Lido Finance, a liquid staking solution for ETH 2.0, has emerged as the DeFi protocol with the highest trading volume, according to data from TVL aggregator for DeFi, DeFiLama. LidoFinance’s trading volume hit $19.52 billion, as 7-days consecutive value remains bullish.
Lido Finance Unseats Curve to achieve this feat
At the time of this report, DeFiLama notes that LidoFinance now holds a 9.45% dominance. The DeFi protocol is now first one the leaderboard, and right behind it is Curve, which it recently surpassed. Curve, currently claims the 2nd spot with$19.28 billion in trading volume. Anchor (SNC), MakerDAO (MKR) and Aave (Aave) now occupy the third, fourth and fifth spot respectively.
Lido Finance has also maintained commitment towards advancing its network. Rolling out its Ethereum scorecard, the protocol reveals sufficiency in performance, ability for operators to run their own nodes, and geographical distribution as some of its leading areas.
Lido Fianance’s dominance and growth comes as no shock, considering that the staking protocol recently received a whopping $70 million in investment, from venture capital firm Andreessen Horowitz (a16z), back in March. The staking on Beacon Chain, which is currently being done with the use of Lido Fianance, has also seen a rise in stakers. In the middle part of April, LidoFinance announced that 75% of new stakers, all of whom only began staking 30-days prior, on the consensus layer, have utilized the platform.
The rise of Ethereum DeFi Protocols
Ethereum is currently home to is large number of DeFi protocols. All of which also performs different functions. While a large number of these protocols have gained a lot of success over the years, a series of security breaches have also plagued some others. Back in April, hackers made away with $182 million from Beanstack, an Ethereum-based algorithimic stablecoin protocol.
A staggering $15.6 million from Inverse Finance, an Ethereum based lending protocol. Last year, another Ethereum DeFi protocol, Cream finance, was exploited by hackers who made away with $130 million.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark