(Friday 16 August 2024, 10:50 AM GMT):
As of August 16, 2024, Lido Dao, a leading liquid staking protocol, has been on a revenue roll. As per DeFiLlamaver the past week, Lido Dao raked in $16.35 million in fee revenue, surpassing its competitors Ethereum and Tron. Ethereum generated $12.64 million, while Tron brought in $8.48 million during the same period. This impressive performance has earned Lido Dao the top spot in fees rankings.
In contrast, Ethereum led the field over the past 30 days, accumulating nearly $94.1 million in revenue. This puts Ethereum ahead of both Lido Dao, which earned $86.28 million, and Uniswap, which came in third with $51 million.
For those unfamiliar with liquid staking, it’s a process used in proof-of-stake networks like Ethereum. Users stake their tokens and receive a receipt token known as a liquid staking token (LST). This LST represents the staked tokens and offers liquidity, allowing users to trade or use their tokens in decentralized finance (DeFi) applications while still earning staking rewards.
Liquid staking provides a flexible and rewarding way for cryptocurrency enthusiasts to engage in both staking and other financial activities.