Lido Finance, Ethereum’s premier liquid staking platform, has witnessed a striking 10% surge in its Total Value Locked (TVL) in just one week. Significantly, this uptick is attributed to the soaring prices of ETH, MATIC, and SOL. Between September 25 and October 2, these assets appreciated by 10%, 11%, and a remarkable 23%, respectively.
However, Lido experienced a 48% decline in the net new deposits to the Ethereum Beacon Chain, despite previous surges. Dune Analytics data pointed out that the Ethereum Beacon Chain saw new deposits through Lido amounting to 40,768 ETH, a significant drop from the previous week’s 78,656 ETH. Moreover, during the same timeframe, Figment outperformed with an impressive 88,000 ETH deposits.
Besides this, Lido’s staked Ether (stETH) Annual Percentage Rate (APR) based on a seven-day moving average showed a slight downturn. The stETH APR stands at 3.61%, marking a 50% fall since its high of 7.17% on 12 May. Additionally, there was a 1% increase in the wrapped staked Ether (wstETH) deposited for trading in decentralized finance pools. Consequently, this led to a 0.25% rise in the overall share of wstETH funneled into DeFi platforms.
Turning to Layer 2 platforms, the volume of stETH bridged to Arbitrum and Polygon climbed by 2% and 1.17%, respectively. However, Optimism witnessed a 2.43% decrease in the bridged stETH during the same period.
On the pricing front, Lido’s token LDO is currently priced at $1.58. According to CoinMarketCap, the DeFi token has registered a minor 0.21% dip in the last 24 hours.
In conclusion, while Lido Finance has seen its TVL increase due to the rising prices of key assets, other metrics such as new deposits and APR have faced challenges. The decentralized finance space continues to evolve, and these fluctuations reflect the dynamic nature of this burgeoning sector.
