• Lido's Total Value Locked surged to $15.37 billion in the week to October 2 before undergoing a slight dip.
  • Ethereum Futures ETF launch fell short of expectations, hitting prices 
  • stETH APR experienced a slight decline, according to seven-day moving average figures.

Lido Finance Total Value Locked (TVL), the value of all crypto assets held in the protocol, reached $15.37 billion in the week to October 2, the highest level since August. The 10.24% weekly surge was largely fueled by Ethereum (ETH) price gains, although the lukewarm launch of Ethereum Futures ETFs has pulled down Lido's TVL. 

Lido's 10% TVL surge tapers after ETF launch

Lido Finance, an Ethereum staking player, witnessed a surge in its TVL to $15.37 billion between September 25 and October 2, or a 10.24% increase, according to data published Monday by the protocol in its official X account. Lido notes that the major factor that led to this surge was a 9.52% rise in Ethereum (ETH).  During the period, Lido ranked second in net new deposits to the Ethereum Beacon Chain, attracting a substantial 40,768 ETH in just seven days.

Additionally, altcoins like MATIC and SOL also contributed to the gains with an 11.04% and 23.22% price rise, respectively. 

Lido market markers
Lido market markers

However, Lido's TVL growth tapered off on Tuesday below the $15 billion mark. This could be largely attributed to the market's tepid response to Ethereum's Exchange-Traded Funds (ETFs).

Drivers of Lido TVL
Drivers of Lido TVL

Staked Ethereum APR declines 

Lido underlined that the staked Ethereum (stETH) APR, the annual percentage rate that stakers can expect to earn, experienced a slight decline in the last week. The seven-day moving average settled at 3.56%. However, the total amount of wrapped stETH deposited into DeFi pools increased by 0.92%, concluding the week at 3.09 million stETH. The share of wrapped stETH in DeFi also increased marginally, from 35.16% to 35.25%.

Meanwhile, based on CoinShares figures, Ethereum witnessed its seventh consecutive week of outflows, amounting to $1.5 million. If the altcoin market remains lukewarm, Lido TVL could further take a hit in the coming week.  
 


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