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Home»Altcoins»How Lido and Maker DeFi Helped TVL to August Highs
Altcoins

How Lido and Maker DeFi Helped TVL to August Highs

2023-12-09No Comments2 Mins Read
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Journalist

Posted: December 10, 2023

  • DeFi TVL has risen consistently over the past two months.
  • Lido and MakerDAO saw mixed user activity over the past 30 days.

The total value locked (TVL) in decentralized finance protocols (DeFi) has returned to August highs.

According to data from DeFiLlamaDeFi TVL currently stands at around $53 billion, up significantly from a low of around $35 billion in October. This represents a 51% recovery within a two-month period.

This year’s growth shows that the DeFi ecosystem has grown significantly since the beginning of the year. As of January 1, DeFi TVL was $39 billion. This represents an increase of 35% over the past 12 months, per DefiLlama.

How Lido and MakerDAO did last month

In terms of TVL, Lido [LDO] and MakerDAO [MKR] are among the largest DeFi protocols. Lido has a TVL of $22 billion, while Maker trails behind with a TVL of $8 billion. Both protocols witnessed TVL growth in the past month.

Lido’s TVL is up 19% over the past 30 days. The TVL growth has occurred despite the decline in the protocol’s daily active users over the same period.

Dates of Token TerminaI have shown that the daily number of users transacting on Lido has fallen by 15% in the last 30 days. In fact, the trend has been downward for the past six months.

However, even though user activity has declined, transaction fees have continued to rise. This may be due to the general increase in the value of crypto assets over the past month. According to data from Token Temrinal, Lido’s protocol fees have increased by 30% in the last 30 days.

See also  Solana enters a neutral position - Here are the most important levels to consider

Likewise, there has been a corresponding 30% increase in protocol revenues over the same period.

Source: Token terminal

As for Maker, the stablecoin lender has witnessed 7% TVL growth over the past month. Unlike Lido, Maker has seen a jump in the number of active daily users in the past month. During that period, their numbers increased by almost 65%.

Network costs have also increased. AMBCrypto found that this increased by 46% over the reporting period.

The protocol experienced a 46% increase in sales in the same period. Last month, fee income totaled $29 million.

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August DeFi helped Highs Lido Maker TVL
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