Lido fundamentals shine even as the wider crypto market struggles to regain traction

Cointelegraph

Published Nov 21, 2022 03:45PM ET

Updated Nov 21, 2022 05:20PM ET

The crypto market has witnessed a turbulent few weeks after the FTX collapse but Lido Finance, a liquid staking protocol, has been a bright spot amidst the chaos. According to Data from DeFiLlama, Lido protocol has earned $1 million or more in fees daily since October 26.

Let’s analyze the on-chain fundamentals to see why this trend has continued.

Lido total deposits. Source: Dune Analytics
Ethereum fees and revenue. Source: Token Terminal
Lido unique deposits. Source: Dune Analytics
Lido tokenholders and daily active users. Source: Token Terminal
Lido’s circulating market cap and fees. Source: Token Terminal

Continue Reading on Coin Telegraph