In approximately three days, Ethereum is expected to migrate from a proof-of-work (PoW) blockchain network to a proof-of-stake (PoS) version through The Marge The transition will be preceded by a liquid stay. Ahead of the transition, the liquid staking project Lido has been more active this week, with the value locked to the protocol increasing by more than 13%. Additionally, the project’s Lido da Oga Governance token has gained 25.4% against the US dollar over the past seven days.
Lido TVL jumped 13% higher this week, and the project’s wrapped Ether is equivalent to over 30% of the staked Ethereum
Last week, Bitcoin.com News reported on Lido, a decentralized finance (defi) project, that the project is starting to see more demand ahead of The Merge. Lido Financeis a liquid staking project that allows people to wrap their crypto assets to collect staking yields, a process that also allows owners to hold assets in a non-protected manner and to exchange them as well can be used for the purpose of collecting the crypto assets.
Lido offers liquid staking solutions for blockchains such as Ethereum, Solana, Polygon, Polkadot, and Kusama. However, most of the value locked in Lido comes from locked Ether, asETHaccounts for $7.61 billion of Lido’s $7.81 billion total locked value (TVL).
Over the past seven days,indicators from defillama.comshow that Lido’s TVL has ballooned by 13.08% and in the past 24 hours its TVL has increased by 2.43%, while Makerdao is the largest defi protocol today. Lido is the second largest defi protocol on Sept. 11, according to TVL statistics.
The ether locked in Lido applications alone is equivalent to 12.60% of today’s $60.38 billion TVL in defi; Lido’s wrapped ether-derived tokens,. STETHhas the 13th largest market capitalization out of 12907 tokens worth $1.1 trillion. The Lido governor’s tokenlido dao (LDO)has increased 25.4% over the past two weeks.
3 large exchanges and 8 Ethereum 2.0 pools
According to Dune Analytics data, Lido is the largest Beacon chain depositor, with 30.3% of deposits originating from Lido Finance; Coinbase is second to Lido with 14.5% of Beacon chain deposits; Kraken has 8.3% of Kraken accounts for 8.3%.
Coinbase recently launched a liquid staking token called Coinbase Wrap Ethereum (CBETH), and in mid-August market analysts at JPMorgan said Coinbase could be a key beneficiary of Ethereum’s merger transition. At press time, 13,638,351 ether is locked into; ETH 2.0 contracts have 13,638,351 ether locked, with 426,198 validators; 30.49% of the 13.6 millionETHstakes are staked via Lido Finance; and 30.49% of the 2.0 contracts have 13,638,351 ether locked, with 426,198 validators.
Besides huge exchanges like Coinbase, Kraken, and Binance, Lido competes with Stkr, Sharedstake, Stafi, Stakewise, Cream, Stakehound, and Rocketpool. Between Lido, Rocketpool, Stakehound, Stakewise, Stafi, Sharedstake, and Stkr, the deal is worth approximately $8.11 billion.
Lido commands 30.49% ofETHstaked, while the aforementionedETH 2.0 pool accounts for 33.11% of ether staked today. between the eightandlocked 4,585,038 ether held; the ETH 2.0 pool has 4,585,038 locked ether today.
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