Liquid staking protocol Lido Finance is believed to have benefitted maximum from the Ethereum Merge in September, 2022, with its total value locked (TVL) topping among other decentralised finance (DeFi) protocols, as reported by Cointelegraph.
According to Cointelegraph, insights from DeFiLlama stated that Lido’s liquid staking protocol contains $5.9 billion in TVL, with regard to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion Reportedly, as of January 2, 2023, Lido Finance’s website stated that it had staked $5.8 billion Ether. Furthermore, the amount included $23.2 million staked in Ether, $43.9 million staked in Polygon, $11 million in Polkadot and $2.2 million in Kusama.
On the basis of information by Cointelegraph, Lido’s model permits users to do liquid Ether staking without conferring to the 32 ETH minimum. As stated by blockchain data analytics from Nansen, in December, 2022, highlighted that staking solutions such as these had witnessed increased demand since Ethereum’s shift to proof-of-stake (PoS). Reportedly, Lido has been advantageous of this situation because of free revenue being directly proportional to Ethereum PoS earnings, on account of Lido sending received Ether to the staking protocol. In November, 2022, Lido stated about making collections worth one million dollars every day since October, 2022.
Moreover, Cointelegraph noted that the governing platform behind Maker protocol MakerDAO witnessed its revenue fall to just over four million dollars in Q3, 2022, which was a 86% plunge in comparison to previous quarter, as per a Messari statement in September, 2022.
(With insights from Cointelegraph)
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