Lido overtakes MakerDAO and now has the highest TVL in DeFi

A Nansen noted in December that demand for Ether staking solutions has increased since Ethereum switched to proof-of-stake. His Lido Finance, a liquid staking protocol, appeared to benefit the most from his Ethereum merger in September, with Total Value Locked (TVL) now outperforming other decentralized finance (DeFi) protocols. .
According to data from DefiLlama, Lido's liquid staking protocol currently has a TVL of $5.9 billion, MakerDAO at $5.89 billion and AAVE at $3.7 billion.
Ether was worth $5.8 billion as of Jan. 2, according to Lido Finance website
ethereum

ticker below
$1,253

bet. Around $23.2 million was invested in Solana during that time
Sol

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$13

, $43.9 million in Polygon
matic

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$0.8026

, $11 million in polka dots
point

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$4.61

$2.2 million for Kusama
KSM

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$24.15

.

Lido's model allows users to access Liquid Ether staking without committing to the traditional minimum of 32 ETH.

A blockchain data analysis conducted by Nansen in December found high demand for such staking solutions since Ethereum moved to Proof of Stake (PoS).

The report highlighted the impact of the merger on the adoption of staked ETH as a fully cryptocurrency-owned revenue-generating tool that has rapidly outperformed other collateralized revenue-generating services.

Lido seems to be profitable, as commission income is directly proportional to his Ethereum PoS income, as he sends his received Ether to the staking protocol. In November 2022, Lido said it has been collecting $1 million in fees every day since October 2022.

Related:
5 altcoin projects that made big changes in 2022

Meanwhile, MakerDAO, the governing body of Maker's protocol, reported third-quarter revenue of just over $4 million, down 86% quarter-on-quarter, according to Messari's September 2022 statement. . reasons for decline. In the same month, Lido held the most staked ETH in DeFi, with 31 according to Nansen in September, compared to major crypto exchanges Coinbase and Kraken at 15% and 8.5%, respectively. a considerable amount compared to

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