The team developing the decentralized finance (DeFi) protocol Lido has published their monthly project update. According to the report, the total value locked (TVL) exceeded $20 billion for the first time since April 2022. In November 2023, the number of participants staking Ethereum (ETH) surpassed 200,000 stakers. The value of the stETH token also increased by 10.34% to reach 3.52 million.
However, renowned crypto researcher Colin Wu expressed doubts about Lido's significant role in Ethereum staking, raising concerns within the Ethereum community about cryptocurrency decentralization. The Lido report also mentioned successful votes on the Snapshot platform, confirming proposals related to the wstETH bridge components, GOOSE goals, and Simple DVT betting module.
During the Node Operators' teleconference #12, discussions were held regarding the community betting module and the DUCK initiative. Subsequently, the LDO token was listed on the Hashkey Exchange, and wstETH was integrated into Aave V3 on the Base platform. Lido DAO also published the LEGO report for the third quarter of 2023 and continues to work on the development and training of the community betting module.
Thanks to the increase in net deposits in Ethereum (ETH) and the rise in its cryptocurrency value, TVL increased by more than 18% over the past month. After a vote in Lido DAO to discontinue the use of the Lido protocol based on Solana, there was also an increased demand for withdrawing SOL funds.
Developers noted that despite reduced incentives for liquidity provision, the strategic distribution by the "Liquidity Watchtower" has led to a significant increase in stETH in DeFi applications.
As of December 11, 2023, the price of Ethereum (ETH) is $2237, with a market capitalization of $269.01 billion, and daily trading volumes of $13.21 billion.
