Lido Finance hits 1M validators, fueling the growth of DeFi

Lido Finance accounts for the majority of staked Ether, while 13.6% is staked through the Coinbase exchange,Liquid staking dashboard. Source:Liquid staking protocols like Lido saw rapid growth due to offering liquidity benefits to users. Users who stake their Ether with Lido receive the protocol’s Lido Staked ETH in return, which can be deployed in other DeFi protocols.

With regular staking, the staked Ether tokens would remain locked up and unusable for the staking period.Liquid staking is fueling the rise of DeFi The total value locked in DeFi protocols surged from a low of $36 billion in the fourth quarter of 2023 to a peak of $97 billion in the first quarter of 2024. Total DeFi TVL currently sits at $92.32 billion,The growth in DeFi TVL, which increased by 65.6% quarter-on-quarter, was largely attributed to liquid staking protocols like Lido,“This uptick was primarily driven by asset price appreciation and liquid restaking, led by Ethereum's TVL growth of nearly 71%.

Liquid staking protocols have amassed over $47.7 billion in cumulative TVL, with Lido accounting for over $29.9 billion, followed by Rocket Pool in second place, with $3.86 billion in TVL,Liquid staking protocols remain the largest protocol category in DeFi, with $47.6 billion in combined TVL across 164 protocols. Lending is in second place, with $30.7 billion in TVL, followed by cross-chain bridges that hold $21.8 billion in combined TVL.

Notable crypto founders have previously voiced their concerns about Lido’s growing dominance. Ethereum co-founder Vitalik Buterin has previously highlighted the potential centralization risks with Lido, in a blog“With the DAO approach, if a single such staking token dominates, that leads to a single, potentially attackable governance gadget controlling a very large portion of all Ethereum validators.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

DeFi Project Plans to Open Up a Huge Market With its New DeFi Debit CardCrypto Blog
La source: Crypto_Potato - 🏆 568. / 51 Lire la suite »

Liquid staking on BNB Smart Chain, millions stuck in DeFi bridge contracts: Finance RedefinedThe BNB Chain core development team said liquid staking aims to streamline the network and improve efficiency.
La source: Cointelegraph - 🏆 562. / 51 Lire la suite »

MakerDAO from a traditional finance perspective: Researchers analyze DeFi projectDecentralized finance systems (DeFi) is a new blockchain-based solution, where transactions are carried out automatically through smart contracts without any intermediaries (banks, brokers, etc.), while users have direct control over their assets.
La source: physorg_com - 🏆 388. / 55 Lire la suite »

DeFi booms as daily active wallets hit 7M, VanEck bullish on Ethereum L2s: Finance RedefinedThe surge in DeFi in recent months saw DApp activity increase by 77% in the fourth quarter of 2023.
La source: Cointelegraph - 🏆 562. / 51 Lire la suite »

Xuirin Finance a pioneer for DeFi card - presale stage 1 sold outXuirin Finance has recently presented its DeFi card, an innovative solution designed to merge the functionalities of traditional debit and credit cards with the decentralized financial services provided by DeFi
La source: Cointelegraph - 🏆 562. / 51 Lire la suite »