With the increase in Ethereum and Polygon prices and the growing interest in protocol deposits, Lido Finance, the leading liquid staking protocol, witnessed a nearly 7% increase in its total value locked (TVL) last week. ETH and MATIC values rose by 7% and 6% respectively, between November 27 and December 4.
According to data from DefiLlama, Lido’s TVL is around $21.32 billion, showing a 25% increase over the last month. After a short decline in net deposits on the Ethereum Beacon Chain, the DeFi protocol reclaimed its position as the most staked protocol.
Dune Analytics data shows that during the seven-day period under review, Lido recorded 76,961 new net ETH deposits. Last week, Lido constituted 50% of all ETH deposits. Coinbase followed with a 17% market share.
Another significant development saw Binance, a leading cryptocurrency exchange, experiencing the highest withdrawal of ETH last week. According to Dune Analytics, 32,000 ETH were withdrawn from the platform in the last seven days. Since the beginning of the month, the annual percentage yield (APR) from staked Ethereum has been steadily increasing.
In addition to the growth in TVL recorded throughout the week, the protocol also saw expansion in the bridging of stETH amounts on leading Layer 2 platforms. According to data from Dune Analytics, there was an increase of 0.01%, 1%, and 36% respectively in the bridging of stETH to Arbitrum, Polygon, and Base. On the other hand, a decrease of 0.37% was reported for stETH bridged to Optimism. This month, transaction fees paid by Lido users totaled $11.49 million, while the revenue generated was $1.15 million.