Key Points:
- Lido’s TVL surges with a 1% growth due to increased deposits of ETH and SOL.
- Lido leads in net new deposits to the Ethereum Beacon Chain, with a 20% jump in staked ETH.
- Lido’s APR sees a minor decline, continuing its downward trend since May.
Lido, the liquid staking protocol designed for Ethereum (ETH), recently witnessed a substantial increase in its Total Value Locked (TVL) during the past week. This surge in TVL can be attributed to the rising deposits of both ETH and Solana (SOL), as highlighted in the protocol’s latest weekly update shared on X (formerly Twitter).
📈 Lido Analytics: September 11 – 18, 2023
TLDR:
– TVL up +0.84% to $14.17b led by new ETH + SOL deposits.
– Lido led in net new ETH staking deposits with 68,096 ETH.
– stETH APR stable at 7d MA of 3.67%.
– (w)stETH in to DeFi pools increased 0.08%, currently at 2,986,444 stETH. pic.twitter.com/bYjIDUYjjk— Lido (@LidoFinance) September 18, 2023
Between September 11th and September 18th, deposits of ETH and SOL into Lido experienced growth of 0.53% and 8%, respectively, resulting in a remarkable 1% increase in Lido’s TVL.
During the same timeframe, the values of these Layer 1 (L1) coins increased by 0.18% and 3.01%, respectively. This is particularly noteworthy, as the TVL of Lido is often influenced by fluctuations in the prices of these assets.
As of the current moment, Lido’s TVL stands at approximately $14.35 billion, marking a substantial 3.11% rally in just the past month.
In this period under scrutiny, the liquid staking platform led in terms of net new deposits to the Ethereum Beacon Chain. According to data from Dune Analytics, Lido facilitated a total of 68,096 ETH in new deposits, representing staked coins. This figure demonstrated a 20% increase compared to the 56,512 ETH recorded in the previous week.
Over the past week, the Annual Percentage Rate (APR) for staked Ether (stETH) on the protocol, assessed on a seven-day moving average, experienced a minor decline of 2%. It’s worth noting that Lido’s APR has been on a downward trend since May, when it peaked at 7.17%, declining by 49% since then.
Additionally, during the period in question, the amount of wrapped staked Ether (wstETH) deposited for trading across decentralized finance (DeFi) pools increased by 0.08%, marking a turnaround from the previous week’s 5.72% decline, which was influenced by stETH’s removal from the Lybra Finance pool.
In the context of Layer 2 (L2) platforms, data from Dune Analytics revealed a 2% increase in the amount of stETH bridged to Arbitrum (ARB) and a substantial 14.13% increase to Polygon (MATIC). On the contrary, Optimism (OP) recorded a 4.43% decrease in the amount of bridged stETH over the past week.
Interest in LDO Remains Low in the Futures Market
When examining the participants in LDO’s futures market, it becomes apparent that interest in the token has remained lackluster since the start of the month. An analysis of the token’s Open Interest reveals that it has remained stagnant, fluctuating between $37 million and $40 million since September 1st.
When Open Interest for an asset remains relatively unchanged in this manner, it suggests that the total number of outstanding derivative contracts for that asset has not seen significant alterations. This phenomenon is often interpreted as a lack of market interest during the given period.”
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
