• The Lido [LDO] protocol witnessed a surge in the number of staked deposits on its platform in the past week.
• Layer 2 solutions such as Wrapped stETH [wstETH] saw an increase in growth, indicating that more users were turning to L2 solutions to stake their assets.
• Despite the growing TVL, the number of unique users on Lido declined by 7.31% in the past month, however, the revenue generated by Lido increased by 6.31%.
The Lido [LDO] protocol has been experiencing a surge in staked deposits on its platform in the past week, as more users are opting to stake their holdings through the Lido platform. This surge in staked deposits has seen an increase in Lido’s Total Value Locked (TVL), growing by 7.77% in the last week. Along with this, Layer 2 solutions such as Wrapped stETH [wstETH] have also seen an increase in growth, indicating that more users are turning to Layer 2 solutions to stake their assets and that Lido is benefiting from this trend.
However, despite the growing TVL, the number of unique users on Lido has declined in the past month by 7.31%. This implies that while more users are staking their assets on Lido, fewer are actively using the protocol and engaging with its services. Nevertheless, the revenue generated by Lido has increased by 6.31% over the last week.
In addition to this, the negative long/short difference on Lido suggested potential selling pressure as prices rose. This could be attributed to users selling their staked assets to take profits. As such, Lido’s staked deposits could see a decline in the near future.
Overall, while Lido has seen a surge in staked deposits and an increase in its TVL, the decline in unique users and the potential selling pressure could have an impact on the platform’s growth.