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.
Lido continues to dominate the liquid staking token (LST) market, with $stETH representing a substantial share of the total staked ETH. Over 9.8 million $ETH are currently staked through Lido, held by 319,819 unique addresses. pic.twitter.com/ZflLVl96NW
— IntoTheBlock (@intotheblock) July 30, 2024
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.
The Aave DAO just approved a V3 pool designed specifically for @LidoFinance stETH and wstETH.
This new Lido pool is the first custom deployment on Aave V3, showcasing the protocol’s versatility and capability to optimize specific use cases. pic.twitter.com/sd2pNJJ6ZZ
— Aave (@aave) July 29, 2024
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
Top 10 most fee generating protocols in crypto:
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 pic.twitter.com/UwuKD7QPWr— Token Terminal (@tokenterminal) July 29, 2024
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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