The Lido Finance protocol has a total value locked (TVL) in excess of 6 million ETH, which is equivalent to more than $1.2 billion According to information from DeFiLlama
Since January, Lido’s TVL has increased by more than 20% from 5 million ETH, a trend expected to continue beyond the Shapella upgrade, with a total of 141,000 users depositing their ETH in Lido Finance, according to Nansen’s information showsee
Staking by Lido and other protocols is an increasingly popular method. This streamlines user deposits and staking on Ethereum, where users receive derivative tokens as proof of deposit. This can be used as collateral within the DeFi ecosystem and thus earn additional returns from Ethereum stake alone.
Due to the complexity and cost associated with running validator nodes, which require a minimum of 32 ETH ($64,000), many users are turning to staking providers instead.
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