Ethereum (ETH) stakeholders are looking forward to the Shanghai Capella upgrade taking place on the Ethereum mainnet in April 2023.
As a result, the total value locked (TVL) on the Lido Finance liquid staking platform has increased significantly. This increase in ETH holders can be attributed to the anticipation of the launch of previously locked ETH tokens.
According to information provided by DefiLlama, Lido’s TVL rose 16% in the last month. In addition, throughout the last week, it increased more than 11%.
At press time, the network’s total asset value was $10.44 billion, representing a 16.98% stake in the decentralized finance (DeFi) ecosystem as a whole.
How is Lido today?
Despite the high TVL, lido seems to have started the week on a low note as it posted a 4.8% price drop in 24 hours. Trading at $2.40 at the time of writing, asset trading volume had declined 14% as market capitalization declined 4%.
Lido dominates among ETH takers
For the first time since April 2022, Lido’s share of the ETH share market fell below 30% as a direct consequence of contagion caused by the unforeseen collapse of FTX in November 2022. While Lido overtook MKR to become In the DeFi protocol with the highest TVL in January, Lido’s share of the ETH staking market held at 29% for the first two months of the year.
On the other hand, things took an unexpected turn in March when Lido regained its previous market share of 30% and then exceeded it. This has been made possible by the successful completion of the Shanghai Capella upgrade on the Ethereum Goerli testnet and the confirmation of the April 12 date for the mainnet upgrade.
(embed)https://www.youtube.com/watch?v=r8PQObSm1x0(/embed)
At press time, there were 5,579,744 ETH tokens staked through Lido, representing a 31% market dominance. An analysis of the token’s price movements on the daily chart indicated a decrease in buying pressure, despite the LDO price rising over the past week, following the general rise in the cryptocurrency market.
