Lido Briefly Becomes Top DeFi Protocol by TVL With $20B Staked

The DeFi protocol overtook Curve before falling back into second place.

AccessTimeIconMay 4, 2022 at 3:45 p.m. UTC
Updated May 11, 2023 at 6:47 p.m. UTC

Lido Finance briefly became the leading decentralized finance (DeFi) protocol by total value locked (TVL) on Wednesday morning ET, overtaking Curve with $20 billion staked before falling back into second place, according to DeFi Llama.

  • Launched in December 2020, Lido provides staking across the Ethereum, Terra, Solana, Kusama and Polygon chains.
  • At the time of publication, Lido was responsible for 9.28% of all value locked across the DeFi sector, with $200.96 billion being staked across all chains. More than 30% of all the ether (ETH) staked on the Beacon Chain is staked via Lido.
  • Following the milestone, Lido founding member Jordan Fish wrote on Twitter: "Very grateful to have spent the last decade surrounded by excellent people that did excellent things."
  • Since launch, Lido has paid out $439 million in staking rewards to more than 104,000 stakers.
  • The protocol currently offers yields of 3.6% on ETH and as high as 25.9% on kusama (KSM).
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    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.