According to the weekly update on the performance of Lido Finance, the liquid staking DeFi protocol demonstrated astonishing performance in the last week of September 23-30, 2024. Lido Finance saw an overall rise in the platform’s total value locked (TVL) to $26.080 billion, with a new TVL increase rate of 3.55%. This growth is tied to growth in Ethereum deposits and favourable market conditions surrounding the underlying asset of stETH (staked ETH).
Lido Analytics: September 23 – 30, 2024
– Lido TVL up +3.55% to $26.08b.
– 43,232 net new ETH staked.
– 7d stETH APR at 3.11%.
– Multichain wstETH up +3.41%.
– (w)stETH 7d trading volume was $819.45m.👇 pic.twitter.com/x4OCyxl45x
— Lido (@LidoFinance) October 1, 2024
Key Metrics
Evident by 43,232 ETH staked on Lido’s platform, which shows institutional investors are now trusting the Ethereum network and staking services offered by the Lido platform. The 7d stETH APR is now at 3.11% which is 0.06% lower than the previous week. In addition to ETH, Lido also expanded its multichain stETH product, with wrapped stETH up by 3.41%.
stETH Usage and Trading Volume Insights
One more significant highlight to Lido Finance this week was an increase in stETH interaction with other DeFi platforms. The lending pool of wstETH rose by 1.41%, which now equals 2.83 million stETH. Furthermore, wstETH in liquidity pools saw an increase of 13.16%, totalling 86.2K stETH. However, the usage of stETH involved in different types of restaking decreased by 3.68% to 1.31 million stETH.
On the trading side, the 7d trading volume for wstETH was at $819.45 million, down by 10.96% from the previous week. While trade volume is low, the increase in stETH in lending and liquidity pool platforms shows the utility and integration of staked assets within the DeFi space.
Multichain Growth Continues
The multichain activity was also boosted, especially in activities on Ethereum Layer 2 and other alternative blockchains based on Lido’s multichain strategy. The wstETH being bridged to other chains, rose by 3.41%, reaching 198,020 wstETH. WstETH on Arbitrum, Optimism, Linea, zkSync, and Cosmos stayed in a negative trend when it comes to wstETH balance. Other chains such as Base, Scroll, Polygon, and BNB registered a green signal, suggesting the growth of wstEWTH across several chains.
Outlook and Market Sentiment
The main reason behind Lido’s impressive growth is the market appreciation for liquid staking. Given that DeFi is starting to show more demand for staked assets, Lido continues to be prominent in the field of liquid staking, offering versatile solutions for staking across many chains.
The overall weekly statistics of Lido suggest staking demand and potential for growth in Ethereum stakes and multichain adoption.