DeFi • August 7, 2023, 5:11AM EDT
Published 1 minute earlier on
UPDATED: August 7, 2023, 5:16AM EDT

Lido reports increased TVL and 'remarkable' protocol adoption in July

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The Block

Quick Take

  • Lido boasts of “remarkable” protocol adoption and bullish metrics in its second monthly report.

The total value locked in Lido surpassed $15 billion for the first time since May 2022, according to the Ethereum staking protocol.

In its second Lido Monthly Report, the team also noted that the protocol "consistently experienced large monthly net inflows of ETH deposits," despite the ability to withdraw staked ether being activated earlier this year.

"As a result of this continuous growth, the protocol appears poised to surpass eight million staked ETH next month," it added.

Furthermore, Lido claims to have experienced "remarkable adoption of the protocol" through more than 10,000 new stakers using it — an increase of more than 50% over the previous month.

According to The Block's Data Dashboard, cumulative deposited ether and Ethereum validators have largely been up-only throughout 2023 — with 25.13 million coins currently deposited and over 786,000 validators on the network.


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