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

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

May 4, 2022 at 3:45 p.m. UTC
Updated May 4, 2022 at 3:58 p.m. UTC

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

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

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

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