Lido temporarily leads DeFi with the most TVL
On January 4th, Lido, a top betting network, topped the DeFi app with the highest total value locked, according to a recent market analysis.
Lido TVL bypassed MakerDAO
Lido, the popular staking network, has been the biggest challenge to MakerDAO’s TVL in the past 30 days. Lido has become the DeFi network with the largest TVL based on reports.
Tweet from Ryan Rasmussen, a leading DeFi and Web3 researcher, noted that; “Lido, the leading staking provider, now has the largest TVL of any DeFi application.”
Over the past month, MakerDAO’s TVL appears to have fallen to $5.93 billion, which is down 8%. Big rival Lido lost about 2% in TVL to $5.99 billion. Because of these losses, LIDO has managed to overtake industry leader MakerDAO.
Among the top 10 are DeFi by TVL Curve ($3.7B), Uniswap ($3.4B), Convex ($3.1B), JustLend ($2.6B), Pancakeswap ($2.2B), Compound ($1.7B) and Instadapp ($1.6 billion).
By January 4th, TVL Lido had about $6.2 billion in revenue, which is about $0.1 billion less than the first runner-up, Maker DAO. Aave followed closely in third place, with TVL valued at $3.8 billion.
However, based on DeFillama’s analytics, Lido’s dominance was short-lived as Maker DAO immediately took over. At the time of writing, MakerDAO’s TVL is around $6.22 billion, up 2.35% over the past 24 hours.
Lido TVL was valued at $6.14 billion, down 1.2%.
Lido prices skyrocket
In the past 30 days, the price of LIDO tokens has skyrocketed. Currently, Lido is trading at $1.35, down 4.5% from its value 24 hours ago.
Thirty days ago, the token was trading at just $1.06. Compared to current prices 30 days ago, Lido has gained more than 27%. Lido’s market cap hit $1 billion earlier this week for the first time since early November. Its trading volume over the past 24 hours amounted to about $74 million.
The presence of Lido in Solana, Moonbeam, MoonRiver and Ethereum greatly contributed to the increase in TVL.