- Lido's Total Value Locked surged to $15.37 billion in the week to October 2 before undergoing a slight dip.
- Ethereum Futures ETF launch fell short of expectations, hitting prices
- stETH APR experienced a slight decline, according to seven-day moving average figures.
Lido Finance Total Value Locked (TVL), the value of all crypto assets held in the protocol, reached $15.37 billion in the week to October 2, the highest level since August. The 10.24% weekly surge was largely fueled by Ethereum (ETH) price gains, although the lukewarm launch of Ethereum Futures ETFs has pulled down Lido's TVL.
Lido's 10% TVL surge tapers after ETF launch
Lido Finance, an Ethereum staking player, witnessed a surge in its TVL to $15.37 billion between September 25 and October 2, or a 10.24% increase, according to data published Monday by the protocol in its official X account. Lido notes that the major factor that led to this surge was a 9.52% rise in Ethereum (ETH). During the period, Lido ranked second in net new deposits to the Ethereum Beacon Chain, attracting a substantial 40,768 ETH in just seven days.
Additionally, altcoins like MATIC and SOL also contributed to the gains with an 11.04% and 23.22% price rise, respectively.
Lido market markers
Drivers of Lido TVL
Staked Ethereum APR declines
Lido underlined that the staked Ethereum (stETH) APR, the annual percentage rate that stakers can expect to earn, experienced a slight decline in the last week. The seven-day moving average settled at 3.56%. However, the total amount of wrapped stETH deposited into DeFi pools increased by 0.92%, concluding the week at 3.09 million stETH. The share of wrapped stETH in DeFi also increased marginally, from 35.16% to 35.25%.
Meanwhile, based on CoinShares figures, Ethereum witnessed its seventh consecutive week of outflows, amounting to $1.5 million. If the altcoin market remains lukewarm, Lido TVL could further take a hit in the coming week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.