Ethereum (ETH) staking protocol Lido (LDO) is now the dominant DeFi protocol based mostly on the whole worth of property locked (TVL) in its ecosystem, in line with DeFillama knowledge.

Lido’s TVL overtook that of MakerDAO (MKR) within the final 24 hours after rising by 0.57% to $5.90 billion. In keeping with the information aggregator, this locations Lido’s dominance at 15.23% of the complete DeFi TVL of $38.68 billion.

In the meantime, Lido’s web site reveals that its TVL is $5.95 billion. In keeping with the location,  $5.86 billion in Ethereum have been staked by way of its platform. Different property, like Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT), have a mixed worth of $83.7 billion.

A Dec. 20 tweet from Lido mentioned staking deposits grew throughout all chains besides Kusama. The platform highlighted that the destructive value efficiency of the native tokens of those chains contributes to its TVL efficiency.

Lido is the dominant staking platform

Dune analytics knowledge reveals that Lido can also be the dominant staking service supplier — it controls 29.11% of the market.

That is forward of different opponents, together with main centralized exchanges like Coinbase, Kraken, and Binance, which cumulatively management roughly 27% of the staked Ethereum.

A number of analysts beforehand highlighted that Lido’s dominance of Ethereum staking may place the blockchain community in danger.

LDO is up 17%

CryptoSlate knowledge reveals that Lido’s native token is up by over 17% within the final 24 hours to $1.16 as of press time.

LDO can also be one of many best-performing digital property within the final seven days, rising by roughly 20%.

The token was one of many ERC-20 property reported to have been offered by Alameda-related wallets. In keeping with the report, over 700,000 tokens have been offered for 601 ETH. In addition to that, Aave founder Stani Kulechov has offered his total LDO holdings for a complete of $2.4M