On Jan.4th, Lido, a top staking network, led as the DeFi application with the highest total value locked, according to recent market analysis.
Lido surpassed MakerDAO’s TVL
Lido, a popular staking network, has been the biggest challenge to MakerDAO’s TVL in the past 30 days. Lido has become the DeFi network with the largest TVL based on reports.
A tweet by Ryan Rasmussen, a leading DeFi and Web3 researcher, noted that; “Lido, the leading staking service provider, now has the most TVL of any DeFi application.”
Over the past month, the TVL of MakerDAO seemingly slipped to $5.93 billion, an over 8% slip. The big competitor Lido lost about 2% in TVL to $5.99 billion. Due to these losses, LIDO was able to surpass the industry leader MakerDAO.
Others in the top 10 DeFi by TVL include Curve ($3.7 billion), Uniswap ($3.4 billion), Convex ($3.1 billion), JustLend ($2.6 billion), Pancakeswap ($2.2 billion), Compound ($1.7 billion) and Instadapp ($1.6 billion).
By Jan.4th, Lido had a TVL of about $6.2 billion, which was about $0.1 billion less than the first runner-up, Maker DAO. Aave followed closely at third, with a TVL of $3.8 billion.
However, based on DeFillama analytics, Lido’s dominance was short-lived as Maker DAO took over immediately. When writing this report, MakerDAO’s TVL stood at about $6.22 billion, a 2.35% increase in the past 24 hours.
Lido had a TVL of $6.14 billion, a 1.2% drop.
LIDO prices skyrocketing
In the past 30 days, the prices of LIDO tokens have been skyrocketing. Currently, Lido is trading at $1.35, a 4.5% drop from its value 24 hours ago.
Thirty days ago, the token was trading at merely $1.06. Compared with the current prices 30 days ago, Lido gained over 27%. The Lido token market cap hit $1 billion earlier this week for the first time since early November. Its trading volume in the past 24 hours is about $74 million.
Lido’s presence in Solana, Moonbeam, MoonRiver, and Ethereum largely contributed to its TVL surge.
Source: https://crypto.news/lido-temporarily-tops-defi-with-the-most-tvl/