Lido Finance is back on the radar with a figure that shows the size the protocol has reached in the market: it currently has approximately $18.2 billion in TVL, keeping Lido at the forefront of the Liquid Staking sector.
The strength is mainly in Ethereum. Today, approximately 9.5 million ETH are deposited through the protocol, and stETH has become one of the key liquidity pieces of the Ethereum ecosystem.
In practice, Lido allows the investor to stake ETH and receive stETH, while maintaining a liquid representation of the position and continuing to receive staking rewards. This stETH can later be used in different DeFi applications.
Another important data point is the generation of economic activity. Over the past 30 days, Lido moved approximately $35.5 million in fees, with about $2.2 million in revenue for the protocol. The standard fee on staking rewards is 10%, distributed between node operators and the DAO’s treasury.
But there is a fundamental difference between Lido and LDO.
Lido is the protocol. LDO is the governance token of the Lido DAO, used to vote on parameters, updates, treasury usage, and the ecosystem’s strategic decisions. Therefore, a huge TVL does not automatically mean that all of that value is captured by the price of $LDO.
Today, Lido shows an interesting gap between protocol value and token valuation: while the protocol manages more than $18 billion in TVL, LDO has a circulating market cap in the range of only about $250 million, with approximately 836 million tokens circulating out of a total supply of 1 billion.
It’s precisely this difference that makes LDO an interesting asset to track within the DeFi sector.
Lido already has scale, integration, and a meaningful presence in Ethereum’s staking infrastructure. The big question for LDO is: to what extent will the protocol’s economic growth be able to generate greater value capture for the token itself?
📍In other words: when we analyze LDO, we’re not looking at just another DeFi altcoin. We’re looking at the governance token of an infrastructure that currently manages tens of billions of dollars in ETH and holds a central position in Ethereum liquid staking.
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