DeFi Protocol Lido (LDO) has crossed $16 Billion in Total Value Locked (TVL) despite a plunge in the overall total value locked in decentralized finance this year.

According on-chain data, the protocol has gained 18% in TVL since the first day of March with a TVL of $13.83 billion. Fast forward to 20 days later, the protocol has risen to approximately $16.43 billion on March 23, 2022.

According to Wu Blockchain, on March 22 ,Singapore-based hedge fund manager Three Arrows Capital inflowed approximately 7,500 ETH worth $22.43 million from FTX and Deribit. The same day, Lido received 36,401 ETH worth approximately $110 million from the firm through a third-party Ether wallet, the “Curve stETH pool.”

This automatically qualified Three Arrows Capital to receive a minimum of 36,401 stacked Ether (stETH) tokens from Lido.

https://twitter.com/WuBlockchain/status/1506234182598823941

The blockchain networks with the most value locked in Lido Finance currently include Ethereum, Terra, and Solana. At the time of writing, Ethereum controls 50.17% of the total value locked in Lido, worth $8.3 billion.
<h2><strong>What is Lido?</strong></h2>
Lido (LDO) is a platform built on the Ethereum 2.0 Beacon and the tokens pledged by users are collected and stored on the Beacon Chain. By supporting public blockchain, Lido can integrate many head protocols, and issue corresponding public chain Token derivatives to provide liquidity for equity holders’ assets.

LDO opened on March 1, with a trading price of $1.96, and increased by 99% to reach a yearly high of $3.91 on March 22, 2022.

Lido (LDO) Exceeds $16B in Total Value Locked (TVL)

Lido (LDO) has crossed $16 Billion in Total Value Locked (TVL) despite a plunge in the overall total value locked in decentralized finance this year.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Lido (LDO) Exceeds $16B in Total Value Locked (TVL)

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