Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11 Billion

Christian Encila

Last Updated: June 11, 2024 2:20 pm

3 mins read

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Lido TVL or total value locked, toppled over to new high lows seen in the third week of this month following the bearish movement of the DeFi market.

LDO has shaved off over 58% of its TVL, which registered an all-time high of $20.4 billion on April 6 but dropped down to roughly $8.6 billion on May 22.

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Lido, a liquidity staking solution, targets orienting people towards staking. It has zero minimum staking requirements which is a great feature, to begin with. The users can freely stake assets in exchange for daily rewards.

A couple of applications and services connected with Lido comprise Anchor Protocol, Curve, MakerDao, 1inch, StakeEther, Ledger, and SushiSwap Onsen.

Lido TVL Down 17%

LDO’s TVL has been dramatically slipping due to the overall crypto market crisis going on for several months now. Its TVL on Ethereum was at $10.32 billion on April 6. After reducing investor interest, its TVL decreased 17% or equivalent to $8.47 billion on May 22.

Meanwhile, its TVL on its all-time high on Terra was at roughly $9.66 billion. However, the figures dropped 99% on May 22, or approximately $14,870 in six weeks.

LDO TVL on Solana used to be hovering at $417.17 million, but it went down by nearly 70% or roughly $126.24 million on May 22.

LDO total market cap at $395 million on the daily chart | Source: TradingView.com

Lido TVL on Moonriver was at $2.57 million during the height of dApps popularity. However, when investor interest waned, the values also crashed by 27%, equivalent to $1.86 million seen in that same period.

After crashing by more than $11 billion, LDO has been demoted from the ranks close to MakerDAO and Curve.

LDO Still Superior In TVL

On the flip side, despite Lido’s drop in terms of TVL, it still is superior in TVL compared to Convex Finance, JustLend, Aave, SushiSwap, Uniswap, Instadapp, PancakeSwap, Compound, and Just Lend.

It opened on April 6, trading at $4.27. However, the coin dropped on May 12 at $1.23 and seems to be not going over the $1.33 mark today. Looking at those figures, this would give you as much as a 68% loss in LDO price in just six weeks.

Polygon Launch This Month

Lido is currently the leading Ethereum liquid staking solution that comprises a large share of over 80% in that space. Moreover, assets staked on Lido are divided into 76,000 crypto wallets and worth $10 billion based on prevailing prices.

Lido also promotes liquid staking on Terra, Kusama, and Solana blockchains. Lido’s launch this month on Polygon is in the works.

Lido is governed by a DAO or equivalent to all the holders of Lido’s token, which collectively makes decisions in the blockchain.

Featured image from BitRss.com, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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