LidoTVL (total value locked) fell to new lows in the third week following bearish moves by DeFi.
LDO has lost over 58% TVL. The TVL reached an all-time record of $20.4B on April 6, and dropped to about $8.6B on May 22.
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Lido, which is a liquidity-staking system, was created to encourage people to start staking. There are no minimum stake requirements. This is great! You can free stake your assets to earn daily rewards.
Some of the applications and services that are connected to Lido include Anchor Protocol and Curve.
Lido TVL Down 17%
LDO’s TVL has been dramatically slipping due to the overall crypto market crisis going on for several months now. The TVL of LDO on Ethereum was $10.32 Billion on April 6. The TVL of the company on Ethereum decreased by 17% (or $8.47billion) after investors stopped showing interest.
Its TVL was roughly $9.66 Billion at Terra, which is the all-time highest on Terra. These figures decreased by 99% in May 22nd, to $14,870 over six weeks.
LDO TVL in Solana once stood at $417.17 million. However, it dropped by almost 70% to $126.24 millions on May 22.
Source: TradingView.com| Source: TradingView.com
Moonriver’s Lido TVL was worth $2.57million at the peak of dApps. The values plummeted by 27% when investors stopped showing interest, which is equivalent to $1.86million in the same time period.
LDO, which experienced a crash of more than $11billion, was removed from MakerDAO or 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.
On April 6, the coin traded at $4.27. The coin fell to $1.23 on May 12, and is not expected to reach the $1.33 mark. These figures would indicate a drop of as high as 68% in LDO value in only six weeks.
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Polygon Announces This Month
Lido, the most popular Ethereum liquid staking platform currently accounts for over 80% of that market. Additionally, Lido assets are split into seven thousand crypto wallets that total $10 billion. This is based upon prevailing prices.
Lido promotes liquid stakes 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 by BitRss.com. Chart from TradingView.com.