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Lido’s July 2023 report reveals surge in total value locked and adoption

Lido's July 2023 report reveals surge in total value locked and adoption

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TL;DR

  • Lido’s July 2023 report highlighted significant growth, with Total Value Locked (TVL) surpassing $15 billion, and over 10,000 new stakers using the protocol, a 50% increase from the previous month.
  • The protocol’s governance saw one successful Snapshot vote concerning the Ethereum Node Operator Shortlist, and the onboarding of new Node Operators is scheduled for mid-August.
  • Lido expanded its reach through various integrations and collaborations with platforms like Wirex, OKX, BitDAO, BitKeep Wallet, and Layer3, enhancing accessibility and fostering a vibrant ecosystem.

In July 2023, the Lido protocol, a prominent Ethereum staking platform, showcased significant advancements in its performance and collaborations. It is important to know that the Total Value Locked (TVL) in Lido surpassed the $15 billion mark, a threshold not witnessed since May 2022. This growth is particularly noteworthy given the recent decline in the price of ETH. Despite the activation of ETH withdrawals earlier in the year, the protocol has seen consistent monthly net inflows of ETH deposits. This continuous growth trajectory suggests that the protocol is on track to surpass eight million staked ETH in the coming month.

Moreover, the adoption rate of the protocol has been remarkable. Over 10,000 new stakers opted to use Lido for the first time in July, marking a surge of over 50% from the previous month. This indicates the protocol’s growing market demand and its impressive expansion in the crypto community.

In terms of governance, while there were vibrant discussions within the Research Forum, no proposals reached the Aragon stage in July. However, one proposal concerning the Ethereum Node Operator Shortlist underwent a Snapshot vote. Following the successful launch of Lido V2 in June 2023, the Lido Node Operator Subgovernance Group proposed expanding the Lido Ethereum Node Operator in a fifth round. This two-stage onboarding process saw the shortlisting of two applicants, Launchnodes & SenseiNode, in its first stage.

Collaborations and integrations bolstering Lido’s reach

July also witnessed Lido’s expansion through various collaborations and integrations. The crypto app Wirex began supporting wstETH, facilitating buying, exchanging, and borrowing of the token on its platform. Additionally, OKX, a major exchange, officially listed stETH, making the liquid staking token accessible to its vast user base. BitDAO’s proposal to allocate 40k ETH from its treasury to stETH could further enhance the Lido Staked Token (LST) ecosystem within the Mantle network. This proposal’s Snapshot vote is set to conclude on 5 August.

Furthermore, BitKeep Wallet’s successful integration now allows its users to earn staking rewards directly from their wallets. Layer3’s third Quest highlighted the seamless liquid staking of ETH through the Phantom wallet, emphasizing Lido’s user-friendly integration with one of Solana’s most popular wallets.

Looking ahead to August 2023, the Ethereum Node Operators Wave 5 update revealed that the successful Stage 1 applicants would undergo onboarding in mid-August. The Lido DAO contributors have also initiated work on the first Community Staking module for the Staking Router, promising exciting developments in the near future.

In conclusion, July 2023 marked another month of achievements and advancements for Lido DAO. With its consistent growth, new collaborations, and integrations, the protocol continues to lead the way in the realm of liquid staking. The crypto community eagerly anticipates further milestones on this journey as Lido DAO remains at the forefront of innovation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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