Lido, a leading multi-chain crypto staking solution, is witnessing an impressive surge in its total value locked (TVL), as its value recently skyrocketed to a 10-month high of $11.5 billion.
Meanwhile, Lido DAO (LDO), its native token, is up 10% in the past 24 hours, making it the highest gainer among the top 50 crypto assets.
The last time Lido’s TVL saw this height was before the Terra collapse in May 2022. In addition to the cascading effect on the broader crypto market, Terra’s implosion had an additional impact on Lido’s TVL as the staking solution is also domiciled on the Terra network. The fiasco brought Lido’s TVL to a low of $4.69 billion in June 2022.
Lido TVL – April 5 | Source: DeFi Llama
The platform’s TVL has struggled to recover since then, and Ethereum’s transition to proof-of-stake last September helped in this journey to recovery. Lido’s value started witnessing a gradual uptick in January, surging from $6.18 billion on Jan. 5 to its current value of $11.5 billion. This marks an 86% increase this year.
