Lido (LDO) Surpasses AAVE in Total Value Locked (TVL)

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Increased popularity of Lido (LDO) has seen the decentralized protocol surpass Aave (AAVE) in total price locked at the beginning of March 2022.

Lido (LDO) has seen its total rate locked (TVL) beat out other major competitors such as Aave, Convex Finance (CVX), and Wrapped Bitcoin (WBTC). The Lido protocol managed to begin the month of March with approximately $13.86 billion in TVL, according to CryptCraze Research.

Source: DeFillama

Although Lido opened February with total rate locked at $8.35 billion, the protocol still managed to hold the largest share above one of the popular decentralized protocols in the space today, Aave.

Lido’s popularity extends to surge in 2022

As an ERC 20 cryptocurrency that was launched on the Ethereum blockchain in 2020, Lido has experienced a large amount of growth. After being deployed on the Terra (LUNA) and Solana (SOL) blockchain networks in 2021, the protocol accelerated from a TVL of $743 million by the end of the first quarter of 2021, to a staggering $11.74 billion by the end of December 2021.

Notwithstanding, by the end of February 2022, Lido has become a permanent fixture within the top 10 DAPPS with the most total price locked. More seriously, Lido dropped to $7.74 billion by the close of January 2022 folbottomin the recent market correction, and spiked by 79% to the previously mentioned $13.86 billion.

Most of the protocol’s success comes from the extensive groth it has witnessed in 2022. As of March, Aside from being deployed on Ethereum, Terra, and Solana, Lido has launched on Polygon, Polkadot and Kusama. This has given millions of users of the smart-contracts-backed blockchains the opportunity to stake with LIDO and earn daily rewards in the respective native cryptocurrencies of the blockchain they use.

With that said, Terra has surpassed Ethereum as the blockchain with the most total rate locked (TVL) on the Lido protocol with $7.72 billion. Ethereum is second with $6.03 billion, and Solana wraps up the rate locked with $233.15 million.

The total rate locked in Lido Protocol endures to gain popularity in March. The protocol saw a 23% spike from $11.18 billion by the close of February to more than $13 billion in the opening day of the third month of 2022.

Aave Falls behind Lido in Total Value Locked

Top ten protocol, Aave (AAVE) is ranked stronger than Lido (LDO) when market capitalization comes to the discussion table. Notwithstanding, its TVL has fallen behind Lido in the opening days of March 2022. The end of February saw Aave’s TVL hit $11.53 billion. This figure was relatively fafterwards than Aave TVL by the end of January 2022 that was $11.65 billion. Overall, Aave’s total rate locked slipped 17% between 1 January and 1 February, 2022.  

Source: DeFillama

Like Lido, Aave is one of the protocols which has benefitted massively from the patronage of decentralized protocols. Aave protocol is an ERC cryptocurrency which was initially deployed on the Ethereum Network. As of March, Aave has further launched on Avalanche and Polygon. By the end of the first quarter of 2021, TVL in the protocol was $4.66 billion. There was a 109% increase in the TVL by the close of June 2021 to $9.74 billion. Buoyed by the bullish sentiment an growth within the crypto finance market towards the end of 2021. Total rate locked in Aave spiked to $14.16 billion, a staggering 45% increase of June’s figure.

The soaring demand for decentralized finance products has contributed immensely to the growth both protocols have seen in recent months.

At the time of writing, Lido had experienced more than 60% increase in TVL above the last month, and Aave had accelerated by more than 3% in the same period.

For CryptCraze’s previous Bitcoin (BTC) analysis, click here

The post Lido (LDO) Surpasses AAVE in Total Value Locked (TVL) appeared first on CryptCraze.


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