Previous to the Ethereum mainnet Merge, the vast majority of all Ether (ETH) staked forward of the transition of the Ethereum community to a proof-of-consensus mechanism was performed on Lido Finance.
Curiously, information from Dune Analytics revealed that at press time, with 4,170,811 ETH staked with the liquid staking platform, it nonetheless holds over 30% of the overall ETH staked available in the market.
Forward of the Shanghai Improve in 2023, when all pre-merge staked Ether will probably be unlocked and to encourage much more staking on the platform, Lido Finance has taken to re-staking the MEV rewards accrued in its Execution Layer Vault to spice up ETH staking yield by 5.5%.
Lido MEV rewards (incl precedence charges) for the previous 24 hours complete 244.44 ETH.
These had been restaked at 12.30 UTC, leading to an up to date ETH staking yield of 5.5%. pic.twitter.com/7tJi3RsCCW
— Lido (@LidoFinance) September 16, 2022
In truth, Dune Analytics went on to level out that because the Merge, the overall quantity of post-merge MEV rewards for Lido stakers stood at 503.74 ETH.
How has Lido performed this month?
In keeping with information from Glassnode, ETH staking on Lido has rallied because the starting of the month. The liquid staking platform registered only a 0.15% uptick in complete ETH staked within the days main as much as the Merge.
Nonetheless, because the Merge, there was a extra pronounced hike in Ether staking on the protocol.
Supply: Glassnode
Curiously, regardless of the cumulative progress in ETH staking on the platform, information from DefiLlama revealed a decline in complete worth locked (TVL) on Lido. On the time of writing, figures for a similar stood at $6.47 billion.
During the last 17 days, this had dropped by 5%. At its press time stage, nonetheless, Lido’s TVL stood at its October 2021 stage.
Though a number one ETH staking platform, TVL on the protocol has declined persistently over the previous few months. For context, Lido’s TVL has dropped by 62% since UST de-pegged in Could.
Supply: DefiLlama
In gentle of concerted efforts to maintain stakers returning, APR for staking with Lido has risen considerably because the month started. In direction of the start, Lido staking APR stood at 4.02. At press time, it was pegged at 5.00.
Supply: Dune Analytics
Moreover, distinctive deposits on Lido have gone up by 5% since 1 September, Dune Analytics revealed.
LDO toys with traders’ emotions
In keeping with CoinMarketCap, LDO was exchanging palms at $1.91, at press time, having declined by 5% within the final 17 days.
Moments after the Merge, the native token of the liquid staking platform rallied by 18% because it traded at $2.155. The bulls, nonetheless, didn’t maintain this momentum, inflicting the bears to provoke a downtrend.
With key indicators positioned under their respective impartial areas, traders ought to anticipate stagnancy with waning shopping for strain on the charts.
Supply: TradingView