Lido Finance: A-Z of how the liquid staking platform fared in the last 2 weeks
- Lido Finance recorded an all-time excessive for its Ethereum staking APR.
- This was attributable to a spike in MEV rewards on the liquid staking platform.
- The collapse of FTX led to a drop in TVL and Curve reserves on Lido Finance
Main Ethereum [ETH] staking platform Lido Finance [LDO] clinched an all-time excessive of 10.21% in ETH staking annual share price (APR) on the platform, knowledge from Dune Analytics revealed.
Learn Lido [LDO] Value Prediction 2022-2023
A yr in the past, ETH staking APR on the liquid staking platform was 4.84%. Within the final one year, this rallied by over 100%.
Supply: Dune Analytics
The explanation for the surge in ETH staking APR on Lido was due to the expansion in cumulative Lido MEV rewards and the quantum of it being restaked by validators on the platform.
As of 14 November, having grown by over 70% within the previous 14 days, cumulative Lido MEV rewards touched 17,039 ETH. In consequence, the common every day rewards restaked by Lido was 255.87 ETH, resulting in an 11.33% increment in stETH APR because the merge.
Retaining a 31% share of the ETH staking market, ETH staking on Lido grew by 9% because the merge, knowledge from Glassnode revealed.
Supply: Glassnode
Lido within the final 14 days
Whereas Lido noticed a rally in its ETH staking APR and stETH APR, knowledge from DefiLlama revealed a drop within the protocol’s complete worth locked (TVL) within the final 14 days. At $6.05 billion at press time, Lido’s TVL declined by 19% because the starting of November.
Supply: DefiLlama
Throughout the interval into account, whereas staking deposits of ETH, Polkadot [DOT], and Kusama [KSM] grew by 2%, 2%, and 1.6%, respectively, Lido staked Solana [SOL], and Polygon [MATIC] fell by 35% and 17%, respectively.
⚡️Lido Deposits ⚡️
– Ethereum: 4,545,536 ETH (14d: +2.15%)
– Polygon: 45,922,978 MATIC (14d: -17.03%)
– Solana: 2,638,902 SOL (14d: -35.38%)
– Polkadot: 2,360,741 DOT (14d: +2.03%)
– Kusama: 86,093 KSM (14d: +1.63%) pic.twitter.com/g5Zs3TkxI8— Lido (@LidoFinance) November 14, 2022
As for its stETH/ETH liquidity pool on Curve Finance, Lido suffered a decline on account of the market turbulence triggered by the collapse of the main cryptocurrency alternate FTX.
In response to knowledge from Dune Analytics, within the final 14 days, within the liquidity pool, ETH composition fell by 58% whereas stETH composition declined by 29%. This led to a 56% drop within the pool’s TVL within the final two weeks.
At press time, Curve reserves have been made up of 418,464 stETH and 250,750 ETH.
Supply: Dune Analytics
After a extreme worth decline following the downturn of the final market when FTX collapsed, LDO’s worth appeared to have corrected within the final 24 hours. Per knowledge from CoinMarketCap, LDO traded at $1.14 as of this writing, with a 9% worth progress within the final 24 hours. Throughout the similar interval, its buying and selling quantity was up by 14%.
