Crypto News

Lido Dominates Liquid Staking Market With New Aave V3 Pool And High Revenue

Lido continues to lead the liquid staking token (LST) market, with $stETH representing a significant portion of the total staked Ethereum.

Currently, over 9.8 million $ETH are staked through Lido, held by 319,819 unique addresses.

In a major development, the Aave DAO recently approved a V3 pool specifically designed for Lido Finance’s stETH and wstETH. This new Lido pool marks the first custom deployment on Aave V3, highlighting the protocol’s adaptability and ability to optimize specific use cases.

Lido Ranks Among Top 10 Most Fee- Generating Protocols 

According to a recent report by Token Terminal, Lido ranks third among the top 10 most fee-generating protocols in the cryptocurrency space, with $2.95 million in fees. The top ten list is as follows:

1. Tron: $4.24M
2. Jito: $3.19M
3. Lido Finance: $2.95M
4. Solana: $2.31M
5. Ethereum: $1.41M
6. Uniswap: $1.18M
7. Aave: $1.05M
8. Bitcoin: $553.21K
9. BNB Chain: $330.46K
10. PancakeSwap: $285.81K

Lido’s strong position in the market is further reinforced by its substantial staked ETH and the new Aave V3 pool, which showcases the innovative potential of both platforms. The approval of the custom Lido pool on Aave V3 demonstrates the growing integration and collaboration within the DeFi ecosystem, aiming to enhance efficiency and user experience.

As Lido continues to generate significant fees and expand its influence in the liquid staking market, its recent achievements underline the protocol’s potential for sustained growth and innovation in the rapidly evolving crypto landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fantasticstudio/123RF // Image Effects by Colorcinch

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