The increase in the number of tokens in the Lido protocol has led the dApp to overtake MakerDAO in terms of total value locked as of the end of March 2022.
Lido increases its Total Value Lock (TVL) over other decentralized protocols such as MakerDAO, Anchor (ANC), Away (AAVE), Convex Finance (CVX), Uniswap (UNI), Compound (COMP), Instadap (INST), and more. have seen. Pancake Swap (cake). Be. According to the report, the Lido Protocol managed to launch with approximately $18.23 billion in TVL in the last week of March.[In]Crypto Research.
Lido debuted in the third month of 2022 with a TVL of $13.83 billion. The growth in popularity of the protocol has placed it just behind the curve (CRV) in the Total Value Locked Rankings.
Lido TVL’s boom continues in 2022
Lido was launched as an ERC20 token and became part of the Ethereum ecosystem in 2020. In less than two years, Lido has experienced a substantial increase in total value locked. when Be[In]Crypto Research conducted a study on the protocol in early March, when Lido surpassed Ave, the total value locked was $13.98 billion.
In the third week of March, the above price increased by 14%, which saw the protocol surpass the $16 billion milestone.
Lido saw a 31.8% gain in TVL on its opening day, which saw the dApp ahead of MakerDAO.
Lido’s current success comes from the increase in the number of coins it holds in its protocols on the Ethereum network, Terra and Solana.
As of March 23, the total value of Lido on Ethereum was $8.3 billion, the TVL of Lido on Solana was $297.76 million, and the value locked on Terra was $7.83 billion.
On March 28, TVL on Ethereum was up 16% to $9.65 billion. Solana also saw an increase of 21% to $360.66 million, and Terra saw a slight increase of 4% to $8.22 billion.
MakerDAO TVL faltered
maker[एमकेआर]It has a market capitalization of over $2 billion, which classifies the token as a medium-cap digital asset. However, its total value lock has lagged behind Lido in the last week of March 2022.
As of March 28, 2022, the total value locked (TVL) in MakerDAO was $17.5 billion. This was an increase of 8.69% from the closing price of MakerDAO at the beginning of March. TVL in MakerDAO was $16.1 billion as of Tuesday, March 1, 2022.
MakerDAO’s TVL reached $15.02 billion at the end of February. This figure was relatively lower than the Protocol’s TVL at the end of January 2022, which stood at $15.63 billion.
Launched on Ethereum as an ERC20 token, MakerDAO does not enjoy the potential liquidity that can come from being deployed on other networks such as Terra, Solana, Avalanche, Cardano, TRON and others.
This explains why TVL has lower growth compared to Lido, which ensures liquidity from a wide range of investors across multiple blockchain networks.