The past 30 days have seen a 10.57% increase in the total value locked (TVL) in Lido Finance’s liquid staking protocol, with 7.56% of the increase occurring within the last seven days. This has seen Lido’s dominance in decentralized finance (defi) increase, with its TVL accounting for 19.08% of the $49.66 billion locked in defi today.
The rise in ethereum’s price has contributed to the increase in TVL, but Lido’s liquid staking program has also reportedly received a total deposit of at least 303,000 ether from Tron founder Justin Sun. This has seen Lido become the largest defi protocol in terms of TVL, with 74.87% of the total value locked in liquid staking platforms.
The 3.8% rise in the price of ether against the U.S. dollar has also contributed to the growing value of Lido’s staked ether (STETH). However, the protocol has also seen a significant amount of inflow this week, with Sun’s total staked ether potentially amounting to 303,660 STETH, worth $494 million based on STETH exchange rates on March 2, 2023.
The increase in value locked in Lido’s liquid staking protocol is a testament to the growing popularity of defi and the potential of the technology. It also highlights the potential of Sun’s investment in the protocol, with the Tron founder potentially earning 4% interest on close to half a billion dollars’ worth of staked ethereum.
The rise of Lido and the potential of Sun’s investment in the protocol is an exciting development in the world of defi. It will be interesting to see how the protocol continues to grow and how Sun’s investment will pay off in the long run.