Price: $0.39317 1.9726%
Market Cap: 57.75B 1.7515%
Volume (24h): 8.48B 0.4%
Dominance: 1.7515%
Price: $0.39317 1.9726%
Market Cap: 57.75B 1.7515%
Volume (24h): 8.48B 0.4%
Dominance: 1.7515% 1.7515%
  • Price: $0.39317 1.9726%
  • Market Cap: 57.75B 1.7515%
  • Volume (24h): 8.48B 0.4%
  • Dominance: 1.7515% 1.7515%
  • Price: $0.39317 1.9726%
Home > Information news > Lido Finance Surpasses One Million Ethereum Validators, Cementing its DeFi Dominance

Lido Finance Surpasses One Million Ethereum Validators, Cementing its DeFi Dominance

Release: 2024/05/06 04:08 Reading: 239

Original author:Crypto Intelligence

Original source:https://www.cryptointelligence.co.uk/?p=14060

Lido Finance Surpasses One Million Ethereum Validators, Cementing its DeFi Dominance

Lido Finance Celebrates Milestone of One Million Ethereum Validators

Lido Finance, the leading decentralized finance (DeFi) protocol for liquid staking on Ethereum, has achieved a significant milestone by reaching one million Ethereum validators. This achievement was announced through an April 29th post on , solidifying Lido Finance's position as a leader in the DeFi space.

Liquid staking protocols like Lido Finance play a pivotal role in democratizing staking for retail users with limited capital. Traditionally, individuals would require 32 Ether to operate their own validator nodes on Ethereum. However, Lido Finance offers an alternative pathway, making staking accessible to a wider audience.

According to data from Dune, Lido Finance commands a substantial 28.5% of staked Ether, with an additional 13.6% staked through the Coinbase exchange. Currently, over 27% of the entire Ether supply is engaged in staking activities.

The appeal of liquid staking protocols like Lido lies in the liquidity benefits they provide. Users who participate in staking through Lido receive Lido Staked ETH (stETH) in return, which can be utilized in various other DeFi protocols.

This stands in stark contrast to traditional staking methods, where staked Ether remains locked and inaccessible for the duration of the staking period.

The rise of liquid staking is significantly contributing to the growth of DeFi. Total value locked (TVL) in DeFi protocols has experienced a substantial surge, reaching $97 billion in the first quarter of 2024 from a low of $36 billion in the fourth quarter of 2023. Current TVL stands at $92.32 billion, according to DefiLlama.

This growth, which saw a 65.6% increase quarter-on-quarter, can be primarily attributed to liquid staking protocols like Lido, as noted by on-chain intelligence provider Messari. The cumulative TVL amassed by liquid staking protocols exceeds $47.7 billion, with Lido alone accounting for over $29.9 billion.

Despite its success, concerns have been raised about Lido's growing dominance within the ecosystem. Ethereum co-founder Vitalik Buterin has previously expressed apprehensions regarding potential centralization risks associated with Lido. In a blog post dating back to September 2023, Buterin highlighted the need for vigilance against such risks, acknowledging the efforts made by protocols like Lido in implementing safeguards while cautioning that one layer of defense may not suffice.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.