Recent market analysis indicates that on January 4th, Lido, a leading staking network, was the DeFi application with the largest total value locked.
Lido outperformed TVL from MakerDAO
In the last 30 days, Lido, a well-known staking network, has posed the biggest threat to MakerDAO’s TVL. According to sources, Lido is now the DeFi network with the highest TVL.
Leading DeFi and Web3 researcher Ryan Rasmussen reported in a tweet that “Lido, the leading staking service provider, now has the most TVL of any DeFi application.”
The MakerDAO TVL seems to have dropped to $5.93 billion in the last month, which is a drop of almost 8%. Lido, a significant rival, had its TVL drop by around 2% to $5.99 billion. Due to these losses, LIDO was able to overtake MakerDAO as the market leader.
In addition to Curve ($3.7 billion), Uniswap ($3.4 billion), Convex ($3.1 billion), JustLend ($2.6 billion), Pancakeswap ($2.2 billion), Compound ($1.7 billion), and Instadapp ($1.6 billion), there are ten other companies in the top 10 DeFi by TVL.
Lido had a TVL of roughly $6.2 billion by January 4th, which was about $0.1 billion less than Maker DAO, the first runner-up. Aave came in third place closely behind with a TVL of $3.8 billion.
But, according to data from DeFillama, Maker DAO quickly passed Lido and became the leader. As of the time this report was being written, MakerDAO’s TVL was around $6.22 billion, up 2.35% over the previous 24 hours.
TVL for Lido was $6.14 billion, a 1.2% decrease.
LIDO price explosion
The cost of LIDO tokens has skyrocketed during the last 30 days. Lido is currently down 4.5% from its value 24 hours ago, trading at $1.35.
The token’s price had dropped to just $1.06 in the last 30 days. Lido gained more than 27% in value as compared to the current values 30 days ago. This week, the Lido token market cap went over $1 billion for the first time since early November. In the last 24 hours, it has transacted nearly $74 million worth of shares.
Lido’s TVL went up in large part because it was in Solana, Moonbeam, MoonRiver, and Ethereum.