As a crypto investor, I’m excited to share that Lido Finance, the leading decentralized finance (DeFi) protocol on Ethereum, recently hit a major milestone – one million validators! This was announced in an X post on April 29th.
Reaching a significant milestone, Lido Finance now boasts over one million active validators, making it the most expansive DeFi (Decentralized Finance) project on the Ethereum network.
In a recent update on April 29th via their X post, Lido Finance, the leading liquid staking platform on Ethereum, proudly announced reaching a significant achievement.
As a crypto investor with limited resources, I find liquid staking protocols like Lido Finance to be a game-changer. Instead of having to put up the significant capital required to operate my own validator node on Ethereum, which currently stands at 32 Ether, I can now stake my smaller holdings and still earn rewards. This accessibility makes staking an option for more retail investors like myself.
Approximately 28.5% of ethereum’s staked amount is managed by Lido Finance, followed by Coinbase with around 13.6%. In total, over a quarter (27%) of Ethereum’s supply is currently being held in staking contracts.
As a crypto investor, I’ve noticed the impressive growth of liquid staking protocols like Lido. By staking my Ether with Lido, I receive a liquid representation of my staked assets in the form of Lido Staked ETH (stETH). This stETH token can then be utilized in various DeFi applications, providing me with extra liquidity and investment opportunities.
During standard staking, your Ethereum tokens will be kept immobilized and unavailable for use throughout the designated staking term.
Liquid staking is fueling the rise of DeFi
The amount of value secured in Decentralized Finance (DeFi) protocols experienced a significant increase, rising from a low of $36 billion during the last quarter of 2023, to reaching an all-time high of $97 billion during the first quarter of 2024. As of now, the total value locked in DeFi is reportedly at $92.32 billion based on DefiLlama’s latest data.
According to the data from on-chain intelligence provider Messari, the substantial 65.6% rise in Total Value Locked (TVL) within Decentralized Finance (DeFi) during the last quarter can primarily be credited to the surge in popularity of liquid staking protocols such as Lido.
The increase we observed was mainly fueled by the rise in asset prices and the practice of staking unclaimed rewards, with Ethereum’s Total Value Locked (TVL) seeing a remarkable surge of almost 71%.
The aggregate value locked (TVL) in liquid staking protocols has reached an impressive total of $47.7 billion. Among them, Lido holds the largest share at approximately $29.9 billion, while Rocket Pool comes in second place with a TVL of around $3.86 billion, as reported by DefiLama.
This is a developing story, and further information will be added as it becomes available.
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2024-04-29 12:02