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Liquid Staking Protocol Lido’s Defi Dominance Swells From 7% to 26% in 12 Months

Jamie Redman

25 May 2023

Liquid Staking Protocol Lido’s Defi Dominance Swells From 7% to 26% in 12 Months

According to statistics, the liquid staking platform Lido accounted for 7.45% of the total value locked in decentralized finance (DeFi) a year ago today. Since then, Lido’s market dominance has significantly increased over the last 12 months to its current 26.18% share.

Lido’s Market Share in Liquid Staking ETH Derivatives Stands at 73%

The liquid staking protocol Lido Finance holds a prominent position in the world of DeFi. As of May 25, 2023, there is $46.6 billion locked into defi applications and protocols, with Lido’s total value locked (TVL) representing 26.18% of that amount. At the time of writing, 11:45 a.m. Eastern Time on Thursday, Lido’s TVL stands at approximately $12.2 billion, according to metrics from defillama.com.

According to Lido’s website, the current value locked in the protocol is $12.27 billion, with $12.11 billion representing ethereum (ETH). The remaining portion of value held in Lido originates from networks such as Polkadot, Solana, Polygon, and Kusama. Lido’s dominance of 26.18% is significantly greater than last year when the TVL in DeFi amounted to $111.11 billion.

Back then, Lido’s TVL amounted to $8.28 billion, accounting for 7.45% of the total value locked in DeFi on that day. A year ago, MakerDAO held the position as the most dominant DeFi protocol in terms of TVL, with 8.87% of the DeFi economy’s value and $9.86 billion locked. Lido’s dominance began to gain momentum at the start of 2023, a time when the TVL in DeFi was merely $38.72 billion.

Archived data indicates that when the TVL in DeFi reached $38.72 billion, Lido’s dominance stood at 15.24%. During that period, Lido’s TVL amounted to only $5.9 billion. According to statistics from defillama.com, Lido commands a market share of 73.26% in liquid staking ETH derivatives, representing 9,128,624 locked ether. Out of the total 9.12 million ether, current statistics show that Lido holds 6,687,554 ETH.

During the past 30 days, Lido experienced an 8.91% change, whereas competitors in the liquid staking ETH derivative space such as Rocket Pool and Frax Ether saw double-digit gains. Rocket Pool recorded an increase of 32.18%, while Frax witnessed a rise of 42.25% over the past month. Coinbase’s liquid staking ETH derivative stands as the second largest, with 1,128,662 ether locked, but it has experienced a reduction of 1.47% over the same period.

What do you think about Lido’s growth over the last 12 months amid competitors seeing double-digit gains in recent weeks? Share your thoughts and insights in the comments section below.

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Liquid Staking
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