DeFiLlama data shows that Lido Finance liquid staking protocol currently controls $5.9 billion in TVL, surpassing MakerDAO's $5.89 billion and AAVE's $3.7 billion. On Jan. 2, there was $5.8 billion worth of ether staked, according to the Lido Finance website. Around $23.2 million was bet on Solana at the same time that $43.9 million was bet on Polygon, $11 million was bet on Polkadot, and $2.2 million was bet on Kusama.
The Lido Finance approach gives customers access to liquid Ether staking without requiring them to stake a minimum of 32 ETH.
In December, Nansen's blockchain data analytics reported that since Ethereum switched to proof-of-stake, staking solutions like these have been in great demand.
The Merge's introduction of staked ETH as a yield-bearing mechanism that is completely native to cryptocurrencies was noted in its report, and it has since swiftly surpassed other collateralized yield-bearing offerings. Since Lido distributes received ether to the staking protocol, its price revenue has been directly proportionate to Ethereum Proof-of-stake (PoS) revenues. This suggests that Lido has benefited from this.
In November 2022, Lido declared that since October 2022, it had been bringing in $1 million per day in fees. According to a Messari announcement in September 2022, the MakerDAO, which oversees the Maker protocol, had its revenue fall to a little over $4 million in Q3, an 86% decrease from the past quarter. The reduction was attributed to a lack of liquidations and insufficient loan demand.