Lido Finance Surpasses $20 Billion in Total Value Locked Amid Community Concerns

In a recent report released for November, Lido Finance proudly announced a significant milestone, hitting a Total Value Locked (TVL) of $20 billion for the first time since April 2022, marking a new record for the platform. However, this staggering figure has stirred up a wave of skepticism within the community, raising concerns of potential manipulation.

According to Lido Finance’s monthly report, the staking protocol achieved several milestones in November:

  • TVL crossed the $20 billion mark for the first time in 20 months since April 2022, surging by 18% compared to October.
  • The number of stakers surpassed 200,000 for the first time.
  • The stETH, which includes wstETH, surged by 10.34% to reach 3.52 million tokens.

Yet, these numbers have drawn suspicion from the community, with accusations of inflated figures created by Lido itself. Despite benefiting from the recent market growth and the surge in Ethereum-based tokens, the staking protocol seemingly lacked substantial activity in November to attract a considerable influx of funds.

The previous month witnessed a decline in Solana (SOL) staking assets by over 50%, possibly due to wallets associated with FTX beginning to unstake SOL and transfer them to centralized exchanges (CEX).

Within its report, Lido also highlighted new developments within the protocol, such as the alignment of proposals within the DAO, notably the experimental DVT proposal. Additionally, the Haskley exchange listing of LDO and the integration of wstETH into Aave V3 on Base were mentioned.

Source: DefilLama

Lido Finance stands as one of the leading ETH staking platforms in the market. At the time of writing, Lido’s TVL sits at $20.622 billion, with the LDO token priced at $2.3, experiencing a 2% increase within the day.

The remarkable growth of Lido Finance continues to be marred by skepticism, as the community questions the authenticity and actual impact of the reported figures, raising crucial concerns about transparency and reliability within the DeFi space.

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