Ethereum liquid staking protocol Lido, rose to as much as $30.56 billion in terms of locked total value on February 26th.
In Lido, adoption has increased since July 2022 and sustained a steady rise in TVL. The last major peak of Lido’s TVL was $20.83 billion on April 5, 2022, a month before the collapse of the Terra USD stablecoin ecosystem.
TVL defines the amount of capital invested or “locked” into a decentralized finance protocol, which is a significant indicator of this protocol’s popularity. Lido has a significant lead in the total locked value of liquid staking protocols, with Rocket Pool also following it with $3.8 billion in TVL.
The Project Launches wstETH on the Cosmos Network
The cross-chain smart contract platforms Neutron and Axelar stake protocol by Lido Finance has been selected to launch the staked ether token (wstETH) into the Cosmos ecosystem.
An announcement made that more than 30 people from the Cosmos team have expressed interest in integrating wstETH. Additionally, Neutron and Axelar have set aside 1% of their own network formation supplies for token incentives to create wsEth liquidity through DeFi applications in the Cosmos ecosystem.
Core participant of Neutron, Avril Dutheil,
“We are excited to be part of the effort to bring Lido’s staked ether, one of the largest liquid staking tokens, to the Cosmos ecosystem,” he said. “The collaboration between Neutron, Axelar, and the project is a great example of how blockchain projects can come together to encourage innovation and seamless interoperability.” He stated.
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