The Lido Finance [LDO] liquidity pool exercise over the past seven days confirmed that Layer-two (L2) protocols have been outperforming others on the chain.
Based on the liquid-staking platform, each Arbirtrum and Optimism [OP] confirmed a better contribution in the direction of the Lido pool between 3 and 10 October.
Lido, in its 19 tweets lengthy thread additionally revealed some elements of the protocols which have been vital throughout the stated interval.
? Lido Weekly Digest: October 03-10, 2022
Highlight: wstETH on L2 ?
https://t.co/drsdbRfhIK pic.twitter.com/Rxk2iE7JHW— Lido (@LidoFinance) October 10, 2022
Recall that it was solely lately that these protocols went stay on Lido however the place do the numbers stand?
Extra stETH, due to…
Based mostly on knowledge from Dune Analytics, about $9 million value of staked Ethereum [stETH] went into the Arbitrum and Optimism pool within the final seven days. This liquidity movement led to rewards on a number of swimming pools hitting as excessive as 38.59%.
Supply: Dune Analytics
For Optimism, the reward went as excessive as 86.94%. Within the Kyber Community farming pool, the Complete Worth Locked (TVL) was $400,310.
For Beethoven, a 43.07% reward led the TVL to $955,100. Following these developments, it appeared that the L2 protocols could be the ones to steer the chain within the LDO pool.
Supply: Dune Analytics
Curiously, these updates appeared to play very important roles because the LDO staking deposits elevated on a number of chains. Whereas staking deposits on the Polkadot [DOT] chain went up 5.53% Polygon [MATIC] recorded essentially the most deposits with 8.28%.
This enhance additionally helped DOT to achieve two million staked tokens—double the August numbers.
As per the LDO TVL, the efficiency over the past seven days was not spectacular. Based on DefiLlama, LDO’s TVL took a 2.97% hit within the final seven days.
This led to a lack of $6 billion. At press time, Lido’s TVL was $5.86 billion. The implications of this loss may very well be that buyers might have slowed down on the belongings locked in Lido.
Supply: DeFi Llama
In different elements, LDO’s 24-hour quantity elevated 140% to $25.18 million, Nonetheless, the surge was not sufficient to take LDO’s value up.
Based on CoinMarketCap, LDO was down by 6.52% from 10 October. It had additionally shredded 5.12% in opposition to Ethereum [ETH].
Nonetheless, there was no signal of a respite in line with the four-hour chart. A take a look at the value motion confirmed that the Transferring Common Convergence Divergence (MACD) and Exponential Transferring Common (EMA) favored the bears.
With each sellers’ and consumers’ momentum under the zero histogram level, LDO’s restoration potential was virtually not assured. Nonetheless, the Chaikin Cash Circulation (CMF) appeared to agree with the amount pump because it confirmed a revival from -0.18 to a impartial stage.
Supply: TradingView
