Lido, a leading multi-chain staking solution, has seen its total value locked (TVL) soar to a 10-month high of $11.5 billion, while its native token LDO is the highest gainer among the top 50 crypto assets in the past day. The surge in value comes as Ethereum makes its transition to proof-of-stake and the ratio of staked ETH reaches a 15% of total supply.

The last time Lido's TVL witnessed such surge was on the eve of Terra's downfall in May 2022 which caused a drop in the platform's value to $4.69 billion. Since then, the platform's TVL has seen a period of gradual recovery, starting from its $6.18 billion valuation in January. This surge of 86% in value year-to-date has also had a domino effect on the more general crypto-verse, nudging the aggregate TVL of the DeFi sector up by 3% to a value of $51.32 billion.

On-chain analyst Patrick has revealed that the share of liquid staking services has grown significantly over the past year; from the fifth largest category of DeFi last June to the second so far this month with a $16.23 billion DeFi deposit worth.

Following the surge in Lido’s TVL, its native token LDO has also performed impressively, rallying 18% within 24 hours. The asset is currently trading for $2.68 after rising from a low of $2.36 yesterday and hitting an intraday high of $2.8 earlier today. LDO’s 10.42% increase over the past day makes it the biggest gainer among the top 50 assets within the timeframe, with the asset also climbing 11.30% in the week.



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