Lido Finance has seen substantial growth in the week of July 15 to July 22, 2024, with the Total Value Locked (TVL) reaching $34.57 billion, marking a 9.34% increase. This surge was driven by a combination of new stake inflows and a rally in token prices, reflecting growing investor confidence and interest in the platform. Additionally, 85,792 ETH were staked, indicating a strong belief in the future potential of Lido Finance.
The seven-day annual percentage rate (APR) for stETH rose to 3.04%, showcasing a slight increase in investor returns. Despite this growth, the amount of stETH in lending and liquidity pools experienced small declines, while the use of (w)stETH in restaking protocols saw a modest increase. The trading volume for (w)stETH was reported at $1.19 billion, although it saw a 3.39% decrease compared to the previous week, highlighting continued market engagement with the token.
Lido’s integration with Layer 2 (L2) solutions saw growth, with 170,526 wstETH bridged to L2 platforms. Different L2 solutions showed varying degrees of adoption and usage, with Arbitrum, Scroll, and Base experiencing increases, while Optimism and zkSync saw declines. Additionally, Lido’s presence on Cosmos saw a slight decrease in bridged wstETH, indicating shifting dynamics within the Cosmos ecosystem.
Overall, these metrics demonstrate Lido’s continued expansion and integration within the DeFi space. The platform’s resilience and growing adoption across various protocols and ecosystems underscore its robust growth and widespread use within the broader cryptocurrency landscape. With increasing stake inflows, rising token prices, and diverse adoption across different Layer 2 solutions, Lido Finance is well-positioned for continued success in the future.
