Lido Finance, a liquid staking solution for ETH 2.0, has emerged as the DeFi protocol with the highest trading volume, according to data from TVL aggregator for DeFi, DeFiLama. LidoFinance’s trading volume hit $19.52 billion, as 7-days consecutive value remains bullish.
Lido Finance Unseats Curve to achieve this feat
At the time of this report, DeFiLama notes that LidoFinance now holds a 9.45% dominance. The DeFi protocol is now first one the leaderboard, and right behind it is Curve, which it recently surpassed. Curve, currently claims the 2nd spot with$19.28 billion in trading volume. Anchor (SNC), MakerDAO (MKR) and Aave (Aave) now occupy the third, fourth and fifth spot respectively.
Lido Finance has also maintained commitment towards advancing its network. Rolling out its Ethereum scorecard, the protocol reveals sufficiency in performance, ability for operators to run their own nodes, and geographical distribution as some of its leading areas.
Lido Fianance’s dominance and growth comes as no shock, considering that the staking protocol recently received a whopping $70 million in investment, from venture capital firm Andreessen Horowitz (a16z), back in March. The staking on Beacon Chain, which is currently being done with the use of Lido Fianance, has also seen a rise in stakers. In the middle part of April, LidoFinance announced that 75% of new stakers, all of whom only began staking 30-days prior, on the consensus layer, have utilized the platform.
The rise of Ethereum DeFi Protocols
Ethereum is currently home to is large number of DeFi protocols. All of which also performs different functions. While a large number of these protocols have gained a lot of success over the years, a series of security breaches have also plagued some others. Back in April, hackers made away with $182 million from Beanstack, an Ethereum-based algorithimic stablecoin protocol.
A staggering $15.6 million from Inverse Finance, an Ethereum based lending protocol. Last year, another Ethereum DeFi protocol, Cream finance, was exploited by hackers who made away with $130 million.