Lido Finance Surges Ahead in DeFi Rankings Post-Ethereum Merge

The Rise of Lido Finance

Lido Finance has done the impossible – it has skyrocketed to the top of the DeFi world, currently holding a staggering $5.9 billion in total value locked (TVL). Talk about a glow-up post-Ethereum Merge! On the other hand, MakerDAO, once the reigning champ, is scraping by with $5.89 billion, while AAVE comes in a distant third at $3.7 billion.

The TVL Tug-of-War

But hold your horses, it’s not all smooth sailing. MakerGrowth is throwing shade at DefiLlama, claiming their figures miss over $1 billion in TVL. They argue that this discrepancy comes from various collateral options, including the GUNI USDC/DAI LP tokens and Monetalis Clydesdale short-term bond ETFs. Basically, it’s a classic case of ‘where did I put that dollar?’

The Staked Ether Landscape

If you take a glance at the Lido Finance’s website, as of January 2, they’re flaunting $5.8 billion worth of staked Ether (ETH) alone! The numbers tell their own story – with $23.2 million in Solana (SOL), $43.9 million in Polygon (MATIC), and so forth, Lido is making sure it knows how to throw a staking party.

Why the Fuss About Staking?

What’s the big deal about staking, anyway? Well, with Ethereum’s grand transition to proof-of-stake (PoS), staking has morphed into a yield-bearing darling. Lido has smartly positioned itself to capture this burgeoning demand. According to analysis by Nansen, staking solutions have seen a meteoric rise since the Merge, becoming more coveted than the last slice of pizza at a party.

Revenue and the Bottom Line

In terms of revenue, Lido isn’t just surviving; it’s thriving! Reportedly, by November 2022, Lido was raking in $1 million in fees daily. That’s some serious cash flow! Meanwhile, MakerDAO faced a tumultuous decline in revenue, plummeting 86% to just over $4 million in Q3, a real punch to the gut for them.

In summary, Lido Finance has found its footing atop the DeFi leaderboard, whilst the competition looks to reclaim their crown amidst a swirling storm of staked assets and valuation disputes. Keep your eyes peeled – this space is hotter than a summer sidewalk!