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Lido Finance (LDO) attains a crucial milestone within the decentralized finance (DeFi) world, hitting the 1 million validator landmark on the Ethereum (ETH) network.

1 million validators pic.twitter.com/fELATWQPIu

That reflects a massive enhancement for DeFi accessibility, as retail users can join the crypto staking world without the needed 32 ETH through protocols like Lido Finance. 

The latest data shows Lido Finance as Ether’s top liquid staking platform. The protocol allows retail users who cannot afford 32 ETH to stake digital currencies. 

Dune Analytics’ stats show Lido accounts for 28.5% of all staked ETH assets, more than double Coinbase’s 13.6%. 

Lido Finance has seen surged staking participation due to the impressive liquidity benefits it offers to stakers. 

Despite the staking milestone, Lido Finance recorded significant total value locked (TVL) declines.

The metric stands at $29.635B at press time, an approximately 25% drop from the highs of $40.16B in March. 

Meanwhile, DeFi total TVL ballooned between 2023 Q4 and 2024 Q1 from $36B to $97B, reflecting the substantial effect of liquid staking. 

Despite varying performances in different protocols, the DeFi industry exhibits a massive growth trajectory, with the adoption of networks such as Lido as catalysts. 

The native coin reflected bullishness today, up 5% on its daily chart to trade at $2.13.

The gains came from optimism within the LDO network, as bears dominated the entire cryptocurrency market in the past day.

The post Lido Finance (LDO) attains key validator milestone despite plunging TVL - details appeared first on Invezz

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