved toward unstaking the $ETH tokens instead of staking during the 7-day time.

While the TVL has witnessed overall growth, a proportion of the inflow emerged from the rest of the assets. A possible reason behind this is the volatility in the price of Ethereum or consumers pursuing liquidity elsewhere. In the case of performance, the stETH Annual Percentage Rate of Lido moved around 2.99% during the 7 days. This may appear lower in comparison with a few of the DeFi earnings during bull runs. However, it works as a stable option to facilitate those focusing on getting passive income by using the $ETH holdings without compromising liquidity.

Wrapped stETH of Lido Finance Slumps by 5.62% on L2 Networks

Lido Finance has also seen a substantial decline in wrapped $stETH tokens on L2 networks. This figure has plunged by 5.62% to nearly 196,361 $wstETH. Lido keeps strengthening Its status as a big force in the world of decentralized finance. While Ethereum continues to further its evolution with L2 scaling solutions, the metrics of Lido will potentially keep shifting while responding to the wider market trends.

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