The liquid staking protocol leader in Ethereum (ETH), Lido Finance (LDO), experienced a nearly 7% growth in its total locked value (TVL) over the past week. This uptick could be attributed to the rising prices of ETH and Polygon (MATIC), along with a surge in stake deposits within the protocol. During the period from November 27 to December 4, the values of ETH and MATIC witnessed increases of 7% and 6%, respectively.
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As per DefiLlama’s data at the time of this report, Lido’s Total Locked Value (TVL) stands at approximately $21.32 billion, reflecting a notable 25% surge over the past month. Despite a temporary decline in net deposits to the Ethereum Beacon Chain through Lido, the DeFi protocol has reclaimed its position as the most staked protocol.
According to insights from Dune Analytics, Lido recorded a net addition of 76,961 ETH in staking deposits during the seven-day period analyzed. In the previous week, Lido accounted for half of all ETH deposits, surpassing Coinbase, which held a mere 17% market share in net deposits during that timeframe.
Binance, a prominent cryptocurrency exchange, witnessed the highest ETH withdrawals in the recent week. Dune Analytics data indicates that 32,000 ETH, previously staked, was withdrawn from the platform over the last seven days. Additionally, the annual percentage rate (APR) derived from holding staked Ethereum has exhibited a consistent upward trend since the commencement of the month.
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Current state of Layer 2 initiatives.
In addition to the documented growth in Total Locked Value (TVL) over the week, the protocol also experienced an expansion in distributions across leading Layer 2 platforms in the form of bridged stETH volumes. Data sourced from Dune Analytics indicated a 0.01%, 1%, and 36% uptick in stETH bridged to Arbitrum (ARB), Polygon, and Base, respectively.
Conversely, Optimism (OP) registered a 0.37% decline in the bridged stETH volume during the reviewed period. The transaction fees paid by Lido users this month amounted to a total of $11.49 million, resulting in $1.15 million in revenue. Comparatively, in November, the total transaction fees on the staking platform reached $62 million, with recorded revenue standing at $6 million.