Lido TVL rises, backed by increasing ETH deposits

• Lido’s TVL climbed by 1.28% within the final seven days, as ETH deposits on the protocol rose. 
• Its native token, LDO, nevertheless, skilled gradual accumulation.

The whole worth locked (TVL) in Lido Finance [LDO], a liquid staking protocol for Ethereum [ETH], elevated by 1.28% prior to now week, in accordance with DeFiLlama. This represented the most important improve among the many prime 5 decentralized finance (DeFi) protocols by TVL, in accordance with the info on-chain knowledge supplier. 

Life like or not, right here’s LDO’s market cap in BTC’s phrases

Nonetheless the most important DeFi protocol by TVL, Lido’s TVL was $14.06 billion at press time.

The rise in Lido’s TVL within the final week was primarily as a result of an uptick in ETH deposits on the protocol in the course of the interval underneath overview. This occurred regardless of the numerous worth volatility that has plagued the main altcoin because the deleveraging occasion of 17 August. 

Based on knowledge from Dune Analytics, ETH deposits on Lido totaled 185,500 over the past seven days, making it the protocol with the very best web new deposits on Ethereum throughout that interval. Coinbase and Rocket pool trailed behind it with deposits of 28.096 ETH and 11,800 ETH.

Supply: Dune Analytics

Nonetheless, regardless of the TVL uptick, Lido’s stETH APR assessed on a 7-day transferring common skilled a decline. As of 28 August, this was 3.80%, falling by 7% within the previous week.

Supply: Dune Analytics

As famous by Lido in a post on Twitter,

“The weekly Shifting Common (MA) of stETH APR dropped to three.81%, affected by a discount in EL rewards.”

On Layer 2 (L2) platforms, the tokenized model of staked Ether-wrapped stETH [wstETH] grew within the final week. Per Dune Analytics, wstETH noticed a rise of 0.05% over the previous seven days on Optimism [OP].

On Polygon [MATIC], the worth of wstETH grew by 0.98%. On Arbitrum [ARB], nevertheless, a 1.55% decline was recorded.

How a lot are 1,10,100 LDOs price as we speak?

LDO suffers as a result of…

As a result of its statistically vital constructive correlation with main coin Bitcoin [BTC], LDO’s worth has additionally suffered a decline as a result of futures market leverage flush-out suffered by BTC on 17 August. Since then, the token’s worth has dropped by 7%.

On a D1 chart, LDO distribution remained rampant amongst each day merchants. The token’s Relative Energy Index (RSI) and Cash Stream Index (MFI) have been noticed at 33.23 and 32.50, respectively. This confirmed that promoting stress outweighed shopping for stress amongst LDO holders. 

Supply: LDO/USDT on TradingView