Leading liquid staking protocol for Ethereum [ETH], Lido Finance [LDO], saw its total value locked (TVL) slip by 5% between 9 and 16 October.
Lido’s TVL cratered by 5% between 9 and 16 October. This was due to the fall in the prices of crypto assets during that period and the protocol’s decision to cease operations on Solana., saw its total value locked slip by 5% between 9 and 16 October.
Moreover, in its latest weekly update on X , the protocol noted that the TVL decline was also a result of “token prices falling.” Between 9 and 16 October, the values of ETH,Despite having previously led in net new deposits to the Ethereum Beacon Chain for several weeks, Ether deposits made to the Proof-of-Stake network through Lido plummeted significantly within the period under review.
With 48,480 ETH in net new stake made to Ethereum through Lido between 9 and 16 October, the decentralized finance protocol ranked behind Coinbase and Binance, which recorded net new deposits of 56,000 ETH and 52,000 ETH, respectively, according to data fromFurther, the Annual Percentage Rate of the protocol’s staked Ether assessed on a seven-day moving average witnessed a decline. Lido said the decline was “due to a combination of low gas prices and lowered EL rewards.
During the period under review, Lido’s staking APR fell by 4%, data from Dune Analytics revealed. At press time, Lido’s stETH APR was 3.44%, logging a 52% decline since its 7.17% peak on 12 May.Regarding Layer 2 platforms, data from Dune Analytics showed a 0.46% and 3.24% increase in the amount of stETH bridged toAn on-chain assessment of LDO’s network activity recorded an uptick in new demand for the DeFi token in the last week.
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