Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11 Billion

Ethereum

Lido TVL or total value locked, toppled over to new high lows seen in the third week of this month following the bearish movement of the DeFi market.

LDO has shaved off over 58% of its TVL, which registered an all-time high of $20.4 billion on April 6 but dropped down to roughly $8.6 billion on May 22.

Suggested Reading | Ripple (XRP) Plunges To $0.43 With Bears In Full Swing

Lido, a liquidity staking solution, targets orienting people towards staking. It has zero minimum staking requirements which is a great feature, to begin with. The users can freely stake assets in exchange for daily rewards.

A couple of applications and services connected with Lido comprise Anchor Protocol, Curve, MakerDao, 1inch, StakeEther, Ledger, and SushiSwap Onsen.

Lido TVL Down 17%

LDO’s TVL has been dramatically slipping due to the overall crypto market crisis going on for several months now. Its TVL on Ethereum was at $10.32 billion on April 6. After reducing investor interest, its TVL decreased 17% or equivalent to $8.47 billion on May 22.

Meanwhile, its TVL on its all-time high on Terra was at roughly $9.66 billion. However, the figures dropped 99% on May 22, or approximately $14,870 in six weeks.   

LDO TVL on Solana used to be hovering at $417.17 million, but it went down by nearly 70% or roughly $126.24 million on May 22.

LDO total market cap at $395 million on the daily chart | Source: TradingView.com

Lido TVL on Moonriver was at $2.57 million during the height of dApps popularity. However, when investor interest waned, the values also crashed by 27%, equivalent to $1.86 million seen in that same period.

After crashing by more than $11 billion, LDO has been demoted from the ranks close to MakerDAO and Curve.

LDO Still Superior In TVL

On the flip side, despite Lido’s drop in terms of TVL, it still is superior in TVL compared to Convex Finance, JustLend, Aave, SushiSwap, Uniswap, Instadapp, PancakeSwap, Compound, and Just Lend.

It opened on April 6, trading at $4.27. However, the coin dropped on May 12 at $1.23 and seems to be not going over the $1.33 mark today. Looking at those figures, this would give you as much as a 68% loss in LDO price in just six weeks.

Suggested Reading | Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

Polygon Launch This Month

Lido is currently the leading Ethereum liquid staking solution that comprises a large share of over 80% in that space. Moreover, assets staked on Lido are divided into 76,000 crypto wallets and worth $10 billion based on prevailing prices.

Lido also promotes liquid staking on Terra, Kusama, and Solana blockchains. Lido’s launch this month on Polygon is in the works.

Lido is governed by a DAO or equivalent to all the holders of Lido’s token, which collectively makes decisions in the blockchain.

Featured image from BitRss.com, chart from TradingView.com

Articles You May Like

Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200
XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs?
Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour
Deribit Moves $783M in Ethereum To Cold Storage: A Bullish Signal for ETH?
Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise