After Ethereum’s Shapella network upgrade, deposits in Lido exceeded $12 billion.
The effects of Shapella, Ethereum’s most serious network upgrade after Merge, continue to be seen on the industry. ETH withdrawals also increased after Shapella.
Locked Deposits in Lido Exceed 6 Million ETH
According to DeFiLlama, Lido’s total locked value (TVL) has exceeded 6 million Ethereum (ETH), which is approximately $12 billion. This happened after the Shapella upgrade took place, which was designed to boost the growth of the liquid staking market.
Liquid staking protocol Lido Finance offers Liquid Staking services, a popular method that facilitates users’ deposits and stakes. Users deposit their ETH, which they can use as collateral in the DeFi ecosystem, by receiving a derivative token that can generate more returns than Ethereum staking provides. According to the latest data, a total of 141,000 users deposited their ETH in Lido Finance.
The Shapella upgrade took place on the Ethereum network last week. It allows Proof of Stake withdrawals on the Ethereum network. Liquid staking is gearing up to get the most out of the Shapella upgrade.
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